The Commitment requires signatories to publish net zero carbon pathways and delivery plans, disclose the energy performance of their assets and develop comprehensive climate resilience strategies. It has an overreaching objective of delivering net zero buildings by 2050 incorporating both direct and indirect investments, operational and embodied carbon and Scope 1, 2 and 3 emissions. The scope of the commitment makes it one of the most ambitious commitments that property owners can adopt.
To support signatories, last year the BBP published a Net Zero Carbon Pathway Framework, to effectively support our signatories and encourage greater transparency concerning the scope of property owners’ net zero carbon pathways. The Framework sets out the information that should be included within Net Zero Carbon Pathways, including the investment boundaries, carbon scope and delivery strategies. The BBP also has an ongoing programme of work to support its members on issues including energy use intensity, embodied carbon, renewables and offsetting. The BBP member signatories are leading the industry, sharing knowledge and taking collective action to drive change across the industry.
The BBP Climate Commitment provides an important catalyst for change within the sector – any property owner can sign and we actively encourage them to join their peers to amplify the impact of this Commitment.
The latest report from the Intergovernmental Panel on Climate Change (IPCC) highlighted that we are facing a global climate crisis and must limit global warming to 1.5 degrees to reduce the risks associated with long lasting or irreversible changes to the earths’ atmosphere and ecosystems. To achieve this, global net human caused emissions of carbon dioxide would need to reach net zero by 2050.
It is therefore clear that buildings will have to be net zero carbon by 2050. The property industry needs to demonstrate that it is on a pathway to achieve this critical target and we must take urgent action to ensure our portfolios are resilient and deliver long-term value for our investors.
This is why we have come together to make a collective commitment and send a clear message to all of our stakeholders - we recognise that our leadership can provide an important catalyst for change within the sector.
We, the undersigned, make the following commitments:
Members of the BBP have diverse portfolios with different ownership and leasing structures, management arrangements and occupiers - how we implement these commitments within our businesses will differ. However, it is important to emphasise that we will adopt a ‘comply or explain’ approach to this commitment, with the intention that it will cover as many buildings as possible within our portfolios - the scale of the challenge ahead makes this absolutely imperative.
We see the real estate market’s transition to a low carbon economy as an opportunity to drive innovation, respond to future demands and expectations of our occupiers and investors, and open up new markets for investment in real estate.
To meet these commitments will require unprecedented collaboration across the industry. We therefore also call upon:
We will work with the BBP to monitor and report on our progress and to spearhead collaborative, collective action that delivers better buildings and creates long-term value for all of our stakeholders, including future generations.
*Grosvenor Great Britain & Ireland and Grosvenor Europe are listed seperately.
The following Signatories have published their Net Zero Carbon Pathways: