Protecting the climate is one of the most urgent responsibilities of our age and concerns the whole of society. We have therefore have begun analysing the risks that climate change poses to our business model on the basis of the recommendations of the Task Force on Climate‑related Financial Disclosures (TCFD). Our aim is to show transparently the extent to which our company is prepared for a climate‑neutral future, as called for by the Paris Agreement. We will make adjustments wherever they are necessary and make sense. And we want to anticipate to a greater, more forward‑looking extent what active contribution we make to a low‑carbon economy. This year we are also presenting a climate strategy in which we commit to a climate‑neutral property portfolio by 2040 and define the concrete milestones on the way to this objective.
Creating affordable housing in metropolitan areas remains one of the core challenges for our contemporary society. There is no doubt that more has to be built and faster – in a way that respects both the climate and the environment. For this reason we will be investing over EUR 7 billion in the development of sustainable neighbourhoods in the years ahead. On top of this, we are thoroughly refurbishing our properties to make them more energy‑efficient. In a process of dialogue with the industry and policymakers we hope to find a common path towards a fair cost‑sharing arrangement to finance the necessary measures in the property sector. We have drawn up a concrete proposal to this end and presented it to the Editorial by the Management Board 3 relevant policymakers as our concept for socially responsible climate action. Because only by acting together can we reach the federal government’s target of a climate‑neutral property sector by 2050.
We do not neglect our strategic sustainability targets in the management of our own portfolio either. Housing itself has to consume fewer resources and become more energy‑efficient. The way forward encompasses smart buildings that make use of digitalisation, the internet of things and 5G. We want to leverage the technological innovation that is taking place in this area and make it available to all our tenants.
In this report we not only want to give you some insights into our current activities, but also show how we contribute now and in the years ahead to making the property market fit for the future and to achieving global sustainability targets.
We wish you an interesting read.