ULI is pulling together industry leaders from across the United States and Canada to advance the analysis of transition risk, which refers to the business risks associated with climate change and the transition to a low-carbon economy.
The Carbon Risk Real Estate Monitor (CRREM) is a leading global initiative for establishing targets for operational carbon emissions for standing real estate investments consistent with the ambitions of the Paris agreement. CRREM’s decarbonization pathways translate the efforts of limiting global warming to 1.5°C by the end of the century into regionally- and property-type-specific trajectories. Investors worldwide use the CRREM tool to assess, price, and mitigate carbon performance and stranded asset risk in their real estate investments. Learn more about CRREM here.
CRREM, ULI, and the Lawrence Berkeley National Lab (Berkeley Lab) are partnering to create more granular curves for the United States and Canada. A working group has been established to support the project, chaired by Elena Alschuler, Americas Head of Sustainability at LaSalle Investment Management. The project team will engage with a broad set of real estate industry stakeholders to inform this process by hosting four virtual working group sessions. The project aims to create curves that are scientifically robust and reflective of the varying conditions across the United States and Canada. Sign up for those working group sessions here.
“Our latest pathways’ update demonstrates that CRREM can effectively address regional peculiarities and engage with local stakeholders, said Prof. Sven Bienert, Founder and Managing Director of IIÖ. It’s possible to have standardized global methods that also align with local needs. In 2023, we are excited to work alongside our key partners in North America to further advance in this direction.”
“ULI is pleased to convene a broad group of real estate stakeholders to provide input on how CRREM can enhance its decarbonization curves to reflect the diverse conditions across the US and Canada, said Blakely Jarrett, Senior Director at ULI Greenprint Center for Building Performance. The CRREM curves are an important tool in the real estate sector’s decarbonization efforts.”
“Berkeley Lab is excited to support the ULI and CRREM teams in the development of enhanced CRREM pathways for North America, said Joshua Kace, Senior Program Manager at Berkeley Lab. There is tremendous potential to help drive real impacts across the built environment with new pathways suited to the North American market.”
“As investors around the world seek to evaluate property and portfolio-level journeys to net zero, it is critical that there is a common standard by which to measure whether any given property is on track, said Elena Alschuler, Americas Head of Sustainability at LaSalle Investment Management. The real estate industry has a shared interest in ensuring we develop yardsticks that are accurate, effective, and easy to use.”
All real estate stakeholders are welcome to join the working group sessions by signing up here.
