In the urgent global climate crisis, the real estate industry is confronted with a formidable task: to significantly decrease carbon emissions and provide a more sustainable built environment. The Urban Land Institute (ULI) Europe has launched the second edition of its PropTech Innovation Challenge (PIC), a pioneering program aimed at promoting innovation and facilitating transformative solutions, acknowledging the pressing nature of this task.
The primary focus of the PIC is on Scope 3 emissions, which include indirect emissions that occur across the whole value chain. These emissions are frequently disregarded but make a substantial contribution to the industry’s carbon impact. The challenge requires solutions that efficiently tackle Scope 3 emissions, therefore promoting more inclusive and sustainable practices in the field of real estate development and management.
ULI Europe invites proposals from a wide array of innovators, encompassing universities, research institutions, and for-profit and not-for-profit organizations, operating in different European markets. The challenge is looking for innovations that can be in the form of hardware, software, or business concepts. These solutions should address important scenarios, such as implementing large-scale retrofits, achieving operational circularity, using gamification to improve collaboration among stakeholders, integrating ESG platforms, and adopting sustainable materials.
ULI Europe demonstrates a steadfast dedication to sustainability through its mission priorities, which encompass tackling climate change and advocating for ESG principles within the real estate sector. The PIC acts as a tangible representation of this dedication, offering a platform for inventive concepts and solutions that might facilitate beneficial transformation.
The PIC is organized as a biphasic competition. During the initial stage, participants will engage in seven national or regional tournaments, which include Germany, the Nordics, Iberia, France, Poland, Switzerland, and the UK and Ireland. The applications will be reviewed and narrowed down by the National PIC Champions, and the selected finalists will then submit their solutions to a ULI PIC Jury Committee. The winners will be publicly notified and acknowledged within ULI’s vast network and the media.
In the second phase, all winners of the PIC will progress to the pan-European phase. This stage entails a public ballot on all national champions, succeeded by a prestigious European Finale in October. The ultimate victor will be declared during the C Change Summit, ULI Europe’s foremost occasion focused on climate action in the constructed surroundings.
In addition to recognition and incentives, all finalists will be granted a one-year ULI membership, which will grant them access to the Knowledge Finder research platform and the opportunity to participate in industry events. This membership promotes cooperation, connection, and ongoing education within ULI’s worldwide community of real estate experts.
Susse Schaumann, an investment analyst at NREP and the lead for the PIC, highlights the significant capacity for change that the PIC offers. She states, “The PIC provides an exceptional chance to motivate influential figures in the industry with your inventive concepts, while also being motivated by other forward-thinkers who share the same zeal for enhancing the constructed environment.”
Over 100 submissions were received for the first-ever PIC competition in 2023, demonstrating the industry’s keenness for innovation. EFFIC, a company specializing in residential refurbishment to enhance energy efficiency in Spain, was declared the ultimate winner among the contenders. Their answer showcased the significance of comprehensive strategies for reducing carbon emissions and the capacity of technology to enable sustainable behaviors.
The ULI PropTech Innovation Challenge acts as a catalyst for innovation and a call to action in the real estate industry’s pressing need to decarbonize. ULI Europe seeks to expedite the implementation of sustainable solutions and establish a more resilient and environmentally friendly built environment by promoting collaboration between traditional real estate participants and technological innovators.
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By Proptechbuzz
By Ravi Kumar
