REALpac Releases Recommended Best Practices in Greenhouse Gas Emissions for the Commercial Real Estate Sector
April 15, 2010
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The rapidly growing and evolving field of greenhouse gas (GHG) accounting is becoming increasingly complex to navigate. In response, the Real Property Association of Canada (REALpac) has recently released its latest research report, Recommended Best Practices in Accounting for GHG Emissions in the Canadian Commercial Real Estate Sector, prepared by ICF International.
While standardized approaches to accounting exist, the commercial real estate sector is particularly complex due to the number of entities involved and the operational and physical diversity of commercial buildings.
“In the absence of any regulatory guidance, this document is intended to assist the rapidly rising number of stakeholders making greenhouse gas allocation and reporting decisions within the sector,” says Peter Clarke, Senior Manager, ICF International.
As building professionals advance through the document, REALpac says, they will gain an appreciation for the complexities of GHG accounting, knowledge and the critical factors involved in accounting for GHGs in the commercial building sector, and the ability to apply suggested guidance to their portfolio. Specific recommendations are provided for owners, managers and tenants, in addition to scenarios that illustrate how accounting for GHG emissions may be handled in the industrial, office and retail sectors.
As a result of rising concerns regarding the impact of climate change, forward-thinking companies such as Oxford Properties, Cadillac Fairview and Bental LP have already completed a “GHG Inventory” or carbon footprint – effectively accounting for the GHG emissions that are emitted due to their daily operations.
“Allocating accountability for carbon in commercial real estate is a critical pre-requisite to the assumption of responsibility,” says Michael Brooks, CEO of REALpac. “Until it’s your problem, it’s someone else’s problem.”
To download the report, visit www.realpac.ca
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