We commit to reducing absolute scope 1 and 2 GHG emissions by 42% by 2030 from a 2021 base year. Hines also commits to reduce absolute scope 3 GHG emissions from use of sold products and downstream leased assets 42% within the same timeframe. We have also committed to setting long-term emissions reduction targets with the SBTi to reach net zero by 2040.

Our longtime commitment to the principles and practices behind what is now ESG

Watch our History of Sustainability

We're not setting a carbon target and figuring out how to get there, we're creating a credible decarbonization pathway that leads to achieving a target - and pushes us to stretch and innovate along the way.

Michael Izzo, Senior Vice President of Carbon Strategy

A multi-pronged approach to reach net zero

Our independently audited, science-based carbon targets will be a step in the the right direction - and we are as dedicated to learning on our journey as we are to reaching the destination.

To hit our targets, we are building and implementing a plan that aligns with our business strategy, supports firm-wide ESG goals and includes our entire Hines portfolio ¹.

Most importantly, our plan will be public, so investors, developers, engineers and building managers across our industry can use it to guide their own carbon-reduction efforts.

To reach our net zero targets, we will seek to implement custom plans that include one or more of the following tactics:

• Reducing energy demand through operational efficiency
• Increasing reliance on renewable energy
• Utilizing circular systems to reduce energy waste and enhance system efficiency
• Advancing carbon capture
• Analyzing electrification impacts and removing fossil fuel use from our portfolio

¹ Net Zero target excludes Integrated Facilities Management operations or buildings where Hines lacks operational control.

• Why we need a carbon target

  Our goal reflects the urgency of addressing the climate crisis and the fact that the built environment is responsible for nearly 40% of global energy-related carbon dioxide emissions ². We have an important part to play in the transition to net zero as real estate experts and we aim to lead by dramatically reducing our buildings’ environmental impact, especially carbon emissions, resulting in a positive impact to our tenants, partners, and the planet.

• How we got here

  Addressing carbon reduction across our business is an important focus for us and a major component of our ESG strategy. We wanted to be purposeful about setting a target so that our goals are ambitious, but also achievable. To create our formalized carbon targets, we engaged third-party partners to provide data, tools and knowledge to help us understand our current carbon footprint and solutions for reducing carbon across the Hines portfolio.

• We are working with global experts to set credible targets

  We are working with global experts to set credible targets on identifying a baseline and decarbonization pathway to achieve net-zero carbon by 2040. Our leadership has unanimously approved a net-zero target for 2040, along with the resources to achieve that. In addition, during 2021, we created the first officer-level position in commercial real estate dedicated to achieving this goal. We are in the process of applying to the Science Based Target Initiative (SBTi) for validation of our targets.

• We are holding ourselves accountable

  Our ESG and Carbon leadership teams are collaborating across our regions to implement a data management plan to track, manage and report on emissions at the property, portfolio, regional and firm-wide level. Progress to achieve net-zero carbon will be tracked and disclosed through various channels, including our annual ESG report, fund ESG reviews, investor or client reports and more.

² https://sciencebasedtargets.org/sectors/buildings

2023 ESG Report

Read our latest ESG report for actions we are putting in place

Learn More

Our Plan in Action

Utilizing circular energy infrastructure at 555 Greenwich

View Case Study

HEVF2 invests in carbon reduction and community at aer

View Case Study

Reducing embodied carbon at Salesforce Tower Chicago

View Case Study

Contact Us

To learn more how we can partner with you, contact us.

ESG@hines.com

Disclaimer

Hines’ net-zero target and certain other ESG initiatives and programs exclude our Integrated Facilities Management operations and buildings where Hines lacks operational control. The ESG or impact goals, commitments, incentives and initiatives outlined herein are purely voluntary, are not binding on investment decisions and/or Hines’ management of investments and do not constitute a guarantee, promise or commitment regarding actual or potential positive impacts or outcomes associated with investments made by funds managed by Hines. Any ESG or impact goals, commitments, incentives or initiatives referenced in any public information, reporting or disclosures published by Hines are not being promoted and do not bind any investment decisions made in respect of, or the stewardship of, any funds managed by Hines for the purposes of Article 8 of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector. Any measures implemented in respect of such ESG or impact goals, commitments, incentives or initiatives may not be immediately applicable to the investments of any funds managed by Hines and any implementation can be overridden or ignored at Hines’ sole discretion.

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