Cadillac Fairview is adopting a series of sustainable investing goals to help its portfolio achieve carbon neutrality by 2050.
The real estate arm of the Ontario Teachers’ Pension Plan announced it would achieve net-zero emissions in its $35-billion portfolio before 2050 in stages. During the first stage, it aims to reduce its portfolio’s carbon emissions to 65 per cent of it 2017 levels by 2030.
In a press release, John Sullivan, president and chief executive officer of CF, said sustainability couldn’t be achieved by waiting on the sidelines. “In 2008, we launched our industry-leading national sustainability program, Green at Work, which has already reduced emissions by 56 per cent, surpassing Canada’s national 2030 target. More recently, we reset our baseline year to 2017 and are now committed to reduce our emissions by an additional 35 percent by 2030.”
According to the press release, emissions reductions goals are aligned with independent, third-party decarbonization frameworks such as the Science Based Targets Initiative and the Carbon Risk Real Estate Monitor. The targets will be re-evaluated on an annual basis to ensure they are in alignment with the latest scientific information.
The investment organization also committed to adapting to the effects of a changing climate by evaluating climate risk at all of its properties, including extreme weather event risks, the release said, noting CF will also aim to improve its buildings infrastructure to support the transition to low-emission transportation, including the installation of electric vehicle charging stations.
It will also protect the natural resources of its properties through site-specific and measurable targets in the areas of waste, water and energy, and working with suppliers and its broader network to identify additional opportunities to reduce environmental impact. CF will continue to validate its sustainability efforts through independent, third-party certifications and benchmarks, including the Global Real Estate Sustainability Benchmark.