Commercial, Hydro, Solar, Sourcing Renewables, Wind - July 5, 2023
Brookfield's Entire Office Portfolio to be Powered by Zero-Emissions Electricity
Brookfield Properties announced the entire U.S. office portfolio it manages will be powered by zero-emissions electricity by 2026.
This goal means over 65% of its office space, including its New York and Washington, D.C., office portfolios, will transition to zero-emissions electricity by 2024. In 2026, the real estate company plans to transition 100% of its U.S. office portfolio to zero-emissions electricity.
By entering into contracts for approximately 600,000 MWh of electricity from zero-emissions generation sources, Brookfield will achieve the equivalent of avoiding over 260,000 metric tons of CO2 each year. The transition will lower the total direct carbon emissions of Brookfield's U.S. office portfolio by approximately 80%, and office tenants of the company will eliminate Scope 2 carbon emissions associated with their electricity consumption.
Brookfield's portfolio contains over 70 million square feet and includes properties in New York, Washington, D.C, Houston, Los Angeles, and Denver.
"Instead of taking incremental steps or waiting for others to act, we are completely transforming how we power office buildings throughout the United States," said Ben Brown, Managing Partner at Brookfield Real Estate, in a statement. "Not only will it significantly advance our goal of transitioning our entire portfolio to net zero carbon, but also we are confident that both the increased demand for zero emissions electricity it will create and the industry precedence it will set will be a game-changer for how state-of-the-art office buildings are powered throughout the country."
Brookfield Properties will procure electricity for its U.S. office properties from three sources: hydropower (49%), solar and wind (33%), and nuclear (18%). More than 85% of power will come from new plants enabled by Brookfield Properties' commitment or bundled Purchase Power Agreements (PPAs), where Brookfield directly buys local zero-emissions electricity and receives the associated Energy Attribute Certificates.