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Industry bodies form carbon pricing taskforce

10th May 2024

A new industry taskforce has been launched to develop a carbon pricing strategy for real estate.

Led by the Urban Land Institute, as part of its C Change programme, the initiative brings together seven European and global real estate industry associations: EPRA (the European Public Real Estate Association), GREEN (Global Real Estate Engagement Network), INREV (the European Association for Investors in Non-Listed Real Estate Vehicles), IIGCC (the Institutional Investors Group on Climate Change), RICS (the Royal Institution of Chartered Surveyors), and WBCSD (the World Business Council for Sustainable Development).

Lisette van Doorn, CEO, ULI Europe, said: “While an important tool to help build the business case for low carbon solutions, a recent ULI C Change survey demonstrated that internal carbon pricing is still a ‘minority activity’ in the built environment. Lack of knowledge and consistent data, including financial and educational, were identified as the main barriers to implementation. That’s why education will play an important role in this programme.”

As part of the carbon pricing strategy programme, a series of workshops will be organised in May aimed at understanding and implementing internal carbon pricing. The programme will comprise two streams, one aimed at experts and those already implementing carbon pricing, and one for those yet to implement an internal carbon price who are keen to learn more.

Hassan Sabir, finance & ESG director, EPRA, said: “Collaborating with all actors across the entire value chain of the real estate industry to introduce a carbon pricing as a mechanism for lowering emissions of buildings may prove to be one of our biggest opportunities.”

Hugh Garnett, investor practices senior programme manager - real assets, IIGCC, said: “IIGCC is pleased to contribute to this important collaborative initiative looking to address a complex gap in the market and promote adoption of carbon pricing for real estate investors. The development of an industry wide approach to carbon pricing will assist investors to manage climate-related risk and drive investment into sustainable buildings to decarbonise the real estate sector.”

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