Hines, the global real estate firm, has revealed it is setting a target of net-zero operational carbon by 2040.
Hines will seek to accomplish this goal by reducing emissions through renewable technologies, and without purchasing carbon offsets, as their benefits can be difficult to quantify.
By heavily investing in sustainable initiatives throughout its portfolio of 1,530 properties in 285 cities across 28 countries, the company is seeking to accelerate its mission to help combat the global climate crisis.
Said Peter Epping, global head of ESG at Hines: ‘We are very conscious of the fact that the next 10, 15 years will be critical in terms of reducing carbon emissions. We believe that we can’t wait until 2050. As detailed in the Paris Agreement and other findings, the trajectory of emissions reductions is really important. That’s why we’re focusing on science-based targets and acting now.’
Adhering to science-based targets, which provide companies with a clearly-defined path to reduce emissions in line with the Paris Agreement goals, Hines said it would approach the challenge through both proprietary tools and innovative practices.
Added Epping: ‘We believe that with our understanding of tech and development we are able to reduce emissions to zero far before 2050, thanks to technology, its adoption, and stakeholder willingness to really move forward with new concepts.
‘It doesn’t mean it will be straightforward and there are still a lot of obstacles to overcome – we are active in 28 countries and over 280 cities, creating a significant challenge.’
Hines will work to reduce carbon throughout its portfolio by electrifying fossil fuel-based systems within its buildings, utilising circular systems principles to reduce energy waste and increase system efficiency, and pursuing onsite and off-site renewables that promote renewable energy development.
The firm is establishing agreements with third-party partners to provide data to track progress on energy consumption and ongoing emissions reductions.
Hines has also recently published its 2021 environmental, social and governance (ESG) report, which highlights actions the firm is putting into place at properties around the globe.
Concluded Epping: 'Our tenants and investor partners have a lot to deal with at the moment, including war, the energy price crisis and inflation, but we are also seeing that this makes tenants and investors focus on making properties more efficient, and taking advantage of better economic viability measures connected to energy costs. It’s not black and white, but we’re focusing on the long-term issues.'
