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#NZCBCommitment News Roundup: October

Net Zero Carbon Building Commitment signatories are taking accelerated action to decarbonise their portfolios and the built environment, today. Read more on their latest Advancing Net Zero developments below.

 

Armstrong Fluid Technology is driving a regional shift towards sustainable energy consumption in the Middle East

Read Armstrong Fluid Technology’s Commitment profile here

Nearly a decade ago, Armstrong Fluid Technology founded their ‘Planet Proposition’ programme that aims to integrate the economical, environmental, and social dimensions to drive sustainability. As a leader in the design and manufacturing of HVAC fluid-flow solutions, Armstrong is enhancing efficiency for its customers and improving building performance. 

In 2018, Armstrong announced the goal to reduce greenhouse gas emissions (GHG) by 2 million tons among its customer base by 2022. They surpassed this goal in January. Over four years, Armstrong has achieved a saving of 2.5 billion kWh of electricity for its customers – equivalent to taking 600,000 cars off the road for a year. 

 

Nexii manufactures sustainable alternative to traditional retail at rest stops

Read Nexii’s Commitment profile here

Along the New York State Thruway, 10 sustainable service plaza buildings have been designed and manufactured by Nexii Building Solutions. A further 13 plazas will be erected here by 2024. Use of Nexii’s concrete alternative, Nexiite, enabled a 36% reduction in embodied carbon throughout the whole building life cycle.

Nexii aims to reduce the impact of the built environment on climate change by producing low carbon materials and buildings. These building products reduce assembly time, construction costs, and waste while creating highly efficient and resilient buildings.  

 

Dexus and Frasers Property Australia’s joint venture is approved by the City of Sydney

Read Dexus’ and Frasers Property Australia Commitment profiles. 

In a drive to make Sydney one of the most attractive places for tech and innovation businesses, an AUD $3 billion project – Central Place Sydney – received development approval this month. 

Planned features of the building will encourage the integration of nature to maximise natural ventilation and daylight, as well the use of renewable energy to achieve net zero emissions targets. Dexus and Fraser Property Australia want to engage start ups and local universities to source innovative technologies for circularity.

Overall, the development aims to set sustainability benchmarks for commercial developments of this scale in Australia, while also showing how to blend the workplace and lifestyle environments.

 

IPUT call to make sustainability clauses the rule, not the exception 

Read IPUT’s Commitment profile here

IPUT is leading the conversation in Environmental Performance (EP) clauses being implemented into leases. Although many stakeholders in the real estate industry are cautious when it comes to green leases, IPUT stipulates that these clauses will be inevitable in the coming years. 

Action is already being taken to address the suite of different green clauses and variations. Initiatives like The Chancery Lane Project and The Better Buildings Partnership are working to collate these clauses and provide toolkits for landlords and tenants to easily incorporate them into their leases. 

IPUT believes EP clauses can be beneficial for all parties involved. Landlords can protect the investment value of their portfolios by ensuring occupiers don’t affect the sustainability rating of their buildings, while tenants can meet their own ESG goals and potentially incur lower operating costs. 

As lease terms can extend the 10 year mark, it’s important for all stakeholders to factor in the long term changes and trends that will shape climate action and future targets. Green leases enable all parties to future proof their interests, while working towards sustainability goals.

 

Deutsche Bank aims to significantly reduce Scope 3 emissions by 2030. 

Read Deutsche Bank’s Commitment profile here

Aligning with the commitment of the Net Zero Banking Alliance (NZBA), Deutsche Bank has pledged to reduce its financed emissions in four sectors by advising clients and financing their transition strategies to net zero by 2050. Deutsche Bank’s approach intends to galvanise support for lower carbon-intensity technologies and clients with transition plans while supporting the progressive phase-out of fossil fuel usage. 

The Oil & Gas, Power generation, Automotive and Steel sectors account for a considerable proportion of the financed emissions of its €250 billion corporate loan book. Targets for each sector aim to achieve 90-100% reduction by 2050, with various milestone goals for 2030.  

This commitment to account for emissions beyond its direct control is an excellent example of advocacy beyond the requirements of WorldGBC’s Net Zero Carbon Buildings Commitment.

 

Lloyds Banking Group, the first UK bank to commit to not directly finance new oil and gas development projects

Read Lloyds Banking Group’s Commitment profile here

Lloyds Banking Group’s (LBG) sustainability strategy supports the UK’s transition to a low-carbon economy and the NZBA commitments to reduce the financed carbon emissions by more than 50% by 2030. 

In a recent change of policy, LBG will not support direct financing of new greenfield oil and gas fields and actively discourages clients to rely on revenue from carbon intensive activities and projects in order to reach the goals of the Paris Agreement. 

This frontrunner action reflects LBG’s position in the industry and sets a standard for other financial institutions in the UK. It reflects WorldGBC’s position to demonstrate front runner action and it goes above and beyond the requirements of the Commitment by stopping project financing and reserve-based lending to fossil fuel projects.