Hines has set an ‘in-operation’ net-zero carbon target of 2040 for its $90.3bn (€86.1bn) real estate portfolio.
The global real estate firm will seek to achieve this by investing in sustainable technology throughout the 1,530 properties it owns and manages, without resorting to purchasing carbon offsets.
Hines said it would adhere to science-based targets by electrifying fossil fuel-based systems within its buildings, implementing “circular systems principles” to reduce energy waste and increase system efficiency, and by pursuing onsite and offsite renewables.
The company is establishing agreements with third parties to provide data to track progress on energy consumption and ongoing emissions reductions.
Peter Epping, global head of ESG at Hines, told IPE Real Assets: “Science-based targets provide a clearly defined pathway for companies and financial institutions to reduce greenhouse-gas emissions, in alignment with the Paris Agreement.
“Our industry and our stakeholders expect firms to convey their intention on fighting climate change. A public plan is testimony to that intention. Our goal reflects the urgency of addressing the climate crisis and the fact that the built environment is responsible for nearly 40% of global energy-related carbon dioxide emissions.”
Source: realassets.ipe.com on the 1st of July