Commercial, Energy Efficiency, GHG Emissions  -  October 24, 2023

Rexford Industrial Receives SBTi Validation

Rexford Industrial Realty, Inc., a real estate investment trust focused on investing in and operating industrial properties located throughout Southern California, announced the validation of its emissions reduction targets by the Science Based Targets initiative (SBTi).

The Science Based Targets initiative (SBTi) validated Rexford Industrial's target to reach net-zero GHG emissions across Scopes 1, 2 and 3 by 2045, as well as the company's near-term science-based target to reduce absolute Scope 1 and 2 emissions by 42% by 2030 from a 2022 baseline.

 "Rexford Industrial is committed to mitigating climate-related risks for all stakeholders by actively addressing the changing climate through our holistic ESGi approach," stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers, in a statement. "Our focus on repositioning and recycling vintage, energy-inefficient buildings into highly functional properties adhering to green standards creates substantial Environmental Value. Together with our tenants, partners and Rexford team, we are developing sustainable operating strategies which position the Company to continue to deliver Environmental and Societal Value by reducing our carbon footprint and revitalizing our broader community. Rexford Industrial's alignment with SBTi strengthens our fundamental, transparent governance practices and will maximize our impact as we strive to achieve our science-based net-zero target." 

The strategies that Rexford Industrial will follow to achieve the science-based targets include:

• Collaborating with tenants for energy and carbon reduction measures, including LED lighting conversions, high-efficiency HVAC upgrades, conversion of gas systems to electric alternatives and cool roof installations,
  
• Adhering to high green building standards:
• Achieve LEED Silver (or higher) for all ground up developments
• Upgrade to high-efficiency energy and water systems when repositioning assets
• Prioritize the use of construction techniques and materials with lower embodied carbon emissions, and
• Maximizing investment in onsite renewable energy across the portfolio.