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Lendlease to commit to net zero carbon emissions by 2025

By Valerie Kor

/ EdgeProp Singapore |

November 27, 2020 12:03 PM SGT

SINGAPORE (EDGEPROP) - Lendlease has announced its commitment to work towards two carbon targets: net zero carbon by 2025 and absolute zero carbon by 2040. Its goal is to become a 1.5°C-aligned company.

The company will undertake five key steps towards these two goals. First, it will create a decarbonisation investment strategy, which will be guided by Lendlease’s targets, business strategy and development pipeline.

Second, it will phase out diesel and gas, and focus on fuel switching and electrification in the operation of its assets and developments. Third, Lendlease will transition to 100% renewable electricity by 2030 through a combination of onsite renewable technologies, as well as the purchase of renewable electricity and renewable energy certificates.

Fourth, it will collaborate with supply chain partners to “create digitally enabled supply chains to drive circular economy outcomes”. Lastly, it will collaborate with tenants and residents to transition to renewable energy.

As a testament to the firm's commitment to sustainable goals, Lendlease’s funds, such as Lendlease Global Commercial REIT (LREIT), Lendlease Jem Partners (LLJP) and Parkway Parade Partnership, have ranked among the top spots in the 2020 the Global Real Estate Sustainability Benchmark (GRESB) rankings in the Asia Retail category.

Read more: Frequent cleaning and high indoor air quality the benchmark at malls, hotels

The GRESB is an investor-driven benchmark and reporting framework for the global real estate and infrastructure industry based on environmental, social and corporate governance performance.

Kelvin Chow, CEO of Lendlease Global Commercial Trust Management, says that LREIT strives to create long-term value for stakeholders and provide a strong competitive advantage, given the increased demand for sustainable assets.

Tags:

Lendlease LREIT Lendlease Jem Partners (LLJP)Parkway Parade Partnership GRESB Kelvin Chow stakeholders

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