A new methodology for measuring the carbon footprint of buildings throughout their entire life cycle has been launched in eight European countries as part of industry efforts to decarbonise real estate.
The pan-European methodology and associated performance label have been launched by The Low Carbon Building Initiative (LCBI), which was set up two years ago by a group of major European property companies in tandem with French industry body Association Bâtiment Bas Carbone (BBCA).
The LCBI was established on the premise that accurately measuring buildings’ carbon emissions at every stage of their life cycle – from construction and operation through to demolition - is essential for a comprehensive assessment of their climate impact.
Given its major contribution to global warming (nearly 39% of global CO2 emissions), the real estate sector needs to substantially reduce its carbon footprint. To achieve the stated goal of carbon neutrality by 2050, all European countries need to cut the carbon emissions of new, retrofitted, and in-use buildings.
Up to now, a uniform European method enabling buildings’ carbon footprints to be compared across markets had been lacking. The LCBI says it has now addressed this by developing a ‘unique’ methodology for whole life-cycle carbon measurement, with limit values, as well as a performance label. The method aligns with major European standards and tools, such as the EU Taxonomy, CRREM and RICS standards.
It has been launched in eight countries - Belgium, France, Germany, Italy, Luxembourg, Netherlands, Spain, and the UK – and is publicly available on the LCBI website.
Arnaud Regout, president of the LCBI advisory committee and chief investment officer at BPI Real Estate, said: ‘Commitment of LCBI stakeholders was key to building this innovative tool, now accessible to the entire real estate sector in Europe. As the first pan European low-carbon methodology, LCBI will facilitate performance benchmarking of carbon footprints for all.
‘Such harmonisation will provide a powerful signal to the market and help to unlock further private sector investment in low carbon buildings.’
The LCBI will initially focus on new-built assets in the office, residential, and hotel sectors. Its broader objective is to encompass all real estate asset classes, targeting new, retrofit and in-use buildings.
LCBI’s sponsors include AXA IM Alts, BNP Paribas Real Estate, Bouygues Immobilier, BPI Real Estate, Covivio, Generali Real Estate, Icamap, Ivanhoé Cambridge, NSI and WO2.
