Professional service firm JLL hosts a symposium at the United Nations Climate Change Conference (COP27) to push for collective action towards decarbonization in the real estate sector, Invest-Gate reports.

Titled “Cities, Real Estate, and Decarbonization”, the event attracts industry experts to discuss how city governments and the real estate sector could collaborate to realize climate goals and net-zero emissions targets.

Victoria Burrows, Director for Advancing Net Zero at World Green Building Council, maintains that greening of energy grids is imperative, along with partnerships between the public and private sectors.

“As we tackle the decarbonization challenge, there needs to be a greater alliance to tighten the ambition loop between property owners, investors, and corporate occupiers, as well as national and city governments, and other key enablers,” Burrows adds.

Ayman Sami, Head of Egypt at JLL, cites challenges facing the realization of sustainability goals, including securing additional financing.

“I think we are all in agreement that achieving Net Zero emissions in the real estate sector is not possible without greening the energy grid. In Egypt, it’s interesting to note that in the 2021/22 financial year, foreign direct investment in renewable energy projects grew to $3.5 bn,” Sami notes.

Louise Collins, Head of UAE Project and Development Services at JLL, expresses hope for actualizing the required changes to ensure that buildings, cities, and the real estate sector maintain growth, which goes hand in hand with achieving fundamental climate reform by decarbonization.