Venture Capital firm Fifth Wall’s innovative approach to global real estate took a major step forward with their recognition as a Certified B Corporation, or “B Corp”. This signifies them as a company that uses business as a force for good in the world. They have committed to using their power to solve environmental and social problems, while maintaining high standards for accountability, transparency, and performance.
As a whole the real estate industry accounts for 30% of global greenhouse gas emissions, 40% of energy consumption, and 40% of the world’s raw materials. In view of these rates, Fifth Wall believes that the industry has a responsibility to lower environmental impact. They’ve committed over $1 billion in capital and commitments towards sustainable and inclusive practices into the real estate sector.
Further efforts on Fifth Wall’s part include an upcoming Carbon Impact Fund, aiming to build a consortium of real estate companies that put the environment first. Their certification as a B Corp emphasizes to Fifth Wall’s employees, investors, and portfolio companies to know they’re partnered with an organization that champions a better world for everyone.
“It is incumbent upon all of us to take actionable steps towards building a more equitable and sustainable society,” said Fifth Wall Managing Partner and Co-Founder, Brendan Wallace. “We recognize that today’s announcement is a small step and that there is a lot more work to be done. As a member of the venture capital and technology ecosystems, we’re hopeful this commitment will be shared by our peers and ultimately catalyze an industry-wide shift in mindset.”
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