QuadReal, Triovest and Concert Properties accept challenge to publicly disclose energy, carbon and water data from buildings
OTTAWA, ON – March 27, 2019 –The Canada Green Building Council (CaGBC) is today launching the CaGBC Disclosure Challenge initiative to support and champion the importance of data transparency in the Canadian real estate market and encourage broader uptake of benchmarking programs across the country.
QuadReal Property Group, Triovest Realty Advisors Inc. and Concert Properties Ltd. have volunteered to participate in the Challenge and will be fully disclosing energy, water and carbon data across their building portfolios. These organizations are not only pledging to be transparent with their building data now, but they are also demonstrating a commitment to the responsible management of their assets and, ultimately, to energy and greenhouse gas emissions reductions.
Tracking a building’s performance over time and publicly disclosing the data is not new. Many European and American states and cities have been requiring building energy disclosure and benchmarking for years. However, public energy disclosure is in its relative infancy in Canada. Currently, Ontario is the only province that requires building energy data to be publicly reported. With the Disclosure Challenge, CaGBC aims to demonstrate the value of data transparency and remove barriers within the wider real estate community, which will enable more municipal and provincial jurisdictions to move forward with requirements for the public reporting of building performance data.
“When collected and shared, building performance data is a powerful tool propelling Canada’s retrofit economy. With the Disclosure Challenge, we hope to increase understanding of how buildings are performing and where they can be improved. This in turn will help governments identify the sectors and building types most in need of retrofit to achieve maximum emissions reductions,” said Thomas Mueller, President and Chief Executive Officer at CaGBC. “We know the real estate industry supports disclosure in terms of good business practice and smart decision making for investments, but also as part of their role in supporting the low-carbon economy.”
The Institute for Market Transformation (IMT) in Washington, D.C. is a pioneer in the field of data disclosure. They endorse CaGBC’s Disclosure Challenge and encourage greater transparency when it comes to public energy disclosure.
“To voluntarily disclose is to boldly demonstrate that transparency is a core value and that a commitment to sustainability and continuous improvement is good business practice," said Cliff Majersik, Executive Director of IMT. "The IMT commends CaGBC for hosting the Disclosure Challenge, which shines a light on valuable building energy information that sets a baseline for progress, allows for occupants and investors to make smarter leasing and purchasing decisions, and makes it easier for governments, utilities, and businesses to target market offerings and programs that help those most in need of assistance.”
The CaGBC will host a publicly-available interactive online mapping tool to enable the participants’ disclosed data to be available to designers, building operators and energy management professionals, municipalities, researchers and the public. Participants will be required to disclose data from their buildings, both good and bad performers, to complete the challenge.
“We understand what buildings mean to people and what they contribute to local communities,” said Jamie Gray-Donald, Senior Vice-President, Sustainability and Environmental Health and Safety at QuadReal Property Group. “At QuadReal, we believe disclosing information about energy, water and carbon usage benefits owners, managers and tenants, and enables better decision-making leading to greater energy efficiency. There is also growing demand from tenants for this type of disclosure and access to environmental information. We are excited to participate in this challenge and look forward to seeing more organizations take part in the future.”
“Triovest supports the adoption of a harmonized approach to disclose building energy and emissions performance data in Canada,” said Philippe Bernier, Vice President, Innovation and Sustainability at Triovest. “Triovest is committed to transparency, energy and emissions reductions, and responsible management. We find that when we share our sustainability performance information and objectives publicly, it compels us to deliver outstanding results.”
“Concert Properties is an enthusiastic supporter of the CaGBC’s Disclosure Challenge,” said Brian McCauley, President and Chief Executive Officer of Concert Properties. “Our company is committed to transparency and recognizes the need for our industry to show leadership in the reporting and reduction of energy use and carbon emissions. Through our participation we hope to show that we are not only active partners in helping fight climate change, but also responsible asset managers and community builders.”
The results of the initiative will be made publicly available at CaGBC’s Building Lasting Change conference in May, and a final report will be released in the fall of 2019, with key findings and recommendations on next steps to drive greater energy disclosure adoption. The CaGBC Disclosure Challenge was made possible through financial contributions from the Government of Canada (Natural Resources Canada). Additional support was provided by QuadReal and the Real Estate Foundation of B.C.
The Canada Green Building Council (CaGBC)
CaGBC is the leading national organization dedicated to advancing green building and sustainable community development practices. As the voice of green building in Canada, we work closely with our national and chapter members in an effort to make every building greener. The CaGBC reduces environmental impacts from the built environment through project certification, advocacy and research. CaGBC established the LEED® green building rating system in Canada and developed the country’s first Zero Carbon Building Standard in May 2017. For more information cagbc.org.
QuadReal Property Group
Headquartered in Vancouver, Canada, QuadReal Property Group is a global real estate investment, operating and development company. The company’s $27.4 billion portfolio spans 23 Global Cities across 17 countries. QuadReal was established to manage the real estate program of British Columbia Investment Management Corporation (BCI), one of Canada’s largest asset managers with a $145.6 billion portfolio. QuadReal aims to deliver prudent growth and strong investment returns, and to create and sustain environments that bring value to the people and communities it serves—now and for generations to come. For more information, QuadReal.com.
Triovest Realty Advisors Inc.
Triovest is an entrepreneurial leader in institutional real estate, creating sustainable places that enhance communities and enrich relationships. Triovest fosters a hands-on approach to value creation for our clients through innovation and collaboration. Our platform offers advisory and investment management services with over $10 billion in assets under management and $2 billion in development. From offices in each major market across Canada, Triovest combines local intelligence with deep expertise to drive superior returns. To learn more, please visit www.triovest.com
Founded in 1989, Concert specializes in developing rental apartments, condominium homes and retirement communities, acquiring and developing commercial, industrial and infrastructure properties and in property management. With operations across Canada and the backing of more than 200,000 Canadians represented by the union and management pension plans who own Concert, our commitment is to build strong, sustainable communities across Canada. www.ConcertProperties.com
The Institute for Market Transformation (IMT)
The Institute for Market Transformation (IMT) is a national 501(c)(3) nonprofit organization that catalyzes widespread and sustained demand for energy-efficient buildings. Founded in 1996 and based in Washington, D.C., IMT specializes in driving the intersection of real estate and public policy to make buildings more productive, affordable, valuable, and resilient. A trusted, non-partisan leader, IMT focuses on innovative and pragmatic solutions that fuel greater investment in energy-efficient buildings to meet local market priorities. IMT offers hands-on technical assistance and market research, alongside expertise in policy and program development and deployment and promotion of best practices and knowledge exchange. Its efforts lead to important policy outcomes, widespread changes in real estate practices, and lasting market demand for energy efficiency—resulting in greater benefits for all people, the economy, and the environment. Visit us at www.imt.org and follow us on Twitter @IMT_speaks