Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) (‘Embassy REIT’), India’s first listed REIT and the largest office REIT in Asia by area, announced today that it has committed over ₹300 crores to its ESG program across its 43.6 msf pan-India portfolio. During its flagship ‘ESG Occupier Connect’ forum held on March 10th, attended by over 200 key occupiers and strategic partners, Embassy REIT commissioned the first phase of its 20 MW solar rooftop project. This project, one of Asia’s largest, aims to generate 30 million units of solar power, offsetting around 25,000 tonnes of CO2 emissions.
As part of its 2040 net zero carbon operations goal, Embassy REIT aims to achieve 75% renewable energy usage by 2025. Apart from the existing 100 MW solar plant, the REIT strategically plans to more than double its current 120 MW onsite and offsite renewable energy capacity by installing new solar plants across Bengaluru and NCR. This renewable energy capacity enhancement will be through additional capital investments above the ₹300 crores already committed by Embassy REIT to its ongoing ESG initiatives.
Vikaash Khdloya, Chief Executive Officer of Embassy REIT, said,
“To be environmentally conscious, socially responsible and a governance-first business is a journey that Embassy REIT embarked on years ago. We have adopted an industry leading ESG framework, built on 19 specific programs, with committed investments, clear targets and action plans. Keeping sustainability as a core focus, we continue to deliver and operate world-class, wellness-oriented workspaces for our occupiers and their employees.”
Embassy REIT’s ESG program has received multiple accolades from renowned global institutions and was awarded a 5-star rating both from GRESB and the British Safety Council. In addition, Embassy REIT was recognised as the world’s largest ‘USGBC LEED Platinum-Certified’ office portfolio (v4.1 O+M) by Green Business Certification Inc. Embassy REIT’s sustainable finance portfolio has grown to over ₹3,900 crores, and two of its listed bonds were recently awarded at the prestigious ‘Asset Triple A Country Awards for Sustainable Finance’.
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