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Lendlease targets absolute-zero carbon emissions by 2040
SYDNEY-BASED Lendlease, which manages Singapore-listed Lendlease Global Commercial Reit, has pledged new sustainability goals.
In a press statement, the property and infrastructure group said it is committed to becoming a 1.5 degrees Celsius-aligned company.
This will be underpinned by two carbon targets - net-zero carbon emissions by 2025, and absolute-zero carbon emissions by 2040.
To achieve this decarbonisation goal, Lendlease will take five key steps:
- Create a decarbonisation investment strategy for both net-zero and absolute-zero targets, guided by Lendlease's targets, business strategy and development pipeline
- Phase out all fossil fuel-based energy sources - such as petrol, diesel, liquefied petroleum gas, natural gas, coal and oil - in its operations, and focus on fuel switching and electrification in its assets and developments
- Transition to 100 per cent renewable electricity by 2030 through onsite renewable technologies as well as the purchase of renewable electricity and renewable-energy certificates
- Collaborate with supply chain partners to drive innovation and create digitally-enabled supply chains for circular-economy outcomes
- Collaborate with tenants and residents at its properties to transition to renewable energy
Lendlease's portfolio includes Singapore suburban malls Jem and Parkway Parade. Among its key projects are Paya Lebar Quarter, which includes Park Place Residences, as well as Tun Razak Exchange with TRX Residences in Kuala Lumpur.
In addition, Lendlease said it is committing to create A$250 million (S$245 million) of social value by 2025 through shared-value partnerships.
Tony Lombardo, Asia chief executive officer (CEO) of Lendlease, said that as a signatory to the United Nations Global Compact, the firm is looking to continuously improve its operations by working towards new sustainability goals.
Lendlease aims to help drive industry transformation by delivering inclusive, healthy and adaptable places that can thrive through change, he added.
The Australia-listed group also said in a press statement that its funds have again taken some of the top spots in this year's Global Real Estate Sustainability Benchmark rankings in the Asia Retail category.
Lendlease Global Commercial Reit, for instance, ranked first and clinched the status of regional sector leader. Kelvin Chow, CEO of the real estate investment trust's manager, said this underscores the trust's focus on benchmarking its performance against global sustainability frameworks.
Units of the trust, whose portfolio includes the 313@Somerset mall in Singapore and the Sky Complex office buildings in Milan, fell 0.5 Singapore cent or 0.7 per cent to trade at 67.5 cents as at 11.06am on Thursday.