| Carbon omissions
Tackling climate change is the theme of this week's newsletter with a host of articles looking at how real estate investors and developers are focusing on initiatives to reduce the environmental impact of their buildings and operations.
London-based real estate advisory business Gerald Eve has committed to becoming 'carbon negative' by 2030, after becoming the first UK property company to declare a 'climate emergency'. The firm has pledged to remove more CO2 from the atmosphere than it produces by the end of the decade as part of its Our Shared Future Framework.
Nuveen Real Estate meanwhile, has also made a CO2 reduction pledge, committing to making its global USD133 billion property portfolio operationally net zero carbon by 2040. "We believe this is essential to create a better world for future generations, but it will also help mitigate climate risk across our real estate strategies and future-proof our investments," says Michael Sales, CEO, Nuveen Real Estate and Real Assets.
It's all about the here and now for British Land, which has delivered its first net zero carbon building at 100 Liverpool Street, while Legal & General has broken ground on its first operationally net-zero carbon development in Bedfordshire, which it says will be the UK’s first net-zero retirement community.
Kirkby Diamond meanwhile, a full service firm of chartered surveyors and property consultants, has played a key role in facilitating development of the UK’s first major carbon neutral logistics park in Milton Keynes. On completion, the project will extend to 100 acres and comprise a range of unit sizes from 30,000 sq ft up to 500,000 sq ft, with the first phase expected to be ready for occupation in late 2022.
Globally, the construction sector accounts for 38 per cent of energy related emissions, and in London, 14.5 per cent of the most harmful emissions such as PM2.5 are from stationary diesel generators on construction sites. Enter AFC Energy, a provider of hydrogen power generation technologies, which has partnered with international property consultancy and construction business Mace Group to use hydrogen power to 'decarbonise' the building industry.
"This partnership with AFC Energy will hopefully be a significant step on our journey to removing diesel from our projects – helping to reduce emissions, pollutants and noise," says Mace Group Chief executive Mark Reynolds.
And finally, in our guest feature this week, Ritchie Clapson, co-founder of propertyCEO, proposes a radical plan to combat the decline of the high street brought about by the rise in online shopping. While it may sound counter-intuitive, he believes the key to creating the commercially vibrant town centres of the future, is to increase residential development. "The more residential property there is, the more independent retail there is, encouraging more residential. This could create a virtuous cycle that leads to the wider regeneration of the high street," he writes.
Property Funds World
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