By 2030, the CEOs of companies have committed to cutting their real estate emissions by 50%

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The CEOs of world-wide real estate companies have agreed to cut down on the emissions of their real estate businesses by 50% by 2030 , and to reach net-zero carbon by 2050, as per an announcement by the World Economic Forum (WEF). The forum will be holding its annual conference at Davos, Switzerland from Jan 16-20, 2019.

Buildings account for 37% of all carbon dioxide emissions according to Mathew Black from WEF’s director of the financial and monetary system. “Leaders across all industries bear an obligation to act regarding their greenhouse gas emissions from the real estate sector to ensure that progress is made in fighting global warming,” he says.

The pledge’s signatories include real estate-related services companies Avison Young GPFI Group and JLL, developers Edge and Majid Al Futtaim Properties and investment company Ivanhoe Cambridge. The specialist in energy management Schneider Electric and lighting provider Signify have also signed the pledge.

The companies will achieve the targets through the implementation of the WEF’s Green Building Principles. The report was developed by JLL in collaboration with JLL and released in the year 2000 it outlines the steps needed that will result in zero green real estate properties.