Commercial, Energy Efficiency, GHG Emissions - October 13, 2022
Federal Realty Sets Emission Targets for 2050
Federal Realty Investment Trust announced it has set a target approved by the Science Based Targets initiative to reduce Scope 1 and 2 GHG emissions by 46% between 2019 and 2030.
Setting science-based targets for reducing operational GHG emissions is just one part of Federal's aggressive management of its potential exposure to the transition and physical risks of climate change and its goal to achieve net zero emissions for Scope 1 and 2 emissions by 2050.
The company plans to use renewable energy through the installation of on-site solar arrays. Federal's current solar portfolio has a generating capacity of 14 MW with more solar projects currently in development and planning.
Federal Realty Investment Trust plans to purchase green power from suppliers where possible. In 2021, approximately 60% of the electric power used by Federal was generated from solar or other green power sources and will produce energy-efficient buildings with new construction.
The company upgraded common area lighting at all of our shopping centers to energy-efficient LED lighting. A multi-year project to complete those upgrades is currently underway
"We are committed to doing our part to address climate change and to doing it in a way that is financially responsible for the benefit of our shareholders," said Don Wood, chief executive officer, in a statement. "For more than a decade, we have been including climate related considerations into our operations and investment decisions so that they are truly embedded as part of our ongoing business. Most of the jurisdictions where we do business are committed to and proactively investing in the management of climate risk allowing us to take advantage of those investments and not having to shoulder all of the climate transition responsibilities on our own."