Real estate owner, developer, operator, and investment manager Tishman Speyer announced today a new climate commitment, aiming to achieve operational net zero carbon emissions by 2050 or sooner across its entire global portfolio.

Buildings and real estate are significant contributors to the global climate challenge, accounting for approximately 40% of carbon emissions, according to the International Energy Agency and UN Environment Programme. They are also among the hardest to sources of emissions to replace, given their long-term nature.

Tishman Speyer’s portfolio spans 28 key markets across North America, Asia, Europe and South America, and encompassing 87 million square feet in 140 properties, including Rockefeller Center in New York The Springs in Shanghai, and TaunusTurm in Frankfurt.

The company also announced that it will ensure all its potential future acquisitions will have clear pathways to net zero.

Tishman Speyer stated that its new net-zero pledge is consistent with its commitment to the United Nation’s Principles for Responsible Investment (PRI).

Jonathan Flaherty, Global Head of Sustainability and Building Technology Innovation at Tishman Speyer, said:

“We are dedicated to the health and well-being of our customers and neighborhoods. We design, construct and operate our properties with this is mind. Our commitments to be net zero by 2050 and to the PRI will ensure that as we are enhancing our physical environments, we are also minimizing our environmental impact. We all bear responsibility for this planet.”