{"id":34454,"date":"2022-10-26T09:01:00","date_gmt":"2022-10-26T16:01:00","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=34454"},"modified":"2022-10-26T14:36:26","modified_gmt":"2022-10-26T21:36:26","slug":"net-zero-aspirations","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/net-zero-aspirations\/","title":{"rendered":"Net Zero Aspirations"},"content":{"rendered":"\n

When it comes to turning net zero aspirations into real world action, the devil is in the detail \u2013 and the only way to the detail is with data. This is just one of the key takeaways from the latest episode of Yardi Proptech Insights.<\/em><\/p>\n\n\n\n

If proptech is about solving business problems, then one real estate\u2019s biggest problems is its carbon footprint. Real estate has a responsibility to decarbonise, as around 40% of the world\u2019s emissions<\/a> come from buildings.<\/p>\n\n\n

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Many of the world\u2019s largest real estate companies have set net zero targets; S&P Global<\/a> puts the figure at 43 percent. More than a fifth of the world’s 2,000 biggest publicly traded firms<\/a> \u2013 all of them corporate occupiers \u2013 have also set net zero targets and are scrutinising their real estate footprints.<\/p>\n\n\n\n

Su Lin Wee, PGIM Real Estate\u2019s Head of Asset Management for Southeast Asia, recently joined host Bernie Devine, senior director, Yardi APAC, to share an investor\u2019s perspective on the power of proptech to transform net zero aspiration into action.<\/p>\n\n\n\n

PGIM Real Estate, which has around US$7.9 billion of assets under management in six Asia Pacific countries, has tracked and reported annual carbon emissions reductions since 2008. In 2021, PGIM Real Estate set a net zero operations target by 2050, aligned with the Urban Land Institute\u2019s Greenprint Center for Building Performance Net Zero Carbon goal<\/a>.<\/p>\n\n\n\n

Setting a target is a laudable demonstration of leadership, Devine noted. But how do real estate companies separate the green from the greenwash?<\/p>\n\n\n\n

\u201cThe devil is in the detail,\u201d Wee observed. Emissions reductions must be found at the \u201cindividual asset\u201d level, which is why \u201casset management is the space to watch.\u201d<\/p>\n\n\n\n

\u201cSmall incremental improvements\u201d will add up to big impact, Wee added. \u201cIt will come down to the small multi-family project in Osaka, the logistics property in China. It all adds up. The sum of the parts will form the whole.\u201d<\/p>\n\n\n\n

Su Lin pointed to one recent PGIM Real Estate project to understand the embodied carbon footprint of an existing asset in Singapore. \u201cWe had to estimate what the embodied carbon of the building was from Day One, the energy consumption from Day One, we had to measure the volume of all the materials… the work took a lot of time and required a lot of data.\u201d<\/p>\n\n\n\n

Timely and reliable data must be at the heart of any net zero target, Bernie added. While some data points are within easy reach, others remain elusive.<\/p>\n\n\n\n

When it comes to ESG \u2013 environment, social and governance \u2013 the \u201cE of environment and energy is easily measured and managed,\u201d Devine observed. But measuring broader social and governance factors remain \u201cquite challenging\u201d.<\/p>\n\n\n\n

\u201cEnergy is clearly about money and connects to financial processes,\u201d Devine said. This makes it easier to capture data and automate process. \u201cBut connecting S and G to business ROI is much harder. This, in turn, makes it much harder to translate into process, and therefore automate.\u201d<\/p>\n\n\n\n

The ESG challenge may be enormous. But one proptech idea \u201cdoesn\u2019t need to solve every problem in the value chain,\u201d Wee advised. So what are the best proptech solutions to zero in on net zero? In Wee\u2019s experience, proptech solutions that add the most value are those \u201cwhich can be explained in less than 30 seconds,\u201d<\/p>\n\n\n\n

Check out the latest episode of Yardi\u2019s Proptech Insights series or register for our next session!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

When it comes to turning net zero aspirations into real world action, the devil is in the detail \u2013 and the only way to the detail is with data. This is just one of the key takeaways from the latest episode of Yardi Proptech Insights. If proptech is about solving business problems, then one real […]<\/p>\n","protected":false},"author":442,"featured_media":34456,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2844],"tags":[2223],"class_list":["post-34454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global","tag-proptech"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"When it comes to turning net zero aspirations into real world action, the devil is in the detail \u2013 and the only way to the detail is with data. 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