Achieves cumulative utilities cost avoidance of S$320 million through reduction in carbon emissions, energy and water intensities
SINGAPORE, June 3, 2022 /PRNewswire/ — CapitaLand Investment Limited (CLI) has elevated its commitment to sustainability by aiming to achieve Net Zero emissions by 2050. To realise this commitment, CLI aims to reduce its absolute scope 1 and 2 greenhouse gas emissions by 46%, up from 28%, by 2030 from a 2019 base year. These new targets to reduce greenhouse gas emissions are validated by the Science Based Targets initiative (SBTi) to limit global warming to 1.5°C, in accordance with the goals of the Paris Agreement. CapitaLand is one of the few Singapore-based companies to have SBTi-approved carbon targets aligned to the 1.5°C scenario for its extensive global operations.
The new Net Zero commitment builds on existing sustainability targets outlined in CapitaLand’s 2030 Sustainability Master Plan unveiled in October 2020. This includes accelerating the transition to a low-carbon business, improving water conservation and resilience, and enabling a circular economy.
CLI announced its Net Zero commitment today in tandem with the publication of its 13th Global Sustainability Report which covers its 2021 sustainability performance. CLI is on track to attain its Net Zero commitment as well as its 2030 Sustainability Master Plan targets.
Mr Lee Chee Koon, Group Chief Executive Officer, CLI, said: “Sustainability is at the core of everything we do, and science-based climate action is imperative. We are cognisant of our responsibility to not only contribute to Singapore’s Net Zero carbon goals, but also transition to a low-carbon business in the communities we operate in across the world. Achieving our new ambition to attain Net Zero by 2050 requires a myriad of initiatives and we will continue to regularly report our sustainability performance and impact. CapitaLand’s sustainability journey started over 20 years ago and today, we are well-recognised as a global sustainability leader in the real estate industry. We appreciate the trust and support from our stakeholders as we continue to do good and do right, as we do well.”
Ms Lynette Leong, Chief Sustainability Officer, CLI said: “In our pathway to Net Zero, we have integrated environmental, social and governance (ESG) factors and the targets in our 2030 Sustainability Master Plan into CLI’s investment, procurement and operational processes. We pioneered a proprietary return-on-sustainability metric that includes interest rate savings from our sustainability-linked loans and utilities cost avoidance to measure the value created through our sustainability efforts. The interest savings, together with the S$50 million CapitaLand Innovation Fund, back the test-bedding and implementation of new sustainability-related technologies sourced globally through our annual CapitaLand Sustainability X Challenge (CSXC) and other ground-up initiatives, and which in turn accelerate the achievement of our sustainability targets. To further demonstrate our commitment, sustainability and climate-related performance targets are also linked to our senior management’s remuneration.”
CLI’s carbon mitigation strategy towards Net Zero by 2050 is prioritised as such:
CLI’s Sustainability Report Highlights
CLI’s 2021 Global Sustainability Report details its journey, outcomes and progress towards achieving its sustainability targets and is externally assured to AA 1000 Assurance Standard. Highlights include:
In 2021, CLI increased its use of renewable energy to about 4.3% (47,800 MWh) of its total electricity consumption. This helped to mitigate about 28,960 tonnes of carbon emissions, equivalent to electricity use in 10,608 households annually. This was attributed to 21 properties in Singapore, China, Australia, Belgium, India, United Kingdom and seven business parks in India that were fully or partially powered by renewable energy via on-site renewable energy systems or the purchase of full green power or partial green power. CLI aims to increase its total electricity consumption from renewable energy sources to 35% by 2030.
CapitaLand recognised for its leadership in sustainability globally
CapitaLand’s leadership and efforts in sustainability continue to be recognised by the industry as well as prestigious international indices and benchmarks such as the ‘Global 100 Most Sustainable Corporations in the World Index’ and ‘Dow Jones Sustainability World Index’ for 10 years, and ‘Global Real Estate Sustainability Benchmark’ for four years.
CapitaLand was recognised for its comprehensive sustainability strategies and outcomes guided by its 2030 Sustainability Master Plan. This includes its industry-first and innovative initiatives such as CSXC, the first global sustainability-focused innovation challenge for the built environment sector by a Singapore-headquartered real estate company. Six selected innovations from the inaugural CSXC are being piloted at CapitaLand’s properties in Singapore and the United States. These promising innovations can be further scaled to boost CapitaLand’s efforts to meet its 2030 Sustainability Master Plan targets and make an impact on the wider built environment. The second CSXC 2022 is currently underway and has received over 340 submissions from more than 50 countries.
CapitaLand has also set up a S$50 million innovation fund and the Smart Urban Co-Innovation Lab to foster more industry collaborations, engaging over 700 companies to catalyse more urban solutions.
About CapitaLand Investment Limited (www.capitalandinvest.com)
Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a leading global real estate investment manager (REIM) with a strong Asia foothold. As at 31 March 2022, CLI had about S$124 billion of real estate assets under management, and about S$86 billion of real estate funds under management (FUM) held via six listed real estate investment trusts and business trusts, and 29 private funds across Asia-Pacific, Europe and USA. Its diversified real estate asset classes cover integrated developments, retail, office, lodging, business parks, industrial, logistics and data centres. Follow @CapitaLand on social media
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