Embassy Office Parks REIT (real estate investment trust) has committed Rs 300 crore towards environmental, social, and corporate governance (ESG) programmes across its 43.6 million square feet (msf) pan-India portfolio.
The company has also commissioned the first phase of its 20 MW solar rooftop project that aims to generate 30 million units of solar power, offsetting around 25,000 tonnes of CO2 emissions, at a flagship "ESG Occupier Connect" event held on March 10.
“To be environmentally conscious, socially responsible, and a governance-first business is a journey that Embassy REIT embarked on years ago. Keeping sustainability as a core focus, we continue to deliver and operate world-class, wellness-oriented workspaces for our occupants and their employees," Vikaash Khdloya, Chief Executive Officer of Embassy REIT, said.
The company said that as part of its 2040 net zero carbon operations goal, Embassy REIT aims to meet 75 percent of its energy requirement from renewable sources by 2025.
Apart from the existing 100 MW solar plant, the REIT intends to more than double its current 120 MW onsite and offsite renewable energy capacity by constructing new solar plants throughout Bengaluru and the National Capital Region (NCR).
This increase in renewable energy capacity will be funded by additional capital investments over and above the 300 crore already committed, the company added.
India's first listed REIT, Embassy REIT has established its presence in the office markets of Bengaluru, Mumbai, Pune, and NCR. Embassy REIT owns and manages eight office parks and four city centre office buildings, and works with over 200 companies.