Real estate contributes to 40% of carbon emissions globally, a concerning statistic for everyone driving the sustainability agenda in the industry. Real estate consultancy Savills aims to shed light on this and other sustainability challenges faced by the global and regional real estate sector at the UN Climate Change Conference (The Conference of the Parties 27 or COP 27) to be held on 7-18 November 2022 at Sharm el-Sheikh, South Sinai, Egypt.
COP 27 will build on COP 26 held in 2021 in Glasgow, UK with a deeper focus on the African continent. The conference in Egypt will ‘highlight some of the region’s main concerns on climate change including emission reduction, mitigation of the effects of climate change, and procuring climate funding to help developing countries, specifically those in Africa which are most affected.
Catesby Langer-Paget, Head of Savills Egypt said: “With respect to sustainability in the real estate sector, Egypt, along with the continent overall, lags other global economies in efforts to reduce the sector’s impact on climate change and there is a huge opportunity to introduce change for good. There are currently only 23 LEED (Leadership in Energy and Environmental Design) Certified Buildings in Egypt, which is the most recognized green building rating system globally. Further, there is only one that holds Platinum certification. We expect this number to increase significantly over the coming years, particularly in the New Administrative Capital, where we are currently aware of numerous buildings under construction that are aiming for LEED Platinum certification.”
Savills global reach and varied initiatives help clients realize sustainability goals. The company has established Savills Earth, a specialist department consisting of more than 80 energy and sustainability specialists that help support clients on their sustainability, energy, and carbon strategies. On a local level, Savills is working with multiple stakeholders, developers, and customers to achieve the goals of sustainability and climate preservation in the region.
Savills Egypt participated in the Race to Zero campaign in 2021, an event hosted at the British Embassy in Cairo, where Savills Egypt pledged its full commitment to optimizing processes to reach net-zero carbon emissions by 2050.
Sherine Badreldine, Head of Operations at Savills Egypt said: “We acknowledge the responsibility that comes with our prominent position in the property world, and we aim to utilize our extensive knowledge, consultancy and research capabilities at our disposal to be the voice of the property sector at COP27. We consider COP27 to be a necessary platform for discussing climate challenges, proposed solutions, and leverage on how increased consideration for environmental and social returns will affect prices positively in the long term.”
Over the next few months, Savills will roll out a range of thought leadership initiatives on sustainability to help communicate its importance and relevance, and ignite the discussion among the sector’s stakeholders regarding their efforts to combat climate change.