Blackstone’s Logistics Unit Aims for Carbon Neutrality by 2025
(Bloomberg) -- Blackstone Group Inc.’s logistics unit is ramping up its sustainability initiatives.
Link Logistics Real Estate, one of the biggest operators of industrial property in the U.S., says it will be carbon neutral by 2025 at it embraces renewable electricity, according to a statement on Thursday.
Link will reduce energy consumption by installing LED sensors and solar panels in its properties, among other things, Chief Executive Officer Luke Petherbridge said in an interview.
“We have over 400 million square feet around the country, which gives us unparalleled scale to really move the needle in sustainability measures just in our own footprint,” Petherbridge said. “It also comes at a real cost. We are going to invest additional capital into our buildings.”
The announcement comes after Blackstone in September announced targets to reduce carbon emissions by 15% for new investments. The firm is assessing its overall carbon footprint, including for its warehouses, as part of the sustainability initiative, said Eric Duchon, Blackstone’s global head of real estate ESG.
“Blackstone Real Estate has this unbelievable scale all over the world, fully diversified across all asset classes,” Duchon said. “We recognize that we have the ability to create great impact in value for our investors, tenants and the communities.”
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