A couple of industry bodies have teamed up to educate real estate stakeholders on the use of decarbonisation tools.
The European Public Real Estate Association (EPRA) and the Carbon Risk Real Estate Monitor initiative (CRREM) said they have partnered to educate EPRA members, and the listed real estate sector more broadly, on the application of the CRREM resources.
The CRREM initiative provides institutional real estate investors, managers and other stakeholders globally with a clear Paris-aligned direction to set and control ambitious 1.5°C aligned decarbonisation targets in order to stay in the downscaled “fair share” of the greenhouse gas budget for real estate in the use phase.
CRREM addresses the challenge to estimate risk and uncertainty associated to real estate decarbonisation, building a methodological body and quantifying the respective impact on the investor portfolios. It aims to support the industry tackle these risks and foster investments in energy efficiency.
With more than 280 members, covering the whole spectrum of the listed real estate industry (companies, investors and their suppliers), EPRA’s European companies represent over €690bn of real estate assets and 94% of the market capitalisation of the FTSE EPRA Nareit Europe Index.
The firms said the new partnership combines previous work of both organisations and will guarantee clarity for EPRA members and give them “confidence that their decarbonisation plans are aligned with climate science”.
Hassan Sabir, finance and ESG director at EPRA, said: “EPRA has supported the CRREM initiative since its inception and is now pleased to bring forward its expertise and findings to future-proof the listed sector.”
Sven Bienert, founder and managing director of the Institute for Real Estate Economics and head of the CRREM initiative, said: “We are happy to work with one of the main industry organisations to support the market in achieving net-zero.
“EPRA has been very supportive from the beginning. Jointly we will now do a deep dive on aspects like net-zero goal setting, green governance related to climate risk and other relevant topics.”
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