Realty sector may pay high price for carbon footprint
The global property industry could pay a high price for moving too slowly to shrink its colossal carbon footprint, a report to a United Nations conference on the environment said on Wednesday.
The “Building Responsible Property Portfolios” report urged investors to comply with the UN-backed Principles for Responsible Investment or risk seeing their returns on environmentally unfriendly property assets slide sharply.
The report, which was written by Gary Pivo of the University of Arizona and supervised by the Property Working Group of the United Nations Environment Programme Finance Initiative (UN EPFI), said buildings were responsible for around half of global carbon dioxide emissions. It said investors could exert crucial influence on property fund managers to invest in sustainable property.
“We operate in an industry where investors, occupiers, constructors, and developers each blame the other for the lack of positive action in improving the environmental footprint of new and existing buildings,” said Paul McNamara, co-Chair of the UN EPFI Property Working Group. – Reuters
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