Real Estate Needs To Take Ownership of the Climate Change Challenge

Posted by Colliers on 24th August 2021 -

Following the Intergovernmental Panel on Climate Change special report on the impact of global warming, Colliers is calling for the property industry to be proactive in its response.

The report, which has been published just months before the world gathers for the COP26 climate change conference in Glasgow, says that the global temperature will increase by 1.5C from pre-industrial levels by 2040, or earlier in the worst case scenario, unless huge cuts in carbon emissions take place. 

James Pay, Head of Client Sustainability at Colliers, responded to the report’s findings, saying: “With 40 per cent of global energy use and emissions coming from real estate, the industry, from developers to occupiers, needs to accelerate its science-based response to this challenge. As stated by authors of the report it is not too late, however, as evidenced by the global response to COVID-19, any action taken needs to be collaborative and at a global scale, so that no one is left behind.”

With the highest level of completions in 18 years being delivered in the six months to March 2021, circa 4.5 million square foot contributing approximately 450,000 t CO2e of embodied carbon at current benchmarks, it is crucial that, as advisory bodies, we drive change in this area.

Talking about the industry itself in the UK, James added: “We cannot wait to be forced to take action by government or through regulation, we must take ownership of the challenge and drive change before it is too late. Within the UK, we have clear and concise frameworks set out by the UKGBC, RIBA and London Energy Transformation Initiative that we should be adopting as an industry so that we can demonstrate consistent and meaningful progress towards net zero at the required accelerated rate.”

Colliers UK is currently working with The Carbon Trust to assess and reduce our carbon footprint.