Bengaluru: Embassy Office Parks REIT (Embassy REIT) announced its commitment to achieve net zero carbon emissions by 2040 across its operational portfolio, three decades ahead of India’s 2070 target set at the Glasgow COP26 summit in 2021.
Embassy REIT had proactively commissioned net zero studies in the last year for its largest properties. Based on the study results, a pathway to net zero has been laid out, consisting of a 5-point strategy to be applied across its portfolio.
- Increase usage of renewable energy, through both internal and third-party initiatives
- Reduce energy consumption footprint of existing facilities, by investing to improve energy-efficiency
- Partner with key occupiers, suppliers and contractors to develop joint action plans towards reducing emissions
- Embed net zero evaluation in pre-acquisition due diligence
- Offset residual emissions through selected projects
In October 2021, Embassy REIT announced a commitment to achieve 75% renewable energy usage across its properties by FY2025.
An existing 100 MW solar plant supplying electricity to its Bangalore properties as well as an ongoing project to install solar rooftop panels with a capacity of over 20 MW across its pan-India asset-base are central to achieving this target. Embassy REIT has also embarked on an ambitious programme to reduce energy and water consumption in its parks by upgrading lighting and cooling systems as well as installing water efficient fixtures.
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Michael Holland, Chief Executive Officer of Embassy REIT, said, “Our 2040 net zero commitment is aligned to the goals of our occupiers, investors and other key stakeholders. Embassy REIT’s ability to build and maintain sustainable and energy-efficient buildings is a clear competitive advantage in a market increasingly focused on high-quality sustainable workspaces. We continue to take a leadership position and remain at the forefront of the sustainability arena in the Indian real estate sector, as reflected in our recent WELL Portfolio score as well as our 2021 GRESB results.”
Embassy REIT will strive to directly reduce its Scope 1 and 2 emissions; and will work closely to align strategies with its suppliers, contractors and occupiers to reduce selected Scope 3 emissions[1]. For all future acquisitions, Embassy REIT will aim to bring the asset under the purview of its net zero commitment within 5 years post the completion of the acquisition.
(1. As per Greenhouse Gas Protocol guidelines, Embassy REIT’s carbon emissions are segmented into three scopes. Scope 1 emissions are direct emissions from sources owned or controlled by Embassy REIT. Scope 2 emissions are indirect emissions produced offsite as a result of purchased energy such as electricity and heat. Scope 3 emissions occur across the organization’s value chain, including suppliers, contractors and occupiers.)
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