Each year, Climate Week NYC, hosted by the Climate Group, an international nonprofit, the UN General Assembly, and the City of New York, convenes business, political, and non-government leaders from all over the world to discuss climate action. The theme for this year’s event was “It’s Time,” and the discussion included an increased focus on environmental justice and a just transition.
As active participants in the global dialogue around the financial risk of climate change and the approach to the decarbonization of the building sector, Nareit and member REITs participated in several events throughout the week.
EY Hosts Events at Climate Week
EY, one of Nareit’s Industry Partners, hosted a session called “Strategic Climate Risk Management: A new lens to value protection,” in which Lauren Moss, chief sustainability officer, Vornado Realty Trust, discussed the REIT’s sustainability journey. Moss shared, “NYC Climate Week is an opportunity to bring together sustainability practitioners across sectors to share innovative practices and approaches to addressing the climate challenge. Collaboration around actionable steps with all stakeholders, including our tenants, our service providers, and the finance sector can be an important catalyst for meaningful change.”
Several Nareit members along with Nareit’s SVP of Environmental Stewardship and Sustainability, Jessica Long (pictured above), were able to join EY in experiencing the Four Futures simulation, which provides an immersive experience in four climate futures giving the perspective of individuals living 30 years from now in the year 2054. The climate and human elements vary between these scenarios, which are based on various financial market, government, policy, and civil actions that may unfold over coming decades. The message was clear: the implications of actions now will drastically affect the changes we will experience within the lifetimes of billions of individuals alive today.
USGBC Convenes Real Estate Leaders
USGBC brought together real estate sector sustainability leaders throughout the week to discuss topics such as climate finance, net zero buildings, public-private partnerships, and insurance opportunities for resilient buildings. USGBC’s federal legislative director, Ben Evans, spoke at the “Inflation Reduction Act: Implications for Real Estate” event.
“USGBC is committed to finding workable solutions to the destabilizing impact of extreme weather events,” he said. “This starts with a better understanding of the risks, adopting more resilient construction practices, and listening to all who bring a valuable perspective on these issues.”
ISSB and PwC Host Discussion on Disclosure
IFRS Foundation and PwC hosted “Sustainability disclosure in practice: insights on the adoption and implementation of the ISSB standards,” which opened with remarks from Emmanuel Faber, chair of the International Sustainability Standards Board (ISSB). Faberwho addressed preparers, investors, and sustainability practitioners on the current state of adoption and implementation of the ISSB Standards and the ISSB work plan. SBA’s Erica Aahr, senior director corporate sustainability strategy, participated in a panel, moderated by IFRS, in which she shared insights from SBA’s journey implementing the ISSB Standards alongside sustainability leaders from Amazon and Morgan Stanley.
“Climate Week was an amazing opportunity to showcase our efforts to provide transparency around our work to reduce our climate impact and to learn from other corporate and government leaders about their vision for a low-carbon future,” Aahr said.
Utility Sector Engagement
Nareit’s Long joined a discussion with the finance community and the utility sector to discuss the unique perspectives and challenges related to meaningful and actionable greenhouse gas (GHG) targets and risk management strategies. The event, hosted at the Consolidated Edison headquarters building in NYC, included panels of utility and finance sector leaders, as well as a presentation of technical challenges for company-level GHG target setting and low-carbon transition risk assessment from EPRI. The event was part of EPRI’s SMARTargets Initiative, which is developing a new methodology for setting company GHG targets and managing low-carbon transition risk. The discussion included the need to engage with regulators and end users, including commercial building owners, to achieve economy-wide pathways for decarbonizing the electric grid.
Deloitte Hosts “A Deep Dive into Nature's Wisdom: A Conversation with Dr. Jane Goodall & Craig Foster”
Deloitte, one of Nareit’s Industry Partners, hosted an event focused on the wisdom of nature. The panel featured Dr. Jane Goodall, a renowned anthropologist named a Messenger of Peace in 2002 by the United Nations, and Craig Foster, an Academy Award-winning documentary filmmaker, naturalist, author, and co-founder of the Sea Change Project. The panel discussed the human connection to nature and underscored the power of individual action to drive global change.
Built to Drive Value: Reframing Real Estate's Sustainability Story
The Antenna Group, BREEAM USA, and New Buildings Institute gathered real estate industry sustainability leaders for a networking reception followed by a panel discussion. The event was attended by some of the leading voices in public and private real estate as well as architecture, development, and capital providers.
Schantz led a deep-dive discussion with panelists on the need to reframe ESG's value within the real estate sector, highlighting actionable communication and business strategies for navigating economic pressures, shifting perceptions, and evolving policy initiatives. Breanna Wheeler, BRE, shared that the highlight of her week in NYC was “the opportunity to bring energy and joy through the networking event. It was an intense week for many, and to be able to end it with conversation and fun was a great way to reenergize for the work ahead.”