TIAA company Nuveen Real Estate announced today the launch of a net zero carbon strategy for its entire global real estate portfolio, committing to achieve net zero carbon across its $133 billion of assets by 2040.
Michael Sales, CEO, Nuveen Real Estate and Real Assets, said:
“Our net zero carbon pathway makes a bold, clear commitment to achieving net zero across our global real estate portfolio by 2040. We believe this is essential to create a better world for future generations, but it will also help mitigate climate risk across our real estate strategies and future-proof our investments.”
The company stated that it has committed to reviewing each asset and creating a net zero business plan for every building, ensuring buildings operate as energy efficiently as possible and to work alongside occupiers to guarantee tenant emissions are aligned and included in a building’s net zero carbon strategy.
Nuveen Real Estate has provided interim milestones it will target on the road to net zero 2040, including achieving a 30% energy intensity reduction by 2025 (pulled forward from its initial 2030 target), and reducing the portfolio’s carbon intensity by 50% by 2050.
Abigail Dean, Global Head of Strategic Insights at Nuveen Real Estate, said:
“ESG has sat at the heart of our investment strategies for well over a decade. As the world moves towards a net zero carbon future, governments around the world will, rightly, increase environmental regulations to achieve this, but we believe it is important to move towards this target as soon as possible. That is why we are proud to have committed to achieving net zero carbon across our entire global real estate portfolio no later than 2040, ahead of these broader targets.
“We work with a broad range of institutional clients and blue-chip occupiers and share their sustainability aspirations. Our pathway provides a route-map to net zero carbon through real estate, touching upon numerous other industries at the same time, and aiming to achieve carbon savings of up to 50-80% for a traditional real estate asset.”