TH Real Estate, an affiliate of Nuveen, the investment management business of TIAA, announced its commitment to reduce the energy intensity of its 134-million-square-foot, $68 billion (£55.93 billion) global equity portfolio. Energy intensity is measured by the asset’s use of kilowatts per hour, per square foot. Based on a 2015 guideline, the goal is to reduce by 30 per cent by 2030.
TH Real Estate’s engagement was inspired by the ambitious goals for sustainable real estate established at the 21st annual Conference of Parties (COP21) that took place in Paris in September 2015. This pledge follows the target set in 2007 to reduce US energy consumption 20 per cent by 2020, a goal that has been achieved ahead of schedule.
It is estimated that real estate is responsible for roughly 40 per cent of global carbon emissions, which arise from onsite fuel usage such a gas for boilers as well as from the use of electricity and other sources of energy.
“This target is in line with current industry interpretations of climate change science, and means that our business is playing its part in the global movement to limit global warming to 2 degrees and strive towards 1.5 degrees, as agreed in the Paris Accord. Over time, we will continue to review our targets to ensure they meet global best practice,” said Abigail Dean, TH Real Estate’s head of sustainability. “Our sustainability efforts have been a focus of our platform since its creation and are an integral part of the Tomorrow’s World investment philosophy which sits at the core of our investment process and operations.”
The articles are for information purposes only and Precise Investors shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.
Precise Investors does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.
Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.