Quadreal announces net zero commitment

Quadreal has joined the ranks of real estate investors pledging to achieve net zero carbon by 2050. 

The Canadian firm, which has C$67.1 billion ($48.9 billion) of global property assets under management, has pledged to halve emissions across its directly portfolio by 2030. QuadReal’s strategy includes reductions of Scope 1, 2 and 3 emissions.

“Sustainability has always been a key component of QuadReal’s investment and management strategies and is becoming more and more of a precondition for the long-term financial feasibility of our programs,” says Lucy Fletcher, managing director, global portfolio management, at QuadReal. 

“As active managers, expanding our carbon reduction targets to net zero across our entire portfolio will allow us to meet and exceed our fiduciary responsibility to all our stakeholders and clients.”

Carbon reductions at the property level will be driven by two strategies: replacing fossil fuels with low-carbon electricity options combined with building upgrades that allow energy to be used more efficiently. 

QuadReal expects building efficiency upgrades to provide a 40% reduction in emissions, based on previous retrofits. The company’s commitment will also allow offsets or credits to cover a maximum 10% of baseline emissions.