Real Estate Industry Urged to Embrace Sustainability Ahead of COP28 in Dubai

Real Estate Industry in UAE Urged to Embrace Sustainability Ahead of COP28

As the UAE gears up for COP28, stakeholders in the real estate industry are being urged to take decisive action to prioritize sustainability and secure long-term returns on their assets. A recent briefing held by JLL highlighted the critical role of the real estate sector in shaping a sustainable future and the consequences of inaction in the face of climate change.

The UAE has been leading the way in launching green initiatives and setting ambitious targets to fulfill its climate commitments. JLL unveiled a whitepaper titled ‘The Green Revolution: A Call for Sustainability in Real Estate’, which underscores the importance of integrating sustainability measures into real estate investment decisions to accelerate the transition to net zero carbon emissions.

With buildings accounting for a significant portion of global energy-related carbon emissions, it is crucial for the real estate industry to adopt green strategies to offset reduced property values and minimize climate-related challenges. The whitepaper also emphasized the financial benefits of investing in green buildings, citing higher premiums for sustainable properties in Dubai and other major markets.

James Allan, CEO of JLL Middle East and Africa, stressed the need for the real estate sector to commit to ambitious net zero targets to enhance efficiency, financial performance, and overall sustainability. Buildings with higher levels of green certification have been shown to command premium prices in the market, signaling a shift towards sustainable building practices.

The UAE’s efforts to reduce emissions and enhance energy efficiency were also highlighted, with retrofitting strategies underway in cities like Dubai and Abu Dhabi. The introduction of green building rating systems and energy labels is expected to drive greater transparency and empower buyers and tenants to make informed decisions about their real estate investments.

In conclusion, JLL called on regulators to strengthen green building regulations and create a supportive ecosystem for green projects in the UAE. By embracing sustainability and green practices, the real estate industry can play a vital role in combatting climate change and driving towards a more sustainable future for all stakeholders involved.