Our Sustainability team prepared guidance on how to set science-based targets for the global buildings value chain, one of the most energy-intensive sectors in the economy, responsible for over a third of emissions worldwide.
Setting the scene
Buildings are a major contributor of greenhouse gas (GHG) emissions worldwide. Being such a broad sector – covering building designers and developers to owners and tenants – its decarbonisation is one of the most complex challenges facing business and society.
The Science Based Targets initiative (SBTi), a leading global body enabling businesses and financial institutions to set ambitious emissions reductions targets in line with the latest climate science, teamed up with us to develop guidance to drive a sectoral shift towards a net zero economy.
How we helped
The rapid increase in green building standards and the lack of alignment with a 1.5°C trajectory has made the building sector transformation challenging. It consumes vast amounts of energy and its value chain is reliant on heavily emitting materials such as concrete and steel.
Working with the SBTi, our Sustainability team developed guidance on emissions accounting, target-setting and reporting to help companies in the sector, as well as investors, set ambitious near and long-term emissions reductions targets.
We directly engaged with a wide range of organisations across the real estate and financial services sectors that form part of the SBTi’s Buildings Sector Expert Advisory Group. This allowed us to gather valuable insights and test ideas to inform the development of the new guidance.
We combined this data with expertise from across our sustainability business, our technical net zero experience and market insights to create industry-leading decarbonisation guidance for stakeholders across the building value chain.
The guidance is tailored for eight different categories of users, from real estate developers and construction companies, to landlords, property managers and investors.
Webinars were held by the SBTi in May 2023 to open a public consultation period for experts to provide feedback to the draft guidance. These events attracted more than 500 attendees worldwide.
“The vast number of buildings we design, build and occupy have a vital role to play in accelerating the transition to a net zero economy. This guidance sets out how each link in this complex global value chain can play its part in setting credible and robust commitments to climate action.”
Dan Dowling
Sustainability partner, PwC UK
Making a difference
Given the prominence of the SBTi in global decarbonisation efforts, this project will help companies across the sector meet the 1.5°C goal of the Paris Agreement.
By setting emission reduction targets in line with the SBTi Buildings Sector Guidance and defining strategies on how to reduce construction and operational emissions, building companies can help accelerate the transformation to a net zero economy and prevent the worst effects of climate change.
We’re proud of the contribution this project will make to the decarbonisation of one of the most energy-intensive sectors.
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