Thread by @m_raman

Only a few days into @COP26, we’re already hearing global commitments and plans. This will all culminate in a day dedicated to the built environment next week. In the meantime, I’ll share my #COP26 thoughts in this thread.

I encourage you all to explore this wonderful virtual exhibition of the world's greenest buildings at @COP26. These projects serve as examples to all of us in the real estate and building sectors. @wef weforum.org/agenda/2021/11…

As I’ve said many times, @COP26 must be a turning point for the real estate industry. Buildings are responsible for 40% of carbon emissions worldwide. Action from this industry is crucial to meeting climate goals. businessinsider.com/sustainable-co…

We can’t rely on the building and construction sectors alone to cut pollution. Carbon is not the only harmful greenhouse gas. Therefore, I’m pleased the @EPA has committed to cutting #methane in the oil and gas, agriculture and waste industries. bit.ly/3EM9Eho

Emerging out of COVID, India has a unique opportunity to double down on improving renewable energy usage and every Indian can help pull the plan ahead. Below is great insight from Nidhi Gupta on Prime Minister Modi's plan to reach net zero by 2070. linkedin.com/pulse/decoding…

This week’s news reminded me of this piece I wrote last year on sustainability in India. Hoping @COP26 is a reminder of all the excellent opportunities India has to progress energy efficiency. energy.economictimes.indiatimes.com/news/renewable…

In anticipation of built environment day at @COP26, I can't help but reflect on its particular relevance to preceding negotiations on the need to mobilize public and private finance into #climate solutions and the importance of #ClimateAdaptation. ukcop26.org/the-conference…

The #CRE sector has a reputation for being reluctant to embrace innovation or, perhaps more appropriately, "slow to adapt." But with the ongoing #proptech revolution, there's evidence this is changing. americas.uli.org/acceleration-o…

Even still, the #CRE sector is dragging its feet on advancing #climate mitigation and adaptation across the built environment. Findings from a @JLL report this year suggest that a paltry 18% of organizations in the industry have a relevant strategy. us.jll.com/en/trends-and-…

Obviously, this is unacceptable. Because, among other things, we know that the rate and scale of adoption by #CRE end-users of #climate change mitigation and adaptation technologies needed to #decarbonize the built environment in line with Paris Agreement goals are tremendous.

In other words, the #CRE sector doesn't have any time to waste. So, as delegates of the world's governments prepare to discuss actions for the built environment @COP26, I think it's worthwhile to reiterate at least the sheer *business* value of #ClimateAction if nothing else.

There's mounting evidence, as @patrickcsisson reports, that #CRE owners and developers integrating #ESG and #climate risk considerations into their broader business strategies are already being rewarded by investors and consumers. nytimes.com/2021/10/26/bus…

Regarding the #CRE sector's sluggish embrace of #climate tech, I cannot stress enough the size and durability of the returns organizations can expect from engaging more deeply in the development and commercialization of these solutions. @KleinmanEnergy kleinmanenergy.upenn.edu/research/publi…

As we look forward to 2030, to 2050 and ultimately to 2100 and beyond, leaders in the #CRE space must appreciate the criticality of not only their immediate actions but also the extent of their commitments.

What I mean is that #CRE owners, developers and investors must avoid treating the net-zero by 2050 target, for instance, as the upper limit of their #decarbonization aspirations.

If anything, that should be the minimum requirement for the *existing* building stock.

The buildings of the future must be net-positive, in that they must contribute more energy to the grid than they consume, serve as carbon sinks and otherwise offer a net advantage to health, wellbeing and prosperity of their occupants, communities and economies.

I could go on. But I'll pause for now with the caveat that I trust these and other points will be raised during built environment day at @COP26. There lies real financial opportunity for more aggressive #climate action by #CRE leaders.

Let's hope it isn't squandered.

Today's events at @COP26 will be the first dedicated to the #builtenvironment at the @UN annual #climate summit. Here's a helpful rundown of the climate-related challenges facing our cities and some of the solutions at our disposal. @michaelbirnbaum washingtonpost.com/climate-soluti…

There are two fundamental truths we must all understand as we head into today's events.

First, our cities and their inhabitants are uniquely exposed to the economic, health & safety risks of #climatechange (e.g., extreme weather, water scarcity, rising sea levels, etc.)

