Regulation is likely in the next five years, but Australia doesn’t even have an agreed system to measure the carbon used in constructing buildings.
Australian REITS lag their northern hemisphere counterparts in assessing the embodied carbon in their assets, putting investors at risk over the category of carbon that accounts for about 10 per cent of global emissions, First Sentier Investors’ Stephen Hayes says.
Bishopsgate and the Broadgate Tower project at London’s Liverpool Street Station are part-owned by British Land, which meets the fund’s carbon-reporting and carbon-reduction goals.“There isn’t an Australian REIT that’s fully offset or measuring their embodied carbon; there’s not one,” First Sentier global head of real estate securities Mr Hayes told“A couple do it on an asset or a development basis, but that’s the first step. The next step is producing this on their entire portfolio.
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