Hibernia cuts emissions by 28%

Hibernia REIT has reported a 28% reduction in carbon emissions across its €1.3bn (£1.1bn) portfolio. The Dublin-based REIT, which was bought by Canada’s Brookfield in June, has now achieved a 50% reduction in scope 1, 2 and 3 emissions from its 2019 baseline. The REIT said progress had been achieved by reducing energy usage by 14%, water usage by 41% and building energy intensity by 24%. Several buildings across the Hibernia portfolio now operate on 100% renewable energy, with three developments also generating their own electricity from rooftop solar panels. Hibernia’s proposed development of the Clanwilliam Quarter will be fossil fuel free, making it the first all-electric development in Hibernia’s portfolio, and is designed with natural ventilation, reducing the need for mechanical alternatives. Chief executive Tom Edwards-Moss said: “Addressing climate change is the key challenge of our time, and as owners and operators of commercial office developments, we have an opportunity to positively impact our industry and wider society. We are pleased with our sustainability progress, but also mindful that we have more to do.” In 2021, Hibernia set a target to become a net-zero-carbon business by 2030. More than half of its office portfolio now has a building energy performance rating of B3 or better, compared with the Irish national average of just 11%. Neil Menzies, the developer’s director of sustainability, said: “Our ambition to be a net-zero-carbon business by 2030 is important for all stakeholders in our business. While our 2021 consumption data was positively impacted by the restrictions on office usage during the pandemic, the results also reflect the actions we are taking, and we are on track to achieve our net-zero-carbon target.” To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews