NEW YORK & TORONTO & LONDON & TOKYO-Monday 1 November 2021 [ AETOS Wire ]
(BUSINESS WIRE) -- BentallGreenOak (“BGO”) today announced that it is joining the Net Zero Asset Managers initiative, which commits the company to achieving Net Zero greenhouse gas emissions by no later than 2050 for its entire commercial real estate investment portfolio. The firm’s historic track record for successfully reducing and offsetting carbon emissions in the built environment will be instrumental in setting an enhanced course on targets that recognize the need for radical disruption to address the urgent threat of climate change.
By joining the Net Zero Asset Managers initiative, BGO commits to supporting investing aligned with Net Zero emissions by 2050 or sooner. In line with global efforts, including goals established in the Paris Agreement to limit warming by 1.5°C, BGO’s commitment specifically means:
BGO will work in partnership with investor clients on their decarbonization goals, consistent with an ambition to reach net zero emissions by 2050 or sooner across all assets under management (AUM).
Within one year, BGO will set an interim target for the proportion of assets to be managed in line with the target of Net Zero emissions by 2050 or sooner.
BGO will review its interim target at least every five years, increasing the proportion of AUM covered until 100% of assets are included.
“Today’s announcement committing BGO to Net Zero emissions across our global portfolio is within reach in our lifetimes because we have been charting a course for well over a decade to substantially reduce our environmental footprint. Our commitment to environmental stewardship forms part of the fabric of our firm’s culture and the responsibility we share to create a more hopeful future,” said Sonny Kalsi, co-CEO of BentallGreenOak. "BGO’s real estate investment platform is integrally tied to a world-leading ESG program that draws its strength from proprietary tools, technologies, research and information systems to deliver real and measurable outcomes. The positive trajectory of our emissions reductions programs across our managed portfolio will continue to be a compelling part of our offering to institutional investors, and a source of untapped potential that we will continue to pursue as part of our overall growth strategy for the firm.”
To help achieve this goal, BGO has established its own proprietary Global Net Zero Framework which draws on more than a decade of ESG experience and stewardship in commercial real estate. BGO’s Global Net Zero Framework is actively creating a collaborative process between portfolio managers, asset managers, & property managers to design targets for carbon reduction, the boundaries for these targets, full-fledged delivery strategies, and cost forecasting for the duration of the commitment. BGO leaders representing every business across the global enterprise will guide the firm’s commitments through a rigorous planning period that confirms a course of action and then executes the strategies that include action on deep retrofits, lower carbon development projects, renewable energy use and efficiency strategies, adoption of prop-tech innovations, and the procurement of offsets.
“BGO is approaching its Net Zero emissions objective with a structured and credible plan. We are aligning to a growing and certain consensus from the investor community and a wide range of public stakeholders who are looking to responsible real estate asset managers to respond to the climate emergency.” said Anna Murray, Managing Director and Global Head of ESG for BentallGreenOak. “It will be our renewed mission to demonstrate accountability and tangible action on climate change. There is enormous opportunity in front of us that can only be captured through collaborative efforts across our global teams and in alignment with our clients’ objectives.”
BGO’s commitment to Net Zero emissions by 2050 also applies to the firm’s corporate operations. Since 2014, BGO has purchased renewable energy credits (RECs) and quality carbon offsets for its North American operations and will look to further expand carbon neutrality initiatives across its global corporate footprint to meet its 2050 goal.
The Net Zero Asset Managers initiative is a group of international asset managers committed to supporting the goal of net zero greenhouse gas emissions by 2050 or sooner, in line with global efforts to limit warming to 1.5 degrees Celsius; and to supporting investing aligned with net zero emissions by 2050 or sooner.
The initiative is managed globally by six Founding Partner investor networks, namely: Asia Investor Group on Climate Change (AIGCC), CDP, Ceres, Investor Group on Climate Change (IGCC), Institutional Investors Group on Climate Change (IIGCC) and Principles for Responsible Investment (PRI). In turn, the initiative is endorsed by The Investor Agenda, of which the investor networks are all founding partners.
Visit BentallGreenOak’s Sustainable Investing website to learn more about BGO’s Net Zero commitment: www.bentallgreenoak.com/esg
BentallGreenOak is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with approximately $69 billion USD of assets under management (as of June 30, 2021) and expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BentallGreenOak has offices in 24 cities across twelve countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets.
BentallGreenOak is a part of SLC Management, which is the alternatives asset management business of Sun Life.
The assets under management shown above includes real estate equity and mortgage investments managed by the BentallGreenOak group of companies and their affiliates, and as of 1Q21, includes certain uncalled capital commitments for discretionary capital until they are legally expired and excludes certain uncalled capital commitments where the investor has complete discretion over investment.
For more information, please visit www.bentallgreenoak.com
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