Net Zero – An Opportunity for Real Estate
In 2019 the UK government announced a target of ‘net zero’ for UK greenhouse gas (GHG) emissions by 2050 following recommendations made by the Committee on Climate Change. This led to a change in legislation that came into force on 27 June 2019, which amended the Climate Change Act 2008 target of an 80% reduction in GHG emissions compared with the 1990 levels. This amendment to the Climate Change Act made the UK the first member of the G7 group of industrialised nations to legislate for ‘net zero’ carbon emissions.
With the operation of buildings responsible for approximately 30 percent of greenhouse gas emissions in the UK alone, DTZ Investors has taken the opportunity to highlight the importance of this commitment against the backdrop of the UK property sector. DTZ Investors has addressed what it could mean for various stakeholders involved in the management of commercial real-estate and the impact on asset managers.
Businesses, governments and local authorities are all looking to define what ‘net zero’ carbon will mean for them and how it can be achieved in practice. DTZ Investors has applied the Green Buildings Councils framework definition for ‘net zero’, which specifically gives clarity on the definition in construction and building operations.
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