UAE’s Majid Al Futtaim Properties pledges 50 percent cut in real estate emissions by 2030
Leading CEOs made a pledge to reduce their real estate emissions by 50 percent by 2030 and reach net-zero carbon no later than 2050. With buildings contributing 38 percent of all energy-related greenhouse gas emissions, leaders across all industries have a critical role to play in lowering their global real estate emissions.
Majid Al Futtaim Properties has pledged to halve their buildings-related emissions by 2030 and reach net-zero building emissions by 2050 along with Avison Young, Edge, GPFI Group, Ivanhoé Cambridge, JLL, Schneider Electric and Signify. These firms will meet these targets by implementing the World Economic Forum’s Green Buildings Principles. Released last year, the Green Building Principles provides a clear sequence of steps to deliver net-zero carbon real estate portfolios.
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.
“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.”
The World Economic Forum Annual Meeting 2023 will convene the world’s foremost leaders under the theme “Cooperation in a Fragmented World”.