What’s in a (reduction) target?
Last week, PGGM Investments, a EUR190 billion Dutch pension fund, announced that over the next 5 years, it is seeking a 50% reduction in carbon emissions from its investments in real estate– both listed property companies and private equity real estate funds. This is the world upside down: typically corporates make announcements for energy reductions or carbon neutrality – recently Coca Cola pledged to reduce the carbon footprint of “drinks in hand” by 25% in 2020, and Google and Walmart have announced to target powering their operations for 100% by renewable energy.
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Author: Nils Kok