net zero BY 2028
Decarbonising real estate
Real estate’s environmental footprint is too large to ignore, accounting for staggering 40% of global carbon emissions. The sector urgently needs better ways to construct and operate buildings. NREP is committed to lead and accelerate the way towards a carbon neutral sector.
We pledge to decarbonise our real estate portfolio well ahead of the IPCC’s target date of net zero by 2050, and become carbon neutral already by 2028 – encompassing both operational and embodied carbon.
• Reducing upfront embodied carbon by up to 33% from 2020 levels on own new developments
• Reducing min. 50% of operational carbon emissions from 2020 levels
• All new developments to hold a leading sustainability certification label and be carbon compensated
• 100% CO2 documentation in place
• Complete the development of three ‘earth shot‘ innovation projects to become 100% CO2 neutral – both in operational and embodied carbon
• 100% CO2 neutral portfolio, including both operational and embodied carbon, no offsetting required
Earth shotS TO LEAD THE CO2 NEUTRAL WAY
The term ‘moonshot’ is often used to describe an ambitious and ground-breaking project, explored without any near-term expectations of the outcome. NREP is now undertaking three projects with a tall ambition and an exploratory approach, but with a clear goal to innovate to hugely benefit our planet. We call them earth shots.
Our earth shots are three innovative real estate projects set out to become 100% CO2 neutral, operational and embodied, and without offsetting. We except one to be within residential, one from the logistics sectors and the third one to be a retrofit, all acting as a benchmark for portfolio-wide construction practices as we move towards our 2028 goal.
For the earth shot projects, the entire building design and construction process will be re-engineered, leveraging the most innovative solutions to identify and solve any pain points causing a gap in CO2 balance.
“The scale of the climate emergency becomes more apparent with each passing year. We are proud to be leading the way towards meaningfully reducing the built environment’s impact on our planet by developing the practical tools that the industry needs, and which will help us meet our ambitious 2028 target. But pledges alone aren’t enough – we need more decisive action to protect our planet from the urgent environmental pressures that it faces and welcome partners to join us in this movement towards making decarbonised cities a reality.””
Claus Mathisen, CEO
Our imperfect journey
NREP was founded on the simple idea that real estate is ready for a change. For years, we have pioneered sustainability in real estate and we work to make the built environment greener, with several world’s firsts as a result; we created the world’s first 100% recycled concrete building, the first deep geothermal well to save 95% CO2 – and we’re currently working the world’s first large-scale real estate project to align to all of UN’s 17 Sustainable Development Goals.
But for a laggard industry to change, many stakeholders and industry participants will need to jointly act and learn from each other to identify and adopt better solutions.
We provide transparency about how we at NREP approach sustainability and share our imperfect journey in our Sustainability Report.