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Majid Al Futtaim among top firms pledging to halve their building-related emissions by 2030
Majid Al Futtaim Properties was among leading global companies that pledged to halve their building-related emissions by 2030 and reach net-zero carbon no later than 2050.
“The industry has traditionally looked at investments in sustainability as a trade-off with other aspects like customer experience, but it’s very clear that we need to shift our mindset,” said Ahmed Galal Ismail, CEO, Majid Al Futtaim Properties. “Sustainability is actually a trade-on and sustainable assets are more valuable. We are committed to transitioning our portfolio and proving what is possible in alignment with the Principles.”
With buildings contributing 38% of all energy-related greenhouse gas emissions, leaders across all industries have a critical role to play in lowering their global real estate emissions.
“While real estate represents nearly 40% of all energy-related GHG emissions, the sector is frequently an afterthought when it comes to an organization’s decarbonization and sustainability strategies,” said Matthew Blake, Head of Financial and Monetary Systems, World Economic Forum. “Leaders across all industries have a responsibility to take action on their real estate GHG emissions to ensure progress in the fight against climate change.”
Among the companies that made this pledge are Avison Young, Edge, GPFI Group, Ivanhoé Cambridge, JLL, Majid Al Futtaim Properties, Schneider Electric, and Signify.
These firms will meet these targets by implementing the Forum’s Green Buildings Principles. Released last year, the Green Building Principles: The Action Plan for Net-Zero Carbon Buildings provides a clear sequence of steps to deliver net-zero carbon real estate portfolios, topped by Calculating a robust carbon footprint of your portfolio in the most recent representative year to inform targets.
This also included setting a target year for achieving net-zero carbon, by 2050 at the latest, and an interim target for reducing at least 50% of these emissions by 2030.
In addition, this included measuring and recording embodied carbon of new developments and major refurbishments as well as maximizing emissions reductions for all new developments and major refurbishments in the pipeline to ensure delivery of net-zero carbon (operational and embodied) by selected final target year.
This also comprised driving energy optimization across both existing assets and new developments, maximizing supply of on-site renewable energy, ensuring 100% off-site energy is procured from renewable-backed sources, where available and engaging with stakeholders with whom you have influence in your value chain to reduce scope 3 emissions.
This also included compensating for any residual emissions by purchasing high-quality carbon offsets in addition to engaging with stakeholders to identify joint endeavors and equitably share costs and benefits of interventions
Developed in collaboration with JLL, the World Green Building Council and the Forum’s Real Estate community, the Green Building Principles can be formally adopted by firms and include an Action Plan detailing implementation.
The Action Plan provides globally applicable guidance on best practices to implement the principles for every stakeholder, from owners to occupiers to investors. Signatories will report progress annually as part of their public sustainability reporting and participate in a Practitioners Group to identify solutions around implementation.
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