ICD Brookfield Place, the region’s premier lifestyle and business destination with over 4 acres of curated dining, retail, and community space, has announced the next stage of its ambitious sustainability strategy by committing to achieve net zero carbon emissions by 2030.
It is a joint venture between Investment Corporation of Dubai (ICD), the principal investment arm of Dubai government and Brookfield Asset Management, a leading global alternative asset manager with $725 billion of assets under management across real estate, infrastructure, renewable power, private equity and credit.
The largest office building to achieve Leed Platinum certification in EMEA region in 2020, ICD Brookfield Place said its design provides an excellent baseline for monitoring, controlling and reducing carbon emissions.
Moreover, on the pathway to achieving net zero carbon, ICD Brookfield Place is planning to attain carbon neutrality, it added.
The methodology to achieve net zero by 2030 will include the following:
•Carbon quantification using greenhouse gas protocol and emission target setting using science-based approaches
•Identification and implementation of emission reduction measures
•Transition to net zero by offsetting residual emissions
•Value-chain engagement and thought leadership
•Reporting annually against the set targets
A number of sustainable carbon reduction features and occupant wellbeing principles were incorporated to achieve the highest level of the world’s most widely-used green building rating system.
ICD Brookfield Place’s ambitious sustainability goals are in line with the United Nations Framework Convention on Climate Change’s (UNFCCC) Paris Agreement goals of keeping global warming to well below 2°C (preferably to 1.5°C) compared to pre-industrial levels.
Working alongside leading specialist consultancy AESG, ICD Brookfield Place’s targets include the ambitious commitment to rapidly accelerate the UAE’s transition to a net zero economy.
ICD Brookfield Place will collaborate with tenants and suppliers to tackle emissions together and implement an innovative tenant engagement programme to raise awareness, provide thought leadership, and optimise their operational performance.
The complex hopes to lead by example and drive stakeholder participation in the UAE Net Zero initiative.
CEO Rob Devereux said: "Today’s announcement is the latest example of ICD Brookfield Place’s pursuit of an industry-leading Environmental, Social, and Governance (ESG) agenda. Reaching net zero carbon emissions is an ambitious target, which requires dedication from not only our team but also our stakeholders across the value chain."
"A net zero carbon building is a smart choice for both landlords and occupiers. Alongside minimising energy costs as a low carbon workplace, the building will go a long way in helping corporates to achieve their own goals in reducing their carbon footprint," noted Devereux.
Designed by Foster + Partners, the 1.1 million sq ft office and retail complex offers 990,000 sq ft of flexible workspace alongside 160,000 sq ft of curated retail and dining.
The building is home to some of the world’s largest multinational corporations including Ernst & Young, Julius Baer, Latham & Watkins, and UBS. The management of the property is overseen by Brookfield Properties, one of the world’s leading real estate services companies.
"We all need to be transitioning to net zero, and one of the crucial ways a business can reduce its footprint is in its real estate. We are determined to work together to go even further to help improve our environment and become a beacon for the UAE’s sustainable future," he added.
CEO Saeed Al Abbar said: "AESG was proud to be working alongside ICD Brookfield Place as the consultancy partner in its transitioning to net zero. It continues to set new benchmarks in the region with their climate leadership in adopting ambitious sustainability targets and aspirations."
"Our team of experts remain focused on driving innovative approaches to support our clients in accelerating their decarbonisation journey," noted Al Abbar.
"The findings of the IPCC Report should serve as reminder that the time for action is now. We hope the example being set by ICD Brookfield Place, inspires many others across regions and sectors to boldly take up meaningful action in decarbonising the built environment," he added.-TradeArabia News Service