Brookfield Properties’ U.S. Office Portfolio Transitioning to Zero Emissions Electricity by 2026
In an aggressive move, Canada-based Brookfield Properties announced its commitment to transition the entire, more than 70-million-square-foot U.S. office portfolio it manages to zero emissions electricity by 2026, of which 65% will transition by 2024. Expected to reduce the portfolio’s carbon emissions by approximately 80%, Brookfield will use three sources to procure its electricity requirement — hydropower (49%), solar and wind (33%), and nuclear (18%). Brookfield’s office tenants will also benefit from the transition since it will eliminate Scope 2 carbon emissions (indirect greenhouse gas emissions from the purchase and use of electricity, steam, heating and cooling), “assisting them with measurable progress that can be included in their own environmental, social, and corporate governance (ESG) reporting. Similar to what Brookfield is already doing at its One Manhattan West tower, electricity will be purchased from hydropower facilities located throughout New York State for the New York portfolio; and through bundled Purchase Power Agreements (PPAs), Brookfield will receive Energy Attribute Certificates issued as proof of electricity produced by renewable sources. In the U.S. and Canada, the Renewable Energy Certificate System (RECs) are the main tool and used both for compliance reporting as well as voluntary consumption and comply with Greenhouse Gas Protocol.