Ernst & Young (EY) US today announced partnering with proptech and real estate-focused venture capital firm Fifth Wall to launch a suite of interactive tools for businesses’ to understand and reduce carbon emissions, according to a press release.
The two firms say the collaboration is intended to increase awareness and mitigation of real estate’s impact on climate change, stating that real estate industry must play a major role in decreasing carbon emissions due to its large contribution to climate change.
The release also mentions that commercial buildings account for approximately two-thirds of greenhouse gas emissions in New York, where Fifth Wall is based, and that recent legislations aims to make the city carbon neutral by 2050.
The companies say these factors prompted the partnership and launch of an interactive website, A Climate-Positive Future for Real Estate, to help companies “across the U.S. manage and reduce their carbon footprints”.
In addition to an interactive map which can help companies assess potential carbon tax exposure, EY says the site also includes tips and tools for developing a carbon reporting strategy, information on how technology can reduce emissions within a real estate investment, and a carbon calculator for understanding emission taxes’ bottom line impact.
“Our goal is to help companies create their own sustainable future. By providing three frameworks for decarbonization — legislation, carbon strategy and reporting, and technology,” stated Mark Grinis, EY Americas Real Estate, Hospitality & Construction Leader, in the release. “We are thrilled to be working with Fifth Wall to help organizations navigate the journey to net zero, whether they’ve already taken steps to reducing their carbon footprint or are just getting started.”
In other recent proptech news, a recent Pensions & Investments’ survey found that ESG assets make up more than half of assets managed by U.S. institutional real estate investors. Haystacks.AI also successfully completed its single-family rental (SFR) portfolio trade pilot.