A Paris-Proof retail real estate sector: Taking stock of regulatory and market developments
February 24, 2021
BRUSSELS – 24 February 2021 – BPIE – Buildings Performance Institute Europe has released a new report highlighting that despite industry efforts to decarbonise building portfolios, retail real estate asset managers and owners lack a sector-specific trajectory towards achieving climate-neutrality. The report, funded through the Redevco Foundation, marks the launch of Paris-Proof Retail Real Estate, an initiative that looks to develop a vision and strategy to support the European retail real estate sector reach net-zero carbon emissions by 2050, in line with the Paris Agreement.
“In Europe, while GHG emissions targets are well defined for 2030 and 2050, these are not yet transposed into meaningful guidance for individual industry sectors,” says Zsolt Toth, Senior Project Manager at BPIE. “If we are serious about decarbonising the full building stock by 2050, the retail real estate sector and policymakers need to have a common understanding of who needs to do what, and by when. The strategy should be measurable, sector-specific, and disaggregated from high-level political targets.”
Clemens Brenninkmeijer, Head of Sustainable Business Operations at Redevco, agrees. “The need for deliberate actions and tangible results to significantly decrease emissions in the built environment is becoming more urgent for retail real estate managers every day. This report, funded through the Redevco Foundation, provides insight into where the retail real estate sector in particular stands, and what should be the next step.”