This document provides a shared vision and a step-wise roadmap for retail real estate to collectively reach 2050 net zero carbon emissions, in line with the Paris Agreement. The vision and roadmap is the result of over one year of engagement with 14 retail European and global property developers, investors and managers. A first-of-its-kind effort, it provides detailed guidance for the entire retail property value chain to reach net-zero carbon, which includes the property sector, policymakers, commercial tenants, the construction sector, and financial institutions, by 2025, 2030, and 2040.

The vision is a signal to the market and to policymakers that industry is ready and supports carbon neutrality. The ambition is to align with the Paris Agreement, not only through climate risk management initiatives but through a more explicit and targeted set of actions. Individual efforts and strategies will need to be articulated, developed and scaled across the RRE sector.

This report not only identifies policy, financing data and skills gaps that need to be addressed collectively to achieve the decarbonation goals but it is also an invitation to policymakers, retailers, real estate and building sector participants, non-governmental organisations, communities and cities to engage in building consensus and implementing a joint long-term strategy.