CapitaLand Investment (CLI) has committed to achieving net zero emissions by 2050. The announcement was made in tandem with the publication of its 13th Global Sustainability Report which covers its 2021 sustainability performance.
In a release dated May 31, the group says it aims to reduce its absolute scope 1 and 2 greenhouse gas emissions by 46%, up from 28%, by 2030 from a 2019 base year.
The new targets have been validated by the Science Based Targets initiative (SBTI) to limit global warming to 1.5 degrees Celscius.
The new Net Zero commitment builds on existing sustainability targets outlined in CapitaLand’s 2030 sustainability master plan unveiled in October 2020.
According to CapitaLand, the group is on track to attaining its net zero commitment as well as its 2030 sustainability master plan targets.
“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,” says Lee Chee Koon, group CEO, CLI.
See also: JPMorgan pursues deals to finance shutdown of coal-fired power
“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,” Lee adds.
Lynette Leong, chief sustainability officer, CLI says the pathway to net zero has integrated environmental, social and governance (ESG) factors and the targets in the group’s 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 $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,” says Leong.
See also: Indonesia’s ‘ambitious’ net zero, coal phase-out plans ‘challenging’ in reality: BMI
“To further demonstrate our commitment, sustainability and climate-related performance targets are also linked to our senior management’s remuneration,” she adds.
Shares in CLI closed 2 cents higher or 0.51% up at $3.92 on May 30.
