The IPCC defines net zero as that point when “anthropogenic emissions of greenhouse gases to the atmosphere are balanced by anthropogenic removals over a specified period”. With regards to real estate, “net zero carbon” is when the carbon emissions emitted as a result of all activities associated with the development, ownership and servicing of a building are zero or negative. This definition encompasses the entire life cycle of a building, including construction, operation, refurbishment, and demolition, and includes emissions associated with whole-building energy use during the operational phase (operational carbon) as well as emissions embodied in building materials during the construction phase (embodied carbon). The net zero carbon balance has to be achieved on an annual basis. Consequently, these emissions include those attributable to the ownership of the real estate and from the activities of tenants in occupation.