Europe's real estate sector reduced carbon emissions by 3.1% in 2017, ahead of the global average of 2.2%, according to the 2017 GRESB Real Estate Assessment.
The research, which saw a record 850 property companies and real estate funds participate, representing over $3.7 trn in value, show that the energy improvements made in recent years by the global real estate sector are in line with the energy reduction targets as set out in the United Nations-supported Sustainable Development Goals.
'We are delighted to see an increase in the number of participants and assets across all regions for eight consecutive years. It’s encouraging that, once again, GRESB participants were able to lower energy, water and carbon emissions. We hope that the commitment and meaningful actions taken by the 850 GRESB participants serve as an example to others and help to drive improved sustainability performance more broadly across the market,' said Sander Paul van Tongeren, co-founder and managing director at GRESB.
A total of 433 European companies and funds reported on their Environmental, Social and Governance (ESG) performance representing $804 bn in assets under management. This represents an 11% increase in participants from 2016.
Europe's regional leaders in the sector include Altarea Cogedim, Gecina, Icade and Sponda (please see a full list of the winners pictured above).
'In 2017, we observe that many European property companies and funds have moved beyond compliance with investor demands,' added Roxana Isaiu, director, ESG & Real Estate. 'Even a small percentage reduction in a large portfolio can have a significant impact on the bottom line. The good news is that property managers have access to more tools and data than ever to make well-informed decisions.'
