BentallGreenOak
BentallGreenOak is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BentallGreenOak joined the Net Zero Asset Managers Initiative in October 2021 and made its Initial Target Disclosure in November 2022.
Percentage of assets covered by the Net Zero Asset Managers Commitment Statement
44.7% of total AUM (USD $21.9 billion)
Information on interim target(s) covering the proportion of assets to be managed in line with net zero
Baseline(s):
BentallGreenOak’s (BGO) operational emissions (Scope 1 & 2) and emissions from investments (Scope 3) utilize a 2019 baseline. Emissions from investments are based on financial control.
Target(s):
BGO will aim for a 72.6% reduction in emissions intensity (kgCO2e/sqm) for Scope 1 and 2 emissions. This is in line with the reduction required by the Science Based Targets Initiative (SBTi) Setting tool (1.5C) for operational emissions.
For emissions from investments (Scope 3), BGO will aim for a 50% reduction in emissions intensity (kgCO2e/sqm) for residential buildings and a 57% reduction in emissions intensity (kgCO2e/sqm) for service buildings (non-residential). The target is set based on the Science Based Target Financial Institution (SBT-FI) Residential Mortgage and Commercial Real Estate tool (B2DS) for financed emissions.
GHG scopes included:
Target for BGO’s global debt series and mortgage investments, European and Asian Core Plus and Value-Add strategies, Asian and European separate accounts, and Asian debt series has been excluded.
Methodology:
Science Based Target initiative for Financial Institutions
Scenario(s):
For the Scope 1& 2 target on operational emissions, we applied 1.5C scenario from the SBTi general target setting tool (service building). For the Scope 3 target on the financed emissions, B2DS from the SBT-FI tool for commercial real estate was applied.
Additional information
Proportion of AUM committed:
BentallGreenOak has been an industry leader in ESG for over a decade. Leveraging our data-drive approach, industry best practices, robust stakeholder engagement and proven ESG initiatives and programs. Implementation of decarbonisation measures at the fund/portfolio level is subject to client/fund and/or board consent. The proportion of AUM to be managed in line with net zero has been identified in consideration of SBTi guidance, and currently includes funds with a proven track record of ESG. BentallGreenOak is committed to supporting investing aligned with net zero emissions by 2050. We will review our interim target at least every five years, with a view to ratcheting up the proportion of AUM covered until 100% of assets are included.
AUM is as of December 31, 2019.
The proportion of AUM to be managed in line with net zero currently includes the AUM of real estate equity only.