Hines targets net-zero carbon by 2040
Global real estate firm Hines is targeting net-zero operational carbon by 2040, and is investing heavily in sustainable initiatives throughout its portfolio to achieve its goals.
The company, which is spread across 28 countries with 1,530 properties in 285 cities, is seeking to accelerate its mission to help combat the climate crisis.
Hines is seeking to reduce emissions through renewable technologies and without purchasing carbon offsets.
Global real estate firm Hines is targeting net-zero operational carbon by 2040, and is investing heavily in sustainable initiatives throughout its portfolio to achieve its goals.
The company, which is spread across 28 countries with 1,530 properties in 285 cities, is seeking to accelerate its mission to help combat the climate crisis.
Hines is seeking to reduce emissions through renewable technologies and without purchasing carbon offsets.
It will electrify fossil fuel-based systems within its buildings, utilise circular systems principles to reduce energy waste and increase system efficiency, while pursuing on and offsite renewables that promote renewable energy development.
Jeff Hines, chairman and co-chief executive officer at Hines, said: “As the impact of climate change is becoming increasingly integrated into our lives each day, the real estate industry has a responsibility to acknowledge this growing problem and take meaningful action to reduce our collective carbon emissions.
“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.”
In its 2021 ESG report, the company highlighted some of its current carbon reduction efforts including case studies on 555 Greenwich in New York. 555 Greenwich is believed to be one of the first office developments in New York City to provide a circular energy infrastructure.
Traditional systems continuously exhaust heat and rely heavily on fossil fuels, but 555 Greenwich integrates geothermal piles, thermally active radiant slabs, a dedicated outdoor air system, and a fully electrified heating system to reduce carbon emissions and improve occupant experience.
Energy simulations suggest that 555 Greenwich will reduce operational carbon by 45%, electricity consumption by 25%, and save 800,000 gallons of water per year – exceeding New York City 2030 carbon targets by 50%.
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