TORONTO, July 21, 2022--(BUSINESS WIRE)--Choice Properties Real Estate Investment Trust ("Choice Properties" or the "Trust") (TSX: CHP.UN) announced today that the Science Based Target initiative (SBTi) has validated the Trust’s greenhouse gas (GHG) emissions reduction targets, making Choice Properties one of the first entities in Canada to have net-zero targets approved by the SBTi. The Trust’s targets are consistent with the primary goal of the Paris Agreement – to limit the rise in global temperature this century to 1.5 degrees Celsius.
In line with the stringent, science-based requirements of the SBTi’s Corporate Net Zero Standard, Choice Properties has adopted targets that apply to its entire portfolio of income-producing and development properties. Choice Properties has committed to reaching net-zero GHG emissions across its value chain by 2050 from a 2019 base year. This includes a 50% reduction in absolute scope 1 and 2 emissions, and a 30% reduction in scope 3 emissions from purchased goods and services, capital goods and downstream leased assets by 2030 from a 2019 base year. The Trust has also committed to reduce absolute scope 1 and 2 emissions 90% by 2050 from a 2019 base year and to reduce absolute scope 3 emissions 90% within the same timeframe.
"Fighting climate change is fundamental to our purpose of creating enduