Broader adoption of reporting information on the risks and opportunities presented by climate change will improve investment decisions and drive action by asset owners
SAN FRANCISCO, March 18, 2021 – Gridium announced today that it has formally joined over 1,800 companies across 78 countries, including leaders in real estate like Kilroy Realty Corporation, in support of the Task Force on Climate-Related Financial Disclosures (TCFD). The energy transition to a decarbonized Grid has begun, and better disclosures are needed to accelerate progress.
“Sustainability is woven into the center of the Kilroy Realty Corporation strategy, and we hope our track record of delivering market-leading results can serve as an example for other organizations looking to put ESG initiatives into action,” said Sara Neff, Senior Vice President, Sustainability at Kilroy Realty Corporation. “We’ve long supported the Task Force on Climate-Related Financial Disclosures and it’s encouraging when our partners like Gridium join in. The time is now for us all to make progress on climate change.”
In his 2017 letter summarizing the Final Report on the recommendations of the TCFD, Chairman Michael Bloomberg stated “Widespread adoption will ensure that the effects of climate change become routinely considered in business and investment decisions.” He continued, “Adoption of these recommendations will also help companies better demonstrate responsibility and foresight in their consideration of climate issues. That will lead to smarter, more efficient allocation of capital, and help smooth the transition to a more sustainable, low-carbon economy.”
Analytics and reporting of electricity, natural gas, and water utility data, and the related carbon emissions driven by building operations, can reveal valuable efficiency opportunities for many companies. Commercial buildings in the U.S. spend $190 billion on energy every year, accounting for 18% of primary energy use. That equals 35% of the electricity consumed in the country and represents 16% of national CO2 emissions.
Buildings across the U.S., including some of the largest REITs and technology firms, use Gridium to boost sustainability, manage their energy use, and lower energy and maintenance-related opex. The Environmental Protection Agency estimates that, on average, 30% of the energy used in commercial buildings is wasted.
“Supporting the TCFD is an important step towards data transparency, as these recommendations can unlock critical information about investment decisions,” said Tom Arnold, CEO at Gridium. “Climate change is a serious risk that we must hedge with energy efficiency, the good news is we are seeing tons of addressable scope 1 and 2 emissions reductions that clear investment hurdle rates.”
For example, a current Gridium project will reduce that building’s annual energy use by 45%. Upgrading the energy systems, building controls, and lighting will drop the building’s energy use by nearly one million kWh a year and its carbon emissions by the equivalent of 100 typical homes.
To learn more about Gridium’s approach to energy efficiency, visit here, and to learn more about the Task Force on Climate-related Financial Disclosures, please visit here. More information about sustainability at Kilroy Realty Corporation can be found here.
About Gridium Inc.
Buildings use Gridium to navigate the energy transition by improving efficiency, financing retrofits, and streamlining operations. All told, the company directly serves about 300 million square feet of buildings across the United States, and with Gridium, these buildings save millions of dollars on electricity, gas, and water utility bills, reduce their carbon emissions, and data-drive their sustainable operations.