CapitaLand Investment plans to cut its scope one and two greenhouse gas emissions by 46 percent by 2030, above its previous 28 percent target, compared with a pre-Covid 2019 base year, the real estate investment manager (REIM) said Tuesday.
In addition, the REIM said it planned to achieve net-zero emissions by 2050.
The new plan includes accelerating the transition to a low-carbon business, improving water conservation and resilience and enabling a circular economy, CapitaLand Investment said in a filing to SGX.
CapitaLand Investment said its strategy for reaching net zero by 2050 includes: reducing energy use and improving energy efficiency via building design and engineering changes; intensifying the use of on-site renewable energy; purchasing green power on markets where allowed; and using renewable energy certificates as a last resort.
In its 2021 sustainability report, filed to SGX, the company said it achieved utilities cost avoidance of S$320 million on operational efficiencies; it added that it reached a 52 percent in water consumption intensity and a 43 percent reduction in energy consumption intensity per square meter. The company said renewable energy use was at around 4.3 percent of its total electricity consumption, with a target to boost that to 35 percent by 2030.
Around 48 percent of the REIM’s portfolio has green building certifications, the company said.