Embassy REIT commits Rs 300 cr for investments in green initiatives
Embassy Business Parks REIT (Embassy REIT), India’s first listed REIT and Asia’s largest office REIT by area, announced today that it has committed more than Rs 300 crores to its ESG programme across its 43.6 million square foot pan-India portfolio.
Embassy REIT commissioned the first phase of its 20 MW solar rooftop project on March 10th, at its flagship ‘ESG Occupier Connect’ forum attended by over 200 key occupiers and strategic partners. This project, one of the largest in Asia, aims to generate 30 million units of solar power, which will offset approximately 25,000 tonnes of CO2 emissions.
By 2025, Embassy REIT hopes to use 75% renewable energy as part of its 2040 net zero carbon operations goal. The REIT strategically intends to build new solar plants in Bengaluru and the NCR, in addition to the existing 100 MW solar plant, to more than quadruple its present 120 MW onsite and offsite renewable energy capacity.
The increase in renewable energy capacity would be funded by extra capital investments over and above the Rs 300 crores that Embassy REIT has previously committed to its current ESG activities.
Embassy REIT’s chief executive officer, Vikaash Khdloya, stated: “Embassy REIT has been on a mission to be an ecologically conscious, socially responsible, and a governance-first organisation for years. With committed investments, specific targets, and action plans, we have adopted an ESG framework that is the best in the business. It is based on 19 distinct programmes. We continue to provide and run top-notch, wellness-focused workspaces for our occupiers and their staff, with sustainability as a primary focus.
Embassy REIT’s ESG programme has won numerous awards from illustrious international organisations and has obtained a 5-star rating from both GRESB and the British Safety Council.
Moreover, Green Business Certification Inc. recognised Embassy REIT as having the largest “USGBC LEED Platinum-Certified” office portfolio (v4.1 O+M).