Commercial real estate services leader Cushman & Wakefield has embraced creating net-zero buildings by retrofitting existing property to be energy efficient can help reduce carbon emissions.

“Not only is decarbonizing existing real estate essential to addressing climate impact, but it also offers an environmentally responsible way to reduce the cost of owning and managing commercial property,” said CEO John Forrester.

As building regulations for energy consumption and emissions become more stringent, the need to reduce or offset carbon emissions will intensify.

“Cushman & Wakefield aims to empower our clients to increase energy efficiency with economic and social benefits for their investments, businesses and communities,” Forrester said.

To accomplish this goal, the company launched C&W Green Buildings, a proprietary digital software assessment tool that identifies custom decarbonization, retrofitting and cost savings opportunities for real estate investors and owners.

The tool is said to offer Cushman & Wakefield clients a fast, cost-effective, accurate and auditable way to estimate energy consumption and create a roadmap to greener real estate assets.

The tool filters 120 building characteristics to assess current carbon emissions and energy efficiency at a property. From climate and location to the cost of energy, materials, labor, local emission factors, carbon prices, building age, size and more, it also uses the data to advise clients on improvement opportunities to reduce their carbon footprints.

The firm says the cost to decarbonize global real estate is about $18 trillion. Addressing decarbonization would see CRE achieve 6.2 gigatons, or 75%, of carbon reduction annually.