Fiera Real Estate UK has published its Net Zero Carbon (“NZC”) pathway, which sets out the actions required to achieve FRE UK’s corporate objective of becoming NZC in a cost effective and responsible way by 2035. The ambitious pathway is reflective of the significant progress that FRE UK has already made in this area to date.
To ensure FRE UK’s decarbonisation target is aligned across the business, the pathway covers scope 1,2 and 3 emissions, including embodied carbon, and sets targets for each fund, as well as corporate emissions.
FRE UK began its journey to Net Zero in early 2021. Through a partnership with Planet Mark, the business began measuring and reporting its corporate emissions, namely scope 1 and 2. Later in 2021, the business appointed a NZC partner for its Long Income Fund (“FRELIF”) and in early 2022 announced the fund’s market leading NZC target of 2035. FRE UK’s ongoing engagement with key stakeholders to reduce emissions across its operations has led to a small carbon footprint (scope 1 and 2), the residual effect of which has been to offset via two nature-based solutions, one of which is a local seaweed farming project in Cornwall.
In addition to this, and to reduce the business’s embodied carbon emissions, FRE UK has committed to targeting NZC construction for all new developments and has enhanced the level of environmental and social requirements in its Sustainable Design Brief for all assets held within FRE UK’s development funds.
Jessica Pilz, Global Head of ESG at FRE UK commented, “We all have a responsibility to accelerate action against climate change and to contribute to the achievement of credible carbon reduction targets. Our NZC pathway makes a clear commitment to achieving net zero by 2035 and our objective is to deliver on this, despite the headwinds we are facing in the market.”
Charles Allen, Head of UK Real Estate at FRE UK commented “The journey to NZC is about identifying and delivering on ambitious but realistic and economically viable goals. In setting our target for 2035 we are building on a strong and established base and are proud to be 15 years ahead of the Paris Agreement and UK Government targets.”