The ULI Greenprint Center for Building Performance announced that five more of its real estate members have aligned to Greenprint’s net zero carbon operations goal. These real estate leaders join the 25 ULI Greenprint members that have already adopted this goal to reduce the carbon emissions of their collective portfolio under operational control to net zero by the year 2050.
The five ULI Greenprint members newly committing to net zero emissions are ACRE, The Green Cities Company, Hang Lung Properties, MetLife Investment Management, and Pembroke (by 2035). These companies collectively own and operate more than 90 million square feet (8.4 million sq m) of real estate worth more than $52 billion in assets under management (AUM).
“We are thrilled to see more and more ULI Greenprint members setting net zero targets and developing cost-effective plans to achieve portfolio-wide carbon reductions,” said Billy Grayson, executive vice president for Centers and Initiatives at ULI. “We applaud the leadership, dedication, and vision of each company that has made this commitment, and we look forward to working with them and the entire ULI Greenprint community of practice on strategies to meaningfully reduce the built environment’s impact on climate change.”
ULI Greenprint real estate members are dedicated to reducing carbon and increasing energy efficiency in their real estate portfolios as part of their business strategy. To date, members have improved energy efficiency and reduced year-over-year greenhouse gas emissions by more than 46 percent and are on track to meet ULI Greenprint’s original goal of 50 percent reduction from 2009 figures by 2030.
ULI Greenprint’s net zero carbon operations goal is a way for existing ULI Greenprint members to lead the way in reducing their impact on climate change beyond their carbon reduction commitments. The goal encourages portfolio-wide carbon reductions via energy-efficiency improvements, on-site renewable energy, green utility power and building electrification, off-site renewables, renewable energy credits, and offsets. The goal is in line with the Paris Agreement and the Intergovernmental Panel on Climate Change’s (IPCC) recommendation to keep global warming below 1.5⁰ Celsius (2.7⁰ F).
The ULI Greenprint real estate members who have aligned to the net zero carbon operations goal represent nearly $970 billion in assets under management, more than 1.79 billion sq/ft (1.66 million sq/m), and more than 7,170 buildings across more than 20 countries. More details on the ULI Greenprint net zero carbon operations goal can be found at uli.org/netzerogoal.
"“Approximately 40 percent of global carbon emissions emanate from residential and commercial buildings. Our pledge to be Net Carbon Zero by 2050 formalizes ACRE’s commitment to mitigating the real estate industry’s role in climate change and other environmental issues,” said Linda Isaacson, Partner and Head of ESG & Impact at ACRE. “We have always believed that value creation for our business extends beyond what we generate for our investors and into the role we play in our host communities and the broader built world. This pledge serves as a testament to those core values, and we are proud to stand beside our fellow ULI Greenprint members as we work to create a better, more sustainable future,” says Linda Isaacson, partner and head of ESG and impact, ACRE.
“Since its inception, The Green Cities Company has been dedicated to driving sustainability and wellbeing throughout our properties and on behalf of our tenants and investors. Decarbonization is not only in our investment strategy, but in our entire ethos as an organization. We are proud to stand with the ULI Greenprint community in making a commitment to Net Zero by 2050–and beyond,” Lauren Winkler, senior director of ESG, Green Cities.
“Hang Lung Properties is proud to be the first real estate company in Hong Kong and among the first real estate companies in Asia to join ULI Greenprint’s global initiative in support of a low carbon future. Climate resilience is our sustainability priority. We are committed to reducing our carbon footprint in line with climate science, and have set ambitious and concrete 2025 and 2030 carbon reduction targets. In January this year, we took a step further by committing to set both near-term and long-term targets to reach net-zero value chain greenhouse gas emissions by no later than 2050. We look forward to exchanging best practices on this journey with other Greenprint members, and call on all real estate companies to step up to the challenge and create a net-zero carbon world together,” says Adriel Chan, vice chair and chair of Sustainability Steering Committee, Hang Lung Properties.
“Pembroke is committed to delivering enduring quality. We are proud to align with ULI Greenprint to achieve net zero carbon for our global portfolio, and have committed to net zero carbon for the operation of our assets by 2035 or sooner and net zero carbon for the whole life-cycle of our assets by 2050 or sooner. Sustainable solutions have been a key part of our development and delivery of real estate since our inception. Reducing resources, improving energy efficiency and resilience, and creating healthy environments benefit our tenants and communities, strengthening the environmental sustainability of our assets. We value the leadership and collaboration that ULI fosters and are excited to continue collaboration with others contributing to advancements in this critical, collective journey,” says Edward C. Johnson, IV, president, Pembroke.
