The Better Buildings Partnership has published a Net Zero Carbon Pathway Framework, designed to support signatories to the BBP’s Climate Change Commitment and encourage greater transparency concerning the scope of property owners’ net zero carbon pathways.
Developed with extensive input from BBP members, the comprehensive Framework sets out the information that property owners should include in their Net Zero Carbon Pathways, including the investment boundaries, carbon scope and delivery strategies. It is anticipated that the Framework will help to reduce ambiguities concerning the scope of net zero carbon commitments, by encouraging consistency and providing transparency in the way property owners are setting net zero carbon targets.
The BBP Climate Change Commitment has been signed by more than 25 major real estate owners and investors and requires all signatories to publish their Net Zero Carbon Pathways by the end of this year. It sets clear boundaries that apply equally to all signatories, covering as many real estate assets under management as possible and including emissions from all major activities associated with the development, operation and servicing of commercial real estate investments.
The BBP hopes that the Framework will also serve as a useful reference guide for the wider industry, with the working document developing over time to reflect evolving knowledge as the sector gets to grips with the practicalities of delivering net zero carbon.
The Framework can be used by any property owner seeking to develop their own pathway and the BBP is encouraging all real estate owners to follow this Framework and sign up to the BBP Climate Change Commitment.
Access the BBP Net Zero Carbon Pathway Framework here.
Nina Reid, Chair of the BBP Net Zero Carbon Pathway Working Group, and Director, Responsible Property Investment at M&G Real Estate said: “Climate change is one of the greatest threats of our time and has far reaching implications for the real estate industry. The path to net zero carbon is complex, challenging and uncertain, with much of the detail still unknown. However, this is not a reason to delay action. It is critical that the real estate industry acknowledges the important role it has play, embraces the challenge, and collaborates. This Framework provides much needed clarity in the way real estate owners should approach the development of net zero carbon pathways, providing collective action and transparency that will help move the industry forward. M&G Real Estate is a proud signatory of the BBP Climate Change Commitment, and I look forward to working with my peers within the BBP to tackle the challenges that lay ahead.”
Sarah Ratcliffe, CEO at Better Buildings Partnership said: “The BBP Climate Commitment has already had a significant impact on the property industry, driving owners to understand the carbon footprint of their portfolios and to develop pathways to meet their net zero carbon commitments. This Framework, co-created with BBP members, provides a vital tool to ensure that these pathways are comprehensive, in line with the intensions of the Commitment and have every chance of delivering against the ambitious, but absolutely vital goal of net zero buildings.”
Notes to Editors
The Better Buildings Partnership (BBP) is a not for profit collaboration of the UK’s leading property owners who are working together to improve the sustainability of the UK’s existing commercial buildings. The organisation's aim is to deliver market transformation through sustainability leadership and knowledge sharing across the UK property industry. The BBP currently has 37 members who represent in excess of £250bn Assets Under Management (AUM).
Signatories of the BBP Climate Change Commitment include Aberdeen Standard Investments, Aviva Investors Real Estate, British Land, Bruntwood, Canary Wharf Group, Capital & Regional, DWS, Great Portland Estates PLC, Grosvenor Britain & Ireland, Grosvenor Europe, Hammerson PLC, Hermes Investment Management, into, Landsec, LaSalle Investment Management, LGIM Real Assets, Lendlease Europe, Low Carbon Workplace, M&G Real Estate, Nuveen Real Estate, Schroder Real Estate Investment Management, SEGRO, Transport for London, Workspace Group PLC
The BBP has 37 Members, including: Aberdeen Standard Investment, Aviva Investors, Blackstone, BMO Real Estate Partners, British Land, Bruntwood, Canary Wharf Group, Capital & Regional, CBRE Global Investors, CLS Holdings plc, Derwent London, DWS, Edmond de Rothschild Real Estate Investment Management, Frasers Property UK, Great Portland Estates, Grosvenor Britain & Ireland, Hammerson, Hermes Investment Management, intu Properties, Landsec, LaSalle Investment Management, Legal & General Investment Management, Lendlease Investment Management, Logicor, Low Carbon Workplace, M&G Real Estate, Norges Bank Real Estate, Picton, Royal London Asset Managment, SEGRO, Shaftesbury, Schroder Real Estate, Nuveen Real Estate, The Crown Estate, Transport for London and Workspace, Unibail-Rodamco-Westfield.