Mindspace REIT targets to achieve Net Carbon Zero status by 2042

Mumbai, India: Mindspace Business Parks REIT, owner and developer of quality Grade-A office portfolio in key micro-markets of India, released its 3rd Annual ESG report for Financial Year 2023-24. The report, released at an event titled Impact Unveiled, showcased the entity’s progress in its journey to strengthen environmental stewardship, social responsibility, and corporate governance, while measuring impact created. Along with releasing the report, Mindspace REIT also announced its target to achieve Net Carbon Zero status by 2042. This is aligned with the Paris Agreement’s aim to limit global temperature rise to 1.5°C, and which will contribute to India’s target of becoming a Net Carbon Zero country by 2070.

Ramesh Nair, CEO, Mindspace Business Parks REIT, said, “At Mindspace REIT, we believe sustainable growth is not just a choice but a responsibility to future generations. Our Net Carbon Zero target by 2042, supported by our GRESB rankings and green building portfolio, demonstrates our dedication towards a greener, more resilient future. Our focus on wellness at the workplace across our people, tenants and communities has been impactful. We will continue pushing boundaries and innovating to create a truly sustainable built environment.”

Environment

– With 99.9% of the portfolio already certified as green, and with 19.3msf of platinum green certified buildings, the entity is walking the talk to build and manage sustainable ecosystems.

– Through the reporting year, Mindspace REIT has increased its renewable energy consumption to 31,842 MWh, accounting for 28.93% of total energy usage at operational assets, up from 6.12% in FY 2023-24.

– Mindspace REIT announced its intent to validate near-term and long-term GHG emissions reduction targets externally through the Science Based Target initiative (SBTi).

– The entity has reduced its Scope 1 & 2 emissions by a significant 30.5% in FY 2023-24 compared to FY 2019-20 baseline.

– Mindspace REIT treated and reused 12,58,068 KL wastewater and recycled more than 95% of operational waste.

Social

– The REIT spent INR 96.1 million in CSR initiatives, undertaking multiple initiatives for societal upliftment supporting animal welfare, women’s security and empowerment, aiding sportspeople with disabilities and lake rejuvenation, positively impacting 6,04,918 community members.

– The entity’s robust health and safety practices have earned it 9 Sword of Honor Awards in addition to the Five Star Occupational Health and Safety Ratings from the British Safety Council for 7 assets.

– The entity has allocated a significant wellness spend of INR 74000 per employee. Mindspace REIT also delivered an average of more than 20 hours of training to employees, of which 11 were focused on ESG topics to align them better with its Net Carbon Zero goals.

Governance

– 94% of the entity’s critical suppliers, who account for 60% of its construction expenditure in terms of value, have acknowledged Mindspace REIT’s Supplier Code of Conduct.

– 100% of the portfolio is covered under Climate Risk Assessment

– Mindspace REIT has also become the First Indian REIT to issue Sustainability Linked Bond, raising INR 650 Crore from International Finance Corporation.

– Mindspace REIT is first Indian commercial real estate entity to be recognized as the ‘Global Listed Sector Leader’ in the GRESB Development Portfolio Benchmark 2023. The entity also secured first place in the ‘Listed Companies Category’ for Commercial Business in Asia, a perfect 100/100 in office development and 91/100 for Standing Investments.

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