Nuveen Real Estate has set a 2040 net-zero carbon plan for its $133bn (€109.7bn) global property portfolio as the company seeks to achieve targets ten years ahead of the targets set by the Paris climate accord.

The real estate management arm of US financial services group TIAA has committed to reviewing each asset and creating a net-zero business plan for every building, ensuring buildings operate as ”energy efficiently as possible and work alongside occupiers to guarantee tenant emissions are aligned and included in a building’s net-zero carbon strategy”.

Michael Sales, the CEO of Nuveen’s real estate and real assets business, said: “Our net-zero carbon pathway makes a bold, clear commitment to achieving net-zero across our global real estate portfolio by 2040.

“We believe this is essential to create a better world for future generations, but it will also help mitigate climate risk across our real estate strategies and future-proof our investments.”

Abigail Dean, global head of strategic insights at Nuveen Real Estate, said: “ESG has sat at the heart of our investment strategies for well over a decade. As the world moves towards a net-zero carbon future, governments around the world will, rightly, increase environmental regulations to achieve this, but we believe it is important to move towards this target as soon as possible.

“That is why we are proud to have committed to achieving net-zero carbon across our entire global real estate portfolio no later than 2040, ahead of these broader targets.”

Last month, Schroder Real Estate outlined its net-zero carbon plan for its property portfolio to help the company achieve targets in line with the United Nations’ Sustainable Development Goals.

Also, CBRE Global Investors announced its plan to achieve net-zero carbon performance by 2040 for its directly managed, long-term core investments.

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