Embodied Carbon Disclosures by UK-listed Real Estate Investors

The built environment is one of the largest emitters of greenhouse gases. Real estate investors are at the forefront of emission reduction. Investors have come under increasing pressure from stakeholders to accurately disclose their greenhouse gas emissions. This research explores embodied carbon disclosures of real estate investment companies listed on the London Stock Exchange that invest in the United Kingdom. Based on purposive sampling, a content analysis method was applied to identify, quantify and qualify public disclosures relating to embodied carbon emissions. This research finds that: (1) only Main Market listed companies make embodied carbon disclosures, (2) nearly all embodied carbon disclosures are made by members of the European Public Real Estate Association, (3) mixed/diversified investors followed by office asset class investors provide more embodied carbon disclosures, (4) larger investment companies (measured by market capitalisation) tend to make more public disclosures on their embodied carbon emissions. However, overall the embodied carbon disclosures are very limited and of low informational value, raising concerns about the actual embodied carbon emissions of these investment companies.