Second, cities are major contributors to #climatechange. In developed nations, the buildings sector is often second only to transportation in annual #GHG emissions.

And with their concentration in urban areas, #decarbonization of building construction and operations is paramount for municipal, regional and national policymakers.

Third, and perhaps most importantly for today's @COP26 discussions, our cities are uniquely equipped to enable more sustainable economic activity and safer, healthier living.

With modern planning and #climate-aligned governance, the density of population and wealth in our urban areas afford numerous opportunities for more efficient, more sustainable and more affordable resource allocation and consumption.

Fortunately, we're seeing a proliferation of government intervention that reflects an understanding of these truths.

And these government-led efforts to mitigate both the building sector's contributions and exposures to #climatechange deserve as much commendation as they do a careful study of the opportunities to improve, advance and, ultimately, replicate them.

What's missing, however, is a reciprocation by the private sector.

Yes, there are notable exceptions. But the tools at governments' disposal, from building codes and equipment efficiency requirements to resource rules (i.e., natural gas bans) and energy performance standards...

...Resource rules (i.e., natural gas bans), energy performance standards, tax incentives and government-led or sponsored R&D for sector-specific climate solutions are insufficient to overcome the diversity or "fragmentation" of the building sector.

It will take the buy-in of #CRE owners and developers and their investors (as well as their tenants and occupants) to address the building emissions challenge at the rate and scale needed to avert #climate disaster.

Hopefully, by today's end, we'll know just how much more prodding these organizations need to not only capture the immense economic and climate opportunities that building #decarbonization presents, but also do what's right for the communities and persons they serve.

As we await the final version of the @COP26 agreement and the built environment-related components therein, observers committed to building #decarbonization and #climate adaptation have much to occupy themselves in the wake of yesterday's proceedings. cnn.com/2021/11/12/wor…

According to the #BuildingToCOP26 Coalition, @COP26 saw the issuance of 26 built environment #climate action initiatives by businesses and government groups during yesterday's Cities, Regions and Built Environment day. buildingtocop.org/2021/11/11/acc…

By their estimate, organizations with some $1.2 trillion in real estate AUM are now part of the @UNFCC Race to Zero campaign, which includes as many as 1049 cities and local governments, too. c40.org/news/cop-26-ci…

Other notable developments concluded yesterday include the U.K.'s launch of the Urban Climate Action Programme, the @WorldGBC's addition of 44 signatory businesses to its Net Zero Carbon Buildings Commitment and the establishment of the Clean Construction Coalition by @c40cities.

Admittedly, the number of government initiatives, corporate pledges & NGO actions unveiled at @COP26 are enough to make your head spin. And while they're encouraging outcomes, it'll be some time before we have a precise forecast of their #climate impacts. reuters.com/business/cop/m…

Of particular interest in the meantime, however, is the @HUDgov #climate action framework that @SecFudge detailed yesterday at @COP26.

https://twitter.com/SecFudge/status/1458852143734173696

As I discussed in an earlier thread on the Climate Adaptation Plans unveiled by more than 20 U.S. federal agencies last month, @HUDgov, through its Plan, is the single most important actor in the effort to ensure #climate action in the building sector...

https://twitter.com/m_raman/status/1447928599600844806

...Supports improvements in the economic wellbeing, health and safety of *all* stakeholders.

And judging from the updated @HUDgov Plan, it's clear that #GHG reductions, driven primarily through building #efficiency codes and standards, will be... hud.gov/sites/dfiles/M…

...Part and parcel with overarching #climate adaptation efforts. The priority actions and stakeholder groups outlined in this Plan must be a leading example for global advocates and stewards of building #decarbonization.

Myself included.

It's not lost on me that much of my focus in the run-up to and during @COP26 has been on the urgency of mobilizing private finance into the strategies and solutions needed to #decarbonize the built environment.

And while this remains a priority and I stand by these statements, I will admit that my tactics have more or less centered around underscoring the unmistakable economic opportunity of action.

But as @SecFudge and @HUDgov are demonstrating, the impetus for action goes far beyond strengthening the bottom line.
hud.gov/sites/dfiles/M…

Yes, as JFK famously said, we can expect a "rising tide lifts all boats."

But we must recognize that not all boats are the same and work together to ensure no one is left behind.