Capitaland Investment Increases Focus Its Scope 3 Emissions
Singapore’s leading real estate company CapitaLand Investment (CLI) has recently announced the incorporation of three new Scope 3 categories that are deemed crucial to its operations. These categories include purchased goods and operations, fuel and energy-related activities, and upstream transportation and distribution. The group has also expanded the scope of its capital goods category after conducting a thorough review of its full inventory of Scope 3 emissions, identifying emissions hotspots, and understanding key decarbonization levers across its value chain.
CLI’s Chief Sustainability and Sustainable Investments Officer Vinamra Srivastava explains, “Tightening our focus on Scope 3 emissions is crucial because they account for the majority of CLI’s total greenhouse gas emissions. With tenant emissions being the largest contributor to Scope 3, we are pleased to have increased green leases with tenants in China and Singapore to 57% as of December 2023, up from 43% a year ago. We will continue to do so globally.”
The company has strengthened its efforts towards sustainability by collaborating with tenants and enhancing its supply chain management through various initiatives. This includes piloting sustainable building innovations from the global CapitaLand Sustainability X Challenge (CSXC) and deploying a series of Environmental, Social, and Governance (ESG)-related capability-building programs for selected critical suppliers. Srivastava adds, “In 2023, upon completion of the program, these supply chain vendors achieved an improved ESG score. Our continuous focus on sustainability through on-the-ground actions and reporting aligns with our vision of being the preferred global real asset manager creating sustainable positive impact.”
CLI has also intensified its efforts to reduce its Scope 1 and 2 emissions. In line with this, the company has expanded its renewable energy deployment by commissioning its first captive 21-megawatt solar power plant in Tamil Nadu, India, to power its assets in the region. Moreover, CLI and its listed REITs and business trusts secured $4.5 billion in sustainable finance in 2023.
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As of June 4, 2023, shares in CLI closed at $2.66, 1 cent lower or 0.38% down. These latest developments from CLI showcase the company’s commitment to sustainability and its continuous efforts to create a positive impact on the environment.