An unlisted property funds manager is urging his sector to be more transparent on its environmental record, and believes it should take more responsibility on the road to net zero emissions.
Commercial property. File photo. Photo: 123RF
PMG Funds said the unlisted sector can make a significant contribution to the country's sustainable future, given the role green buildings can play in cutting emissions.
It has just released its first sustainability report, which showed how the company is performing around its environmental, social and governance goals.
PMG chief executive Scott McKenzie said while it was not mandatory for the sector to report its environmental track record, he hoped others would follow suit and take more accountability.
"Globally [and in New Zealand] 80 percent of the commercial buildings that will be standing in 2050 have already been built today. Of those, only 3 percent of them actually meet carbon requirements to achieve New Zealand's carbon neutral goals come 2050.
"There's a real obligation and a huge responsibility that we need to embrace as owners to be open and more transparent and put initiatives in place to help improve the environmental performance of our buildings."
McKenzie also said greener buildings were not just good for the planet.
"Our core driver is financial performance for our clients and our investors. There doesn't need to be friction between the economic, social and environmental imperatives.
"It makes good business sense to improve the energy performance of your building, the waste efficiency for not only as an owner but also our occupiers - our tenants. We lower costs and it's a good result for not only our investors, owners and businesses, but the environment as well."