DWS has annonced that it is committed to a 50% cut to carbon emissions by 2030 for its entire portfolio of European office properties.
The manager said this would result in a cut of some 61,000 tonnes of carbon dioxide annually. The cut is defined as a cut to carbon emissions per square metre by 50% against the reference year of 2017.
The cut will be achieved by investing in energy efficiency, engaging with tenants on energy saving strategies, expanding the use of renewable energy through onsite installations such as solar panels, and buying renewable energy contracts.
Clemens Schäfer, head of Real Estate, Europe, at DWS, said: "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. By setting a goal to reduce carbon in our portfolio, we can measure, manage and track progress on this commitment. 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 is considering applying similar measures to its property in other regions.
Asoka Woehrmann, CEO at DWS, added: "The announced commitment underlines DWS's ambition to be a leader in the ESG market. 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."
Jessica Elengical, head of ESG Strategy for DWS's Alternatives business, said: "At the core of our ESG program is a focus on implementation. We believe that, as active asset managers it is important to invest in the sustainability of our properties to protect and enhance long-term value."
Currently, some €31bn of DWS's property AUM has achieved "Green Star" recognition in 2019 through the Global Real Estate Sustainability Benchmark (GRESB).