Fifth Wall and 4 REITs: A Big Bet on Climate-Focused Proptech

Los Angeles-based Fifth Wall set that goal for its Climate Tech Fund and announced this week that $140 million so far is from five firms: Canada-based Ivanhoé Cambridge and the following real estate investment trusts (REITs): Equity Residential, Hudson Pacific Properties, Invitation Homes, and Kimco Realty. Citing research that says the real estate industry -- in the form of building construction and operations -- is responsible for nearly 40% of all greenhouse gases, the Fifth Wall announcement says the Climate Tech Fund “represents the first time that real estate industry heavyweights have come together, collectively and cooperatively, to close the significant climate tech funding gap in real estate and dramatically reduce the industry's carbon footprint.”