LOS ANGELES, Sept. 21, 2021 /PRNewswire/ -- Today, Fifth
Wall, the largest venture capital firm focused on technologies for
the global real estate industry, kicks off a global mural campaign
to raise awareness about the real estate industry's culpability in
the climate crisis. The installations will be placed in major
cities to align with key sustainability conferences and events
around the world. The campaign starts in New York, timed with ClimateWeek, followed by
additional installations in Los
Angeles, then in Glasgow,
Scotland, aligned with COP26,
the UN Climate Change conference.
The real estate industry is the world's largest contributor to
the climate crisis, accounting for approximately 40% of global
energy, greenhouse gases, and raw materials. While other industries
have committed billions of dollars in technology to directly
address climate change, the real estate industry has historically
underinvested in the climate tech necessary to decarbonize the
$9 trillion real estate industry.
Rough estimates show that the global real estate industry needs
over $20 trillion to decarbonize, yet
over the past 10 years, the real estate industry has only invested
approximately $95 million into
climate tech.
Fifth Wall launched its Climate Tech Fund as a solution to help
the real estate industry make meaningful investments into critical
climate technology for decarbonizing. With its ambitious target of
$500 million, Fifth Wall's Climate
Tech Fund represents the first time the real estate industry has
come together, collectively and cooperatively, to help close this
alarming funding gap and reduce the real estate industry's outsized
carbon footprint. The fund will represent one of the largest pools
of capital ever assembled to support the technologies and solutions
that can truly make a difference in the real estate industry.
Yesterday, Fifth Wall announced the fund has raised over
$140 million from major real estate
players, including new investors such as Equity Residential (NYSE:
EQR), Hudson Pacific Properties (NYSE: HPP), and Kimco Realty
Corporation (NYSE: KIM) who joined existing investors, Invitation
Homes (NYSE: INVH) and Ivanhoé Cambridge. The firm also announced that Peter
Gajdoš has joined as a Partner and will co-lead Fifth Wall's
Climate Tech Investment team.
"The goal of this campaign is to make people stop and think
about the global real estate industry's impact on the climate
crisis and the current state of our planet. We want to inspire
entrepreneurial minds to invent climate technologies that can be
used in the Built Environment," said Brendan Wallace Co-Founder and
Managing Partner at Fifth Wall. "In order to disrupt real estate's
paralysis when it comes to climate, the industry must come together
to aggregate capital and resources to make meaningful investments
into climate technology. We believe decarbonization is a
collective-action problem and therefore requires a
collective-action solution."
The New York installation was
created in collaboration with BBMG, a branding and social impact
agency and local muralist, Steffi
Lynn. The mural reads "Before we build on other
planets, shouldn't we clean up our own? Choose Earth. Invest in
climate tech now." Located at 11 Franklin Street in
Brooklyn's Greenpoint
neighborhood, the goal of the mural is to raise awareness of real
estate's role in the climate crisis and the need for significant
investment into climate tech innovation. It encourages people to
address the immediate issues Earth is facing, before stretching
their reach to outer space. Swift action needs to be taken in order
to make a difference and to cut carbon emissions.
As a small business owner and artist, Steffi has made it part of
her personal mission to better the Earth. She uses environmentally
conscious materials, including Graphenstone paint which is a
natural and sustainable coating formulated without toxic chemicals
and free of microplastics. She believes murals are a unique,
eye-catching way to draw attention to important topics that are
often disregarded by the general public. To learn more about Steffi
and her recent work, please visit her site www.steffilynn.com.
About Fifth Wall
Founded in 2016 and based in
Los Angeles, California, Fifth
Wall, a Certified B Corporation, is the largest venture capital
firm focused on technology-driven innovation for the global real
estate industry. With approximately $2.5
billion in commitments and capital under management, Fifth
Wall connects many of the world's largest owners and operators of
real estate with the entrepreneurs who are redefining the future of
the Built World. Fifth Wall is backed by a global mix of more than
70+ investors from 15 countries, including Acadia Realty Trust,
Azora, BNP Paribas Real Estate, British Land, CBRE, Cushman &
Wakefield, D.R. Horton, Equity Residential, Gecina, GLP, Hines,
Host Hotels & Resorts, Hudson Pacific Properties, Invitation
Homes, Ivanhoé Cambridge,
Jamestown, Kimco Realty
Corporation, Knight Frank, Lennar, Lowe's Home Improvement,
Macerich, Marriott International, MERLIN Properties, MetLife
Investment Management, Mitsubishi Estate, News Corp, MOMENI, Nuveen
Real Estate, PGIM Real Estate, Pontos Group, Prologis, PulteGroup,
Related Companies, SEGRO, Starwood Capital, Toll Brothers, Vanke,
and others. Fifth Wall believes this strategic corporate consortium
represents one of the largest groups of potential partners in the
global Built World ecosystem, which can result in game-changing
investments and collaborations in promising portfolio companies in
retail, residential and multi-family, commercial, industrial,
hospitality, and more. For more information about Fifth Wall, its
partners, and portfolio, visit www.fifthwall.com.
Media Contact:
FactoryPR
Fifthwall@factorypr.com
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SOURCE Fifth Wall