COP28 roundtable – a green oasis in the desert
COP28 was staged in Dubai last December. Here, we look at the takeaways from the event and from a roundtable of business leaders organised by Real Asset Media. By Courtney Fingar.
With real estate being responsible for an estimated 40% of greenhouse gas emissions, there can be no substantial movement towards net zero without major progress on sustainability in the built environment. Built Environment Day at COP28 UAE, on 6 December 2023, saw the launch of the global Buildings Breakthrough initiative, calling for near-zero emission and resilient buildings to become the norm by 2030.
The following day, Real Asset Media convened a thought leader roundtable at Dubai Silicon Oasis (DSO), supported by PwC, that brought together developers, advisers, investors, suppliers, academics and other experts for what was a candid, lively and engaging discussion on the topic.
Key takeaways from the discussion included:
1. COP28 was more action-orientated than past summits, and there was more focus on how to actually get things done.
2. There are no clear metrics on how to achieve net zero in real estate, yet reporting and measurement are essential, especially relating to valuation. We need globally recognised standards, regulations and incentives (though this is of course much easier said than done).
3. Innovation and technology are key, and there is no shortage of great ideas, but when it comes to realisation, there are too many blockers, including regulation and barriers between public and private-sector action. It was pointed out that the start-ups hub in the green zone (the public-access area) at COP contained solutions to many of the problems being agonised over in the blue zone (the restricted-access zone).
4. When it comes to regulation, it is not a question of quantity (i.e. how much regulation), but rather the quality: it needs to be clear, simplified and friendly to technological innovation.
5. In many places in the world there is a major misalignment between supply and demand of real estate; planners need to be challenged to move away from the “if you build it, they will come” mentality.
6. Unsustainable building materials remain major inhibitors, especially in developing regions (too much concrete and steel), as do behind-the-times construction techniques.
7. However, despite challenges, places like the Middle East have an opportunity to leapfrog Europe (and learn from its mistakes) as so many developments are being built from scratch.
8. The answer to it all lies in bold, disruptive, innovative, science-based solutions, and a system that encourages them rather than stifles them.
Sustainability drive
One of Dubai’s leading economic zones and a hub for innovation, DSO is among the entities spearheading the sustainability drive in the Middle East, and was therefore an ideal host for such a discussion.
A major aim of the zone is to create a fully integrated community in the UAE, focused on knowledge, innovation and sustainability, said Ghanim Al Falasi, senior vice-president, technology and entrepreneurship at DSO, in an interview ahead of the roundtable.
“We are also trying to position Dubai Silicon Oasis as an overall ‘living lab’ or ‘sandbox’ for all this technology, whether it will match and align with the government strategy from a technology perspective or from a sustainability perspective,” Al Falasi said. “We’re the big lab for Dubai to test all the possibilities that can happen.”
‘We don’t need magic’
In terms of sustainability, the zone takes its commitments seriously, he added. “We don’t want to wait for COP29 to say ‘did we do it or not?’ Actually, it should be part of our behaviour, our day-to-day job. I really look forward to seeing a good result for me and for my kids and I think it’s attainable if we all collaborate. We don’t need magic, we need human interaction that can really build the future for our kids.”
In a sign of its ongoing commitment to serving as advocates for sustainability – and leading the way among economic zones as thought leaders in this space – DSO has officially joined the Impact Community.
“We, at DSO, are delighted to progress our professional relationship with Real Asset Impact as a continuation of our partnership throughout COP28 in Dubai. It was our honour to contribute to a highly engaging debate at a roundtable focused on overcoming sustainability challenges within the built environment,” said Daniel Callaghan, senior vice-president, marketing and business growth, at DSO. “We look forward to engaging with the real asset community throughout the next quarter, and also at Mipim 2024 in Cannes.”
