Environmental Initiative
Real estate is central to urban development, consumes physical resources and is a significant source of emissions. Equally, it is central to the goal of creating an environmentally sustainable future. We recognize the imperative to avoid dangerous climate change by limiting global average temperature rise to less than 2°C, and understand that the existing trend of the world’s net greenhouse gas (GHG) emissions is not consistent with this ambition. We also acknowledge that the real estate sector is responsible for more than 20% of the world’s carbon emissions and for other environmental impacts, including waste production, pollution, use of water and consumption of other natural resources. Over the past few years, many companies in the sector have taken action to reduce the environmental impact of buildings. We will continue in our efforts to help support sustainable development. We will also play a part in lowering the current global emissions trajectory, supporting adaptation to climate change in cities, reducing pollution and damage to the natural environment, and promoting the principles of the circular economy where possible. We stand ready to work with our stakeholders to implement the UN Sustainable Development Goals and we will tailor our approach to local circumstances. In this report we first set out as context