GHG Emissions, Industrial, Sourcing Renewables  -  June 21, 2024

CapitaLand Investment Adds Scope 3 Categories, RE

Singapore-based CapitaLand Investment Limited (CLI) announced the incorporation of three new Scope 3 categories that are material to its operations: purchased goods and operations, fuel- and energy-related activities and upstream transportation and distribution.

The global real asset manager expanded the scope of the capital goods category following the latest review of its full inventory of Scope 3 emissions, emissions hotspots and key decarbonization levers across its value chain.

Details were listed in its 15th Global Sustainability Report, where the company also bolstered its reporting in existing categories, such as tenant consumption, enabling improved initiatives with tenants and the supply chains. 

"Tightening our focus on Scope 3 emissions is crucial because they account for the majority of CLI's total greenhouse gas emissions,” said Vinamra Srivastava, CLI's Chief Sustainability and Sustainable Investments Officer, in a statement. “With tenant emissions being the largest contributor to Scope 3, we are pleased that we have increased green leases with tenants in China and Singapore to 57% as at end Dec 2023 from 43% a year ago, and we'll continue to do so globally."

In addition to expanding its Scope 3 emissions disclosures, the report highlights its progress in lowering its Scope 1 and 2 emissions intensity and managing climate-related risks as it strives towards its Net Zero targets. 

The company expanded its renewable energy deployment by commissioning its first  21-megawatt solar power plant in Tamil Nadu, India, to power its assets there. The expanded use of green energy to 44 properties in Singapore, China, India, Australia, Belgium, Germany, India, Japan, Indonesia and the U.K., as well as 10 business parks in India, also mitigated a total of 41,000 tons of carbon emissions. The company plans to scale up its renewable procurement efforts.

Through asset enhancement initiatives (AEIs), CLI achieved a 13.4% energy intensity reduction against 2019 despite a growing portfolio. With 60% of buildings in its global portfolio attaining green ratings in 2023, CLI targets to achieve 100% certification by 2030.  Furthermore, 46% of CLI's properties were certified LEED Gold and above or equivalent.

Earlier in 2024, the company published its first Climate Resilience Report based on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). The report incorporates a climate scenario analysis of 480 properties across 20 countries and various asset classes.