CapitaLand Investment increases focus on its Scope 3 emissions

By Felicia Tan

/ The Edge Singapore |

June 5, 2024 1:57 PM SGT

CapitaMall LuOne in Shanghai. Photo: CLI

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CapitaLand Investment (CLI) has incorporated three new Scope 3 categories that are deemed material to its operations. These are purchased goods and operations, fuel- and energy-related activities, as well as upstream transportation and distribution.

The group has also expanded the scope of its capital goods category after its latest review of the full inventory of Scope 3 emissions, emissions hotspots and key decarbonisation levers across its value chain.

“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 that we have increased green leases with tenants in China and Singapore to 57% as at end December 2023 from 43% a year ago, and we'll continue to do so globally,” says Vinamra Srivastava, CLI’s chief sustainability and sustainable investments officer.

“We are stepping up collaboration with tenants and working to strengthen our supply chain management through various initiatives such as piloting sustainable building innovations crowdsourced from our global CapitaLand Sustainability X Challenge (CSXC) and deploying a series of environmental, social and governance (ESG)-related capability-building programmes for selected critical suppliers in a third-party due diligence ESG check we commissioned,” he adds.

“In 2023, upon completion of the programme, these supply chain vendors achieved an improved ESG score. Our continuous focus on sustainability through on-the-ground actions and reporting addresses our vision of being the preferred global real asset manager creating sustainable positive impact,” Srivastava continues.

In addition, CLI has intensified its efforts to reduce its Scope 1 and 2 emissions. Some of its initiatives include expanding its renewable energy deployment by commissioning its first captive 21-megawatt solar power plant in Tamil Nadu, India, to power its assets there.

In 2023, CLI and its listed REITs and business trusts secured $4.5 billion in sustainable finance.

Shares in CLI closed 1 cent lower or 0.38% down at $2.66 on June 4.

This story first appeared on The Edge Singapore.

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