With the UN Climate Change Conference (COP26) only a few months away, there has been increasing momentum towards net-zero carbon commitments. The UN’s “Race To Zero” now represents more than 120 countries, 700 cities, 2,300 businesses, 160 institutional investors and 600 universities committed to achieving net-zero carbon emissions by 2050 at the latest.

Collectively, these actors now cover nearly 25 percent of global CO2 emissions and more than 50 percent of global GDP. In real estate, institutional investors and listed REITs have been leaders in announcing their net-zero commitments. These commitments will require investments in building retrofits and switches to renewable-energy sources. Also, new types of reporting for energy use and carbon emission, as well as technological innovations, allow us to keep track of how close we are to meeting these targets. Innovation in our fragmented industry dominated by long-lasting legacy assets might require extra efforts, espec