HOUSTON — Hines, the global real estate firm with a significant Canadian portfolio, has announced it is setting a target of net-zero operational carbon by 2040.
Hines will aim to accomplish the goal by reducing emissions through renewable technologies, and without purchasing carbon offsets, a release stated. Operational carbon refers to greenhouse gases that are emitted while operating a building.
The developer said it will work to reduce carbon throughout its portfolio by electrifying fossil fuel-based systems within its buildings, utilizing circular systems principles to reduce energy waste and increase system efficiency, and pursuing onsite and off-site renewables that promote renewable energy development. Hines is establishing agreements with third-party partners to provide data to track progress on energy consumption and ongoing emissions reductions.
Hines has a portfolio of 1,530 properties in 285 cities across 28 countries.
“As the impact of climate change is becoming increasingly integrated into our lives every day, the real estate industry has a responsibility to acknowledge this growing problem and take meaningful action to reduce our collective carbon emissions,” said Jeff Hines, the chairman and co-chief executive officer of Hines, in a statement. “By seeking to achieve net-zero operational carbon without relying on offsets, Hines wants to raise the bar for sustainability and invest in a plan designed to achieve significant and tangible results.”
Hines has also recently published its 2021 Environmental, Social and Governance (ESG) Report, which highlights actions the global real estate firm is putting into place at its properties. In the ESG report, Hines highlights some of its current carbon reduction efforts that include case studies on 555 Greenwich in New York and are in Munich.