As an asset and investment manager, we are responsible for safeguarding and in-creasing, over the long term, the value of the capital we have been entrusted with. This guideline describes our approach to responsible investing and applies to the entire life cycle of real estate investments. We regularly review and update this guideline in order to adjust it to the ongoing development of the ESG standards.
The application of ESG criteria across all investment and decision-making process-es for the real estate properties and investment funds we manage aims to optimise the financial performance of our investments in line with sustainability aspects over the long term. At the same time, we minimise the risks of devaluation, non-compliance with statutory provisions and insufficient competitive strength of our properties in terms of meeting the needs and requirements of tenants and users alike.
As a signatory of the six Principles for Responsible Investment (PRI) of the United Nations, GPEP supports global sustainability efforts, and champions the operative implementation of principles aimed at incorporating environmental, social and governance (ESG) guidelines, step by step, into the administration of investment portfolios. This is shored up by GPEP's commitment to transparent communication with its investors, business partners and employees. The ESG guidelines form the basis of our efforts to reach our corporate goal of cli-mate neutrality across all our business activities and managed real estate portfolios by 2050.
Cornerstones for the integration of ESG criteria:
We systematically incorporate ESG criteria into the due diligence of our investment projects to ensure that the key areas for action in connection with acquisitions, real estate development or revitalisation projects can be identified and addressed at an early stage. This is our dedicated approach to building and expanding a sustainable product portfolio. With the objective of creating value through responsible investing, we ensure that ESG criteria are already taken into account when acquiring real estate and also when engaging external service providers.
We are gradually integrating ESG criteria into our lease agreements ("green leas-es") and are working together with our tenants to improve the sustainability performance of our real estate properties. When developing new properties or restructuring existing properties, we promote real estate projects that are environmentally friendly, comply with the latest energy standards and use natural and renewable resources during the building process.
With regard to the fit-out and facility management of buildings, we favour the use of innovative technologies to reduce energy consumption. We aim to minimise energy consumption and energy costs by using proactive and intelligent building control systems. We have already initiated the use of renewable energies or green power in the common areas of our real estate properties. This process will be completed by the end of 2022 and facilitates the further reduction of greenhouse gas emissions.
It is important to us to be compliant with the ESG benchmarks as per GRESB and ECORE in order to identify other development potentials and gauge our progress. We focus on the human dimension of investment projects. At a local level, we en-sure that we work with service providers who are committed to maintaining appropriate eco-management systems and social standards, and in particular protect the health and safety of their staff.
We continuously identify opportunities to optimise our energy efficiency and to devise measures to reduce our CO2 emissions, both for the real estate we manage as well as our own offices.
In their day-to-day work, our employees are committed to reducing their ecological footprint. We minimise office waste, and our office supplies and printed materials are produced in a sustainable manner. Our company car fleet is gradually transitioning to electric vehicles. The energy needed to operate our office comes from sustainable energy sources, and we are committed to saving energy. We plan and realise our business trips to be sustainable.