Frasers Property first SGX-listed property firm to commit to net-zero carbon by 2050

FRASERS Property will be the first Singapore-listed real estate firm to set a net-zero carbon commitment, with an aim to reach this by 2050, it said.

This is in line with the United Nations (UN) Sustainable Development Goals and Intergovernmental Panel on Climate Change recommendation.

Given that real estate is responsible for 39 per cent of energy- and process-related emissions, tackling climate change is a priority for the group, said Frasers Property in a press statement.

The commitment is one of five new sustainability goals outlined by Frasers Property in FY2020 and as published in its latest sustainability report.

By 2022, all its businesses will have completed the development of their net-zero carbon roadmaps and carbon reduction targets using a science-based approach, and progressively implement strategies to achieve net-zero carbon by 2050, its said.

Said Panote Sirivadhanabhakdi, group chief executive officer of Frasers Property: "Sustainability is one of our core capabilities and we are targeting carbon neutrality across our properties by 2050, which is part of five sustainability goals driving our groupwide businesses."

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With this, the group has further mapped out a sustainability roadmap to incorporate environmentally and socially friendly practices throughout the entire value chain, with a focus on carbon reduction, energy efficiency and innovative solutions, he said.

Among other goals include being climate-resilient and establishing adaptation and mitigation plans by 2024.

As such, the group has also began carrying out scenario analysis of possible climate-related outcomes, such as the impact from temperature increases, to determine how its businesses might perform in the future.

Frasers Property is also aiming for 80 per cent of all its owned and managed assets to be green-certified by 2024, and for all new projects under development to be certified by 2021. It currently has over 200 green-certified buildings since 2005.

In addition, the group is looking to finance the majority of its sustainable asset portfolios with green and sustainable financing by 2024.

It will also educate and empower employees to act on its sustainability goals through activation campaigns and training programmes. It is looking to train all its employees on sustainability by 2021 and further extend the training to its supply chain and other stakeholders beyond 2021.

Shares of Frasers Property ended Thursday at S$1.28, up S$0.01 or 0.8 per cent.