DWS targets 50% carbon reduction for European portfolio
Asset manager DWS is aiming to halve carbon emissions from its entire European office portfolio by 2030.
DWS‘s goal is to reduce its carbon emissions “intensity” – defined as carbon emissions per sq m – by 50% against the reference year of 2017.
It estimated that this will cut 61,000 metric tonnes of carbon dioxide annually – the equivalent of taking around 24,000 diesel cars off the road, or saving roughly 23m litres of diesel fuel consumption.
Asset manager DWS is aiming to halve carbon emissions from its entire European office portfolio by 2030.
DWS‘s goal is to reduce its carbon emissions “intensity” – defined as carbon emissions per sq m – by 50% against the reference year of 2017.
It estimated that this will cut 61,000 metric tonnes of carbon dioxide annually – the equivalent of taking around 24,000 diesel cars off the road, or saving roughly 23m litres of diesel fuel consumption.
The asset manager aims to achieve this by investing in energy efficiency to optimise the performance of its properties, and increasing its engagement with tenants on energy saving strategies.
More renewable energy will also be deployed through onsite installations such as solar panels, as well as the procurement of renewable energy contracts.
Clemens Schäfer, head of real estate in Europe at DWS, said: “As stewards of our local communities, we are committed to combatting climate change through real estate – a sector which, along with construction, contributes to nearly 40% of global emissions.
“By setting a goal to reduce carbon in our portfolio, we can measure, manage and track progress on this commitment. Not only will this process help us to enhance the efficiency of office properties, but we expect these targets to impact positively on the return for our investors, by reducing operating costs, and providing more attractive, quality buildings to tenants and investors alike.”
The carbon reduction goal fits into DWS’s broader environmental, social, and governance (ESG) strategy within its real estate business, which strives for better risk adjusted returns through measures that mitigate environmental risk, increase building performance, reduce expenses, and deliver high quality spaces for tenants.
DWS is considering plans to expand its targets to other real estate sectors and regions.
Asoka Woehrmann, chief executive at DWS, said: “The announced commitment underlines DWS’s ambition to be a leader in the ESG market. We are constantly stepping up our efforts to put sustainability at the core of what we do. For us, responsibility is part of our license to operate as a fiduciary for our investors.”
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