REITs lead the way on Paris Agreement climate targets
The listed real estate industry is in the vanguard of efforts to reduce greenhouse gas emissions, but more action is needed if targets are to be met.
Delegates at a European Public Real Estate Association (EPRA) sustainability workshop, held late last year in London, were told that reducing greenhouse gas emissions has become a priority for many REITs as climate change scientists continue to warn that time is running out to prevent widespread damage to the environment.
Signed to much fanfare, the 2015 Paris Agreement committed its 195 nation signatories to limit temperature rises to less than 2°C above pre-industrial levels. Just three years later and we are already way off target.
As they stand, the Paris pledges would lead to a global temperature increase of 3.3°C, noted climate science expert Professor Chris Rapley of UCL, keynote speaker at the EPRA event. Without the United States — which under President Trump has pulled out of the accord — that climb