October 7, 2019 / News
DWS outlines carbon reduction plan
By Joe McGrath, ESG Clarity
Investing in the sustainability of properties is key to the company's future success, it says
German fund group DWS has committed to a 50% reduction in the carbon intensity of its office portfolio by the year 2030.
In a statement on Monday (7 October), the fund manager said it was seeking to cut carbon emissions in its European real estate business in half within 11 years.
The ambitious goal would effectively reduce in a reduction of 61,000 metric tonnes of carbon dioxide annually, according to the fund group’s own calculations.
“By setting a goal to reduce carbon in our portfolio, we can measure, manage and track progress on this commitment,” said Clemens Shafer, head of real estate, Europe at DWS.
“Not only will this process help us to enhance the efficiency of office properties, but we expect these targets to impact positively on the return for our investors, by reducing operating costs, and providing more attractive, quality buildings to tenants and investors alike.”
DWS said it will achieve its goal by investing to improve the energy efficiency levels of its properties and by engaging with tenants on energy saving strategies. It also intends to encourage onsite installations of solar panels and the procurement of renewable energy contracts.
“As stewards of our local communities, we are committed to combatting climate change through real estate, a sector which, along with construction, contributes to nearly 40% of global emissions,” Shafer added.
DWS said its proposed savings equate to taking 24,000 diesel cars off the road or saving around 23 million litres of diesel fuel consumption.
“The commitment underlines DWS’s ambition to be a leader in the ESG market,” added Asoka Woehrmann, chief executive officer of DWS.
“We are constantly stepping up our efforts to put sustainability at the core of what we do. For us, responsibility is part of our license to operate as a fiduciary for our investors.”