30 Jan 2024 1 min read

Real estate equity: Net-zero carbon roadmap

By Bill Hughes

Our decarbonisation strategy will enable us to meet our long-term net-zero goals with the aim to future proof our investments. It is only by working closely with policymakers and partners across the industry that we will be successful in this journey.


The direct environmental, social and economic impacts of climate change are increasingly affecting many parts of the world. Avoiding a climate catastrophe is of paramount importance and represents a huge global challenge requiring concerted efforts by all parts of society.

As a global institutional investor, we have a responsibility and fiduciary duty to protect and generate value for our clients. It is our belief that sustainability sits alongside location, occupier, building size and building quality as a key factor in real estate value and performance, and its importance will only increase over time. This is about getting ahead of emerging policy responses to the climate crisis and seeking to safeguard our assets to create better quality, better performing real estate assets.

At the end of 2020, we published our real estate net-zero carbon roadmap, which laid out our strategy to transition our real estate portfolio to net-zero carbon. Through a series of practical case studies we aim to show the progress we are making across this portfolio. The implementation of this strategy will enable us to deliver on the commitments that we made in 2019 as signatories to the Better Buildings Partnership’s Climate Change Commitment, to achieve net-zero for all of our real estate equity assets by 2050 or sooner.

This update provides a summary of the progress made to implement our strategy since our roadmap was published and covers the work done up until the end of 2022. More details can be found in the delivery strategy section of this report.

Click here to read our full, updated net-zero carbon roadmap for real estate equity

Bill Hughes

Global Head of Real Assets

Bill joined Legal and General in 2007 and is responsible for transforming its UK property fund management business into a global real assets platform. Operating in both the direct investment and lending markets, today it actively invests and manages over £35bn of assets across real estate, infrastructure and corporate and alternative debt. Bill continues to play an active role in several influential government and industry committees around responsible investing, infrastructure, urban regeneration and housing. He is a Global Governing Trustee of the Urban Land Institute and is on the UK Net Zero Carbon Buildings Standard (NZCBS) Governance Board. Bill is also Chair of the Property Industry Alliance (PIA), which brings together the UK’s leading property bodies to give them a stronger collective voice on issues such as policy, research and best practice.

 Prior to joining Legal & General, Bill was CEO at RREEF UK (the Real Estate Fund Management business of DWS) and Head of Research and Deputy Managing Director at Schroder Property Investment Management. Bill has an MA in Economic Geography from the University of Edinburgh, an MSc in Property Investment from City of London University, a Diploma in Sustainability from the University of Reading and is a member of the Institute of Investment Management and Research.

Bill Hughes