The Better Buildings Partnership
A Climate Change Commitment Framework for all of their commercial property owners to follow.
The BBP, or Better Buildings Partnership, is a collaboration of the UK’s leading commercial property owners. They work to revolutionise existing commercial buildings by improving their sustainability.
Approximately 40% of greenhouse gas emissions in the UK are from the built environment. Alarming isn’t it. So, it’s critical that the commercial estate industry acknowledges this, embraces the challenge and works together in the form of the BBP Climate Change Commitment.
What ‘net zero carbon’ actually means for real estate investments is surrounded by some ambiguity, this is due to the wide-ranging ownership structures, leasing models and management control. So, The BBP Climate Change Commitment has been developed in the form of a framework, to set out clear boundaries that apply to everyone who’s signed up to it and covers emissions from all major activities associated with the development, operation and servicing of commercial real estate investments. And this doesn’t just mean turning the lights off when you go home after work.
The framework provides a guide for property owners on the information they need to include in their Net Zero Carbon Pathways. This includes investment boundaries, carbon scope and delivery strategies. The overall aim is to encourage greater transparency, commitment and consistency.
This is no small project either, as more than 25 major real estate owners and investors have signed up to the BBP Climate Change Commitment, and their Net Zero Carbon Pathways need to be published by the end of the year, setting out how they plan to delivery ‘net zero carbon’ real estate investments by 2050 at the latest. On top of this they need to annually publish progress towards this goal.
- The Net Zero Carbon Target date must be stated by all signed up parties.
- The investment boundary of the Net Zero Carbon Target should be clearly communicated by each signatory.
- The sources of greenhouse gas emissions need to be clearly laid out by each signatory.
- A delivery strategy for each signatory must be included for their Net Zero Carbon Target
The framework will be able to be used as a reference guide for the wider industry, and as it’s a working document, it will be evolving over time to reflect the expanding knowledge and practicalities of delivering net zero carbon. So, you don’t have to be a major real estate owner to be involved, any property owner can use the Framework to develop their own pathway.
“Climate change is one of the greatest threats of our time and has far reaching implications for the real estate industry.” BBP