Austria in the race for net-zero carbon emissions
A ranking prepared by the Savills research team shows, that three Austrian cities are in the top 10 regarding ESG (Vienna, Graz, Linz).
Sebastian Scheufele, Managing Partner at Savills affiliate Modesta Real Estate, says: “The three cities provide an excellent public transport system, which contributes to lower emissions. Furthermore, Vienna has been voted the city with the worldwide highest quality of living several times in a row. Additionally, Austria has pledged to reach net-zero carbon emissions by 2040, which is a full decade ahead of the wider EU target. In recent years, ESG has become increasingly important for real estate investors, landlords and tenants in Austria and this trend is likely to continue over the next few years.”
The real estate industry, which is responsible for 40% of global carbon emissions, is more focused on ESG than ever before, with many of the largest investors and asset managers pledging to be net-zero carbon by 2050 or earlier. Technology is at the heart of this process, whether it is using artificial intelligence to run buildings more efficiently or in the use of new construction techniques and materials. However, the challenge in ESG is not so much the best, as the rest. Most of the world’s building stock is not new, so more needs to be done to make existing real estate stock more efficient. Similarly, smaller cities in wealthy nations will continue to dominate the ESG section of the research. However, the main challenge in sustainability is getting the same sort of performance from larger, poorer cities, where economic growth remains a priority and a necessity.
Savills is a global real estate services provider listed on the London Stock Exchange. Savills operates from over 600 owned and associate offices, employing more than 39,000 people in over 70 countries throughout the Americas, the UK, Europe, Asia Pacific, Africa and the Middle East, offering a broad range of specialist advisory, management and transactional services to clients all over the world.
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