26th UN Climate Change Conference of the Parties (COP26)

We look at how the Clyde & Co Real Estate team are already seeing a shift in the property industry.

COP26 is coming to Glasgow at the beginning of November.  

30,000 people are due to descend on Glasgow including Royals, dignitaries and VIPs with security teams and police escorts in tow.  A dedicated road grid is already in circulation to manage extra traffic and there are cruise ships at the port to accommodate extra guests, highlighting the magnitude and preparations for the event.  Given the logistical challenges, those of us living and working in Glasgow may be glad of the flexibility afforded by hybrid office working! 

With Greta Thunberg having led the movement for real change beyond manifestos and board rooms, the whole world will be watching our city and COP26.   Will we see the change needed to reduce how humans adversely impact Planet Earth?  Clydes’ real estate team has worked on various renewable projects and the vast majority of our clients in the building industry are already committed to improving their carbon footprint.  

In Scotland – as in the rest of the UK - we are already seeing a shift in the focus that is having a very real impact on the real estate sector.  In particular:

• The Scottish Climate Change Plan states that a 'Zero Emissions from Heat Standard' will be introduced from 2024, by which point all new builds will have to have zero emissions heating systems.
• Lenders are considering whether residential housing will command higher prices if they are energy efficient.  
• There is a push for Energy Performance Certificates for residential and commercial properties to be brought in line with England and require minimum standards to be reached prior to sale or lease –  the current regime just requires an action plan.   

Whatever the outcome of COP26, Glasgow will provide a friendly city and a warm welcome for all attending and the decisions made at this event by leaders of various nations and VIPs will be relevant to each and every one of us. 

For insight on how climate change is affecting businesses and how they are adapting to the challenges presented by it, listen to our new podcast series, ‘A Climate for Change’. 

Watch this space for further updates as the COP26 summit unfolds….