Big real estate landlords are finally starting to decarbonize, creating an $18 trillion market that this Blackstone portfolio company plans to profit from at every turn
net-zero through electrifying gas systems and through on-site renewables to help its financial-services tenant Wellington Management reach its goal to go net-zero by the end of 2022.It may still be a challenge to coordinate decarbonization processes, which don't come naturally to large-scale real-estate operators, Boland said. Many of them will find it"counterintuitive" that decarbonization can be value-neutral or positive, he said.
Typically, real-estate operators wait to replace building systems until something's broken. But paying for upgrades along the way can reduce costs later, Boland said. He said that improving insulation means the building could use a smaller, more efficient, HVAC system when developers replace it.
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