New York City has woken up to the urgent need to reduce carbon emissions from existing commercial properties, writes Sonny Masero. Investors now know that the returns from almost every property asset will be reduced if the increase in global temperatures exceeds 3°C, compared with pre-industrial levels, as a result of global warming.
At present we are on course for an increase of between 3.1°C and 3.5°C and we have only 12 years left to have a chance of averting that outcome.
In October, the scientists of the UN’s Intergovernmental Panel on Climate Change
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