Global real estate - one of the largest contributors to greenhouse gas emissions - should become net-zero in less than three decades. With as much as 80% of the predicted building stock for 2050 already in existence today, this best illustrates the scale of the challenge. Meanwhile, the commercial real estate market has not, as yet, officially acknowledged either the costs of necessary property upgrades or the costs of delaying or not taking any action. At the same time, due to a lack of market standards, benchmarks and a system of data collection, valuers can hardly factor ESG risks in property valuations. This impasse has significantly increased the risk of a carbon bubble, says Cushman & Wakefield.
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