Global real estate CEOs promise to cut emissions related to buildings in half by 2030

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CEOs of international real estate companies have agreed to cut the emissions of their real estate businesses by 50% by 2030 , and to reach zero carbon emissions by 2050, as per a press release issued by the World Economic Forum (WEF). The forum will be holding its annual gathering on the outskirts of Davos, Switzerland from Jan 16-20, 2019.

Buildings account for to 38% of all greenhouse gases, says Mathew Black of WEF’s chief of the financial and monetary systems. “Leaders across all sectors have the responsibility of taking action in reducing their greenhouse gas emissions from the real estate sector to make sure that they are making progress in fighting global warming,” he says.

The pledge’s signatories include real estate service firms Avison Young GPFI Group and JLL, developers Edge and Majid Al Futtaim Properties as well as investment firm Ivanhoe Cambridge. The specialist in energy management Schneider Electric and lighting provider Signify have also signed the pledge.

The companies will achieve the goals by adhering to the WEF’s Green Building Principles. The report was developed by JLL in collaboration with JLL and published last year the report provides the steps needed to create zero emissions real estate portfolios.