2023 climate and energy benchmark in the buildings sector
The World Benchmarking Alliance (WBA) and CDP, has assessed 50 influential companies across the building sector. The first Buildings Benchmark, published , finds that most property developers, managers, and construction companies don’t have both emissions targets and climate transition plans in place. The building sector is responsible for 37% of global emissions, so this lack of progress and planning from a critical industry is particularly alarming, especially in light of the UN’s latest Intergovernmental Panel on Climate Change report, which warned that the world is on the brink of catastrophic warming. The Buildings Benchmark paints a picture of a sector sleepwalking into a situation where damaging emissions are locked into the design and build of many properties, and highlights the need for urgent action across the whole sector. Fifty four percent of companies assessed have not developed a climate transition plan and 44% fail to even set any targets to reduce emissions. The plans that exist lack detail, such as what finances they are committing to this plan.