Climate change is the biggest threat facing the world. As it is, the US and parts of Europe and China are already suffering from the impact of climate change, with forest fires, heat waves and floods. These changes inevitably will impact the value of assets, including property. Hence, the concerted effort, some say the race, to get to “net zero” by 2050, beyond which the polar caps will melt, seas will rise, the land will be subsumed and pandemics will seize the day.

Put simply, net zero refers to the balance between the amount of greenhouse gas produced and the amount removed from the atmosphere. We reach net zero when the amount we add is no more than the amount taken away.

According to Regan Smith, Toronto-based director of sustainability for real estate at Manulife Financial Corporation, the group’s operating assets are already at net zero.

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