Capitaland Investment Increases Focus Its Scope 3 Emissions
in private placementKeppel Land targets 75% cut in carbon emissions by 2030 CapitaLand Investment (CLI) has recently updated its Scope 3 emissions categories to better reflect the impact of its operations. These changes include the addition of three new categories, which are purchased goods and operations, fuel- and energy-related activities, as well as upstream transportation and distribution.
CLI has also expanded its capital goods category after conducting a thorough review of its Scope 3 emissions, identifying key areas for decarbonization across its value chain.
“Considering Scope 3 emissions is crucial as they make up the majority of our total greenhouse gas emissions,” says Vinamra Srivastava, CLI’s chief sustainability and sustainable investments officer. With tenant emissions being the largest contributor to Scope 3, CLI has made significant progress in increasing green leases with tenants in China and Singapore, which currently stand at 57% compared to 43% a year ago. The company plans to continue this trend globally.
CLI has taken various steps to reduce its Scope 1 and 2 emissions, including expanding its use of renewable energy. The group recently commissioned its first captive 21-megawatt solar power plant in Tamil Nadu, India, to power its assets in the region. In addition, CLI and its listed REITs and business trusts secured $4.5 billion in sustainable finance in 2023.
The company has also increased its focus on supply chain management, collaborating with tenants and implementing various initiatives such as the CapitaLand Sustainability X Challenge (CSXC) to pilot sustainable building innovations. CLI is also working with selected critical suppliers to build their capabilities in environmental, social and governance (ESG) practices through a third-party due diligence check.
As a result, these supply chain vendors have improved their ESG scores. Srivastava believes that their continuous focus on sustainability aligns with CLI’s vision of being the preferred global real asset manager that creates sustainable positive impact.
On June 4, shares in CLI closed at $2.66, down 1 cent or 0.38%. The company continues to drive its sustainability efforts, making significant progress towards its sustainability goals.
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