This article is from the Australian Property Journal archive
WITH the 2021 United Nations Climate Change Conference beginning on Sunday in Glasgow, hundreds of property companies in the built environment sector have signed their commitment to the Race to Zero campaign to achieve net zero carbon by 2050.
The campaign has brought together parties from the industry in recognition of its whopping 40% contribution of all greenhouse gas emissions globally and is acting to turn architects, engineers, construction companies and asset managers across the sector into leaders in the fight to mitigate the impacts of climate change.
The Race to Zero is an umbrella campaign that includes various initiatives that targets net and absolute zero goals and climate positive changes, deemed credible and based on and driven by science.
Groups across Australia that have signed on to a Race to Zero initiative include Dexus, CBUS, IFM Investors, Lendlease amongst many more, including universities, cities and local councils.
“Winning the Race to Zero means prioritising net zero infrastructure and buildings. We celebrate further, faster climate action from cities and businesses, and expect the entire industry to transform at scale in a just and equitable way,” said Cristina Gamboa, CEO, World Green Building Council.
“Through deep collaboration, businesses and governments can ensure our sector delivers a safe and prosperous future for everyone, everywhere.”
Over the year leading up to the conference in Glasgow, Race to Zero has seen US$1.2 trillion in real estate assets under management sign on to the campaign.
This commitment will result in the signed on asset management companies’ portfolios will be brought to net zero carbon across all kinds of emissions.
In addition to doubling the volume of construction companies globally committed to the campaign, in the two months leading up to COP26, with over 100 SME construction companies from 10 different companies also signing on.
“2021 has been the year of net zero carbon commitments. The built environment has seen a groundswell of companies of all sizes committing to achieve net zero carbon by 2050 at the latest, sending a clear signal to government that they are ready to invest in and drive this transition,” Nigel Topping, UK High-Level Climate Action Champion.
20% of architects and engineers also joined, meeting the 2030 Breakthrough target for this sub-sector.
The 2030 Breakthrough target are an UN-developed series comprehensive roadmaps to achieve the Paris Agreement in line with 1.5°C across all sectors, which the Race to Zero campaign underpins. The target is 20% for all sectors.
In a similar commitment, the Australian Institute of Architects recently joined the 1.5º Climate Actions Communique. A coalition of signatories across global architecture, landscape architecture, engineering, planning, and construction sectors, committed to promoting a more urgent response to reaching net zero emissions.
