EY US to lead the charge toward a climate-positive future for real estate

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Oct 10, 2022, 08:00 ET

Alongside Fifth Wall, the firm has developed interactive resources to help companies understand and reduce their carbon emissions

NEW YORK, Oct. 10, 2022 /PRNewswire/ -- Ernst & Young LLP (EY US) today announced its collaboration with Fifth Wall, a venture capital firm focused on technology for the global real estate industry, to increase awareness and mitigation of real estate's impact on climate change with a suite of interactive tools to further companies' understanding of their carbon footprint and reduce their emissions. As a leading contributor to climate change, the real estate industry must play a major role in decreasing our planet's carbon footprint.

EY and Fifth Wall lead the charge toward a climate-positive future for real estate

Commercial buildings account for approximately two-thirds of greenhouse gas emissions in New York, and recent New York legislation aims to make the city carbon-neutral by 2050. In response, EY US and Fifth Wall teamed up to develop an interactive website, A Climate-Positive Future for Real Estate, to help companies across the US manage and reduce their carbon footprints.

"Our goal is to help companies create their own sustainable future," said Mark Grinis, EY Americas Real Estate, Hospitality & Construction Leader. "By providing three frameworks for decarbonization — legislation, carbon strategy and reporting, and technology — we are thrilled to be working with Fifth Wall to help organizations navigate the journey to net zero, whether they've already taken steps to reducing their carbon footprint or are just getting started."

The website includes:

An interactive map to assess a company's potential carbon tax exposure
A carbon calculator to understand how an emission tax on real estate could impact a company's bottom line
Tips and tools to help develop a carbon reporting strategy
Information on how technology can reduce carbon emissions within a company's real estate investment

"We're on a mission to decarbonize real estate and are thrilled to join forces with EY to help companies across the US manage and reduce their carbon footprints," said Greg Smithies, Partner and Co-Lead of Climate Tech at Fifth Wall. "The carbon agenda needs to be top of mind for all companies, and a great place to start is by implementing technology that lowers energy usage and allows for better insights into properties. Only then, we will start to see meaningful change."

For more information and for website access, visit ey.com: https://pub.ey.com/public/2021/2104/2104-3769511/rhccarbonemission/index.html

About EY

EY exists to build a better working world, helping create long-term value for clients, people and society and build trust in the capital markets.

Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.

Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.

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Ernst & Young LLP is a client-serving member firm of Ernst & Young Global Limited operating in the US.

About Fifth Wall

Founded in 2016, Fifth Wall, a Certified B Corporation, is the largest venture capital firm focused on technology for the global real estate industry. With approximately $3.2 billion in commitments and capital under management, Fifth Wall connects many of the world's largest owners and operators of real estate with the entrepreneurs who are redefining the future of the Built World. Fifth Wall is backed by a global mix of more than 100 strategic limited partners (LPs) from more than 15 countries, including BNP Paribas Real Estate, British Land, CBRE, Cushman & Wakefield, Hilton, Host Hotels & Resorts, Ivanhoé Cambridge, Kimco Realty Corporation, Lennar, Lowe's Home Improvement, Marriott International, MetLife Investment Management, MGM Resorts, Related Companies, Starwood Capital, Toll Brothers, and others. Fifth Wall believes this consortium represents one of the largest groups of potential partners in the global Built World ecosystem, which can result in transformational investments and collaborations with promising portfolio companies. For more information about Fifth Wall, its LPs, and portfolio, visit www.fifthwall.com.

Contact:
Elizabeth Feigenbaum
[email protected]

SOURCE EY