Commercial, Energy Efficiency, GHG Emissions, Commercial, Sourcing Renewables - July 26, 2023
AvalonBay Communities Reports 43.6% Emissions Reduction
AvalonBay Communities announced progress on its science-based emissions reduction targets with a 43.6% reduction in Scope 1 and 2 emissions and a 13.9% reduction in Scope 3 emissions on an intensity basis since a baseline year of 2017.
The real estate company, which owns apartment buildings, also activated 13 additional solar photovoltaic systems representing 2.25 megawatts and continued efforts to source green electricity in support of its science-based targets.
AvalonBay’s 63 communities also received one or more environmental certifications to date and an additional 30 LEED, Energy Star or Fitwel certifications are in process as of year-end.
In its 12th annual Environmental, Social and Governance (ESG) Report, AvalonBay reported it also entered into a $2.25 billion sustainability-linked credit facility that includes both upside and downside pricing potential based on annual performance against Scope 1 and 2 emissions reduction targets.
“At AvalonBay, we believe that our focus on strong environmental, social and governance practices is essential to fulfilling our purpose of 'creating a better way to live' and driving our long-term success,” said Benjamin W. Schall, CEO and President of AvalonBay, in a statement. “As I reflect on the ways in which we integrate ESG efforts into our business, I am incredibly proud of what we, as an organization, have accomplished to date and, more importantly, of our steadfast commitment to making a difference for the future."
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