I have long believed that the real estate industry has a tremendous opportunity, and responsibility, to take the lead in advancing measures that will improve the quality and sustainability of the communities in which we live and work. That responsibility only grows more urgent as mounting evidence demonstrates the global risk that climate change poses to health, livelihoods, food security, water supply, human security, and economic growth.
One of the ways that the industry must combat climate change is by reducing carbon emissions in our communities. Today I am excited to share that CPC will achieve carbon neutral operations in calendar year 2020. This is a natural step for CPC that aligns with City and State goals to reduce carbon emissions 80 percent by 2050 and complements our ongoing sustainability initiatives.
Building on our track record of establishing industry leading underwriting standards that recognize the cost savings associated with energy efficient measures in multifamily buildings and financing 7,000 units of energy efficient, affordable housing since 2013, we feel strongly that being good stewards of our neighborhoods means lessening our own company’s environmental impact.
Our ambitious approach to achieving carbon neutrality involves eliminating 100 percent of our emissions from electricity by exclusively sourcing renewable electricity, and eliminating or mitigating waste produced in day-to-day operations. One of the most rewarding components of our plan is engaging our employees to reduce their individual carbon footprints associated with business travel, waste, and energy use.
I am immensely proud of this step that CPC has taken, and I am looking forward to continued collaboration with our real estate industry colleagues to take further action. Together, we can use our influence over the built environment to create greener, healthier, and more sustainable cities.
This May, CPC will host our first “Carbon Neutral Summit” to convene a broad group of stakeholders in the real estate sector to discuss and share best practices for making our buildings more energy efficient, reducing our greenhouse gas emissions, and ultimately building more sustainable and resilient communities and a decarbonized economy. I hope to see many of you there, and I look forward to sharing the results.
Energy Efficiency Resources from CPC
- Underwriting Efficiency handbook: Resource for lenders in their efforts to incorporate energy and water efficiency features into the financing of first mortgages for multifamily building owners
- CPC VeriFi, a free interactive software application that calculates the potential cost savings of energy-efficient upgrades to multifamily buildings.