CapitaLand Investment Ltd. aims to become a net zero company by 2050, a move that will see the property developer invest in initiatives to mitigate its carbon emissions.
The company also aims to reduce its absolute scope 1 and 2 greenhouse gas emissions–those from directly controlled sources and energy use–by 46% by 2030 compared with 2019 levels, in accordance with the goals of the Paris Agreement. Its original 2030 target was to cut emissions by 28% from 2019 levels.
To do this, CapitaLand Investment plans to reduce its energy use and improve energy efficiencies through innovative building designs and engineering solutions. The company will upgrade some of its key building systems to lower on-site electricity consumption, it said.
It will also increase the use of on-site renewable energy, purchase green power where legislation allows for it and only use renewable-energy certificates as a last resort, it added.
The company also aims to increase its total electricity consumption from renewable energy to 35% by 2030. In 2021, the figure was 4.3%, which helped CapitaLand mitigate about 28,960 tons of carbon emissions, equivalent to the annual electricity use of 10,608 households, it said.
CapitaLand said in its 2021 sustainability report that, using 2008 as a baseline, it achieved cumulative utilities cost avoidance of 320 million Singapore dollars (US$234.1 million) by reducing carbon emissions, energy and water intensities.