Brookfields Properties India Advances Its Net Zero Target By 10 Years To 2040

* Launches its first ESG Report

Accelerating the transition to a zero-carbon economy to ensure that its portfolio aligns with climate action best practices, Brookfield Properties India has advanced its commitment to reach Net Zero greenhouse gas (GHG) emissions by 10 years to 2040 in the India properties.                        

In its inaugural ESG report unveiled today, the company presents detailed insights on its ESG principles for developing a resilient business.

With its robust ESG framework, Brookfield Properties has undertaken sincere efforts to measure and proactively manage energy and water use, waste, and GHG emissions across its portfolio in India, to align with UN Sustainable Development Goals (SDGs) and GRI reporting framework.

Expressing his views on the report, Alok Aggarwal, Managing Director and Chief Executive Officer of Brookfield Properties India said, “Our ESG strategy is centered on business resilience and creating value for the entire ecosystem in which we operate. In line with our commitment, all our campuses focus on energy efficiency, reducing water consumption, promoting recycling, and improving indoor air quality - providing occupants with a healthy working environment. The company’s robust governance framework is instrumental in mitigating risk, ensuring transparency, focusing on sustainable solutions, empowering people, and building trust.  We are committed to practices that have a positive impact on the environment and the communities. With these measures in place, we have advanced our Net Zero target by 10 years across our entire portfolio of 50 million square feet in India.”

“Our marquee office campuses are the workplace addresses for 450+ Fortune 500 tenants and more than 4M people.  Brookfield Properties is committed to the integration of ESG practices in its operations across its portfolio in India. For instance, Kensington (in Downtown Powai), a marquee asset in Brookfield Properties India portfolio is now operating with 100% green power for its common areas through Renewable Energy Guarantee of Origin (REGO) certificates. Ecoworld, Bengaluru, has received India’s first Net Zero Waste Platinum campus certification by IGBC for recycling over 96% of waste. The Brookfield India Real Estate Trust was recognized as Sector Leader by GRESB for Sustainable Office Development in Asia and received a score of 90/100 and a 5-star rating in the first year of submission.” 

Brookfield Properties has committed to carbon reduction targets approved by the Science Based Targets initiative (SBTi) by FY2023 along a 1.5 degrees C global warming scenario. To achieve the targets, the company has committed to reaching the following interim targets by 2025 from a 2019 baseline: 

·         Reduce greenhouse gas emissions, energy and water consumption in new and existing buildings

o   10% reduction in energy consumption

o   10% reduction in GHG emissions

o   10% reduction in water consumption

·         Improve waste diversions at their assets

o   90% of waste diversions from landfill

·         To achieve net zero by 2040 or sooner

o   Increase renewable energy use to 30%

o   Sustainable Building certifications for 95% of the portfolio

o   Ensuring environmental data monitoring for 100% of the portfolio

The report has been externally verified by TUV SUD South Asia Pvt. Ltd. under the Global Reporting Initiative (GRI) Standards 2016 and AA1000 Assurance Standard. 

The Brookfield Properties ESG Report is available online at www.brookfieldproperties.com/en/our-approach/sustainability.html

About Brookfield Properties:

Brookfield Properties is a leading global developer and operator of high-quality real estate assets. We are active in nearly all real estate sectors, including office, retail, multifamily, hospitality, and logistics, operating more than 800 properties and over 330 million square feet of real estate in gateway markets on behalf of Brookfield Asset Management, one of the largest asset managers in the world. With a focus on sustainability, a commitment to excellence, and the drive for relentless innovation in the planning, development, and management of buildings and their surroundings, Brookfield Properties is reimagining real estate from the ground up.

In India, Brookfield Properties manages over 50 million square feet of high-quality assets across 8 key gateway cities of which 38.3 million square feet are already operational. Some of the marquee assets in its portfolio include Candor TechSpace in Gurugram, Noida and Kolkata; Worldmark in Delhi and Gurugram; Downtown Powai and Equinox in Mumbai; Ecoworld and Ecospace in Bengaluru; and CoWrks, a leading co-working and flexi office business across India.

For more information about our approach to operating and developing best-in-class real estate, visit www.brookfieldproperties.com