Seven real estate associations have joined forces to establish seven guiding principles designed to create an industry-wide carbon pricing mechanism that can accelerate the pace of decarbonization.
EPRA, GREEN, IIGCC, INREV, RICS, ULI and WBCSD have published the principles in a report called Universal Principles for Carbon Pricing in the Real Estate Sector, which provide consistent definitions and guidance to measure carbon emissions across the real estate industry.
The first principle calls on building owners to adopt a whole-life carbon approach that measures operational and embodied carbon emissions across the full life cycle of a building. The second asks for developers, landlords and tenants to take full responsibility for their contribution to both embodied and operational carbon emissions. The third principle requires the education of stakeholders such as architects and engineers to take responsibility for spent carbon and how shadow carbon pricing can
