Natalie Teear, SVP, innovation, sustainability and social impact at Hudson Pacific Properties, Inc. (NYSE: HPP), participated in a video interview in conjunction with Nareit’s REITworks: 2021 Conference.
Teear discussed a REITworks session she was a panelist on about how the real estate industry can get to net zero carbon emissions.
“The urgency around climate and the responsibility for the real estate industry as a whole to take action because we are responsible for 40% of global greenhouse gas emissions has never been greater,” Teear said. “We’re seeing increased action at all levels: local, state, [and] national governments, businesses, investors, communities, [and] employees.”
Teear said that for a REIT just getting started working toward net zero, she recommends really understanding its current footprint and leaning into data collection to understand how much energy it uses and how carbon-intensive that energy is. Next, it’s important to define an appropriate strategy and timeframe.
“[After that], focus on energy efficiency. It’s just a no-brainer. You save money, [and] you save carbon,” she added.
Teear said that it is important for REITs to partner with industry organizations because moving to net zero is complicated.
“Industry groups like [the Urban Land Institute] and others are very helpful to share learnings with other practitioners and to try to work through those tough questions together,” she said.