The real estate industry has a long history of renewable energy procurement. Digital Realty, one of the five largest publicly-listed U.S. REITs, has been a pioneer in renewable procurement. Equinix, Prologis and Iron Mountain are among other REITs leading the industry in renewable purchasing. Globally, there are 69 real estate companies taking action via the Science-Based Targets initiative and a number of leading real estate companies are committed to sourcing 100% renewable electricity via the RE100. Governments too are committing to better buildings, for example, through the Biden Administration’s promise to upgrade the energy efficiency of at least 4 million buildings and the EU’s renovation wave strategy to double the renovation rate of buildings that lead to higher energy and resource efficiency
However, there is still a huge untapped potential for progress in the real estate industry. According to the International Energy Agency, the buildings and building construction sectors are responsible for over one-third of global energy consumption and nearly 40% of CO2 emissions.
To close the gap on real estate emissions, Schneider Electric has joined forces with the Renewable Energy Buyers Alliance (REBA) to significantly increase renewable energy procurement in commercial real estate. Schneider Electric is proud to sign onto REBA’s Commercial Real Estate Principles which seek to support global climate action by:
- Building collaboration and partnership between tenant and landlords
- Ensuring transparency of energy use per tenant
- Prioritizing energy reduction and efficiency
- Providing access to renewable energy options
- Providing renewable energy options that drive the greatest impact
- Engaging in public disclosures and benchmarking
Schneider Electric plays on both sides of the sustainability equation, in both our own operations and buildings and as a sustainability enabler for our customers. On one side, we have committed to aggressive decarbonization targets. As of 2020, among other progress, we have achieved 80% renewable energy globally, and aim to reach 100% by 2030 in pursuit of our RE100 commitment.
On the other side, we partner with our customers in their own journeys toward sustainability. As a leading energy service company, we work with the public sector to accelerate energy reductions and efficiency programs in schools, municipalities and the federal government. And as an energy, renewables and climate change advisor, we work with companies across the commercial real estate industry to assess and implement data tracking, carbon reduction and renewable energy programs. In 2020, we saved a total of 120M metric tons of CO2 through our products and services, on behalf of our customers.
“We are excited to continue to lead the real estate industry forward on its journey to achieving a low-carbon sustainable future. Through the mission of the Future of Real Estate Power initiative and the 6 principles for commercial real estate, REBA and its members will accelerate the industry’s transformation to a zero-carbon future” – Jon Robinson, Director of Client Development, Schneider Electric Energy & Sustainability Services
Learn more about REBA’s Future of Real Estate Power program and how to engage with key commercial real estate leaders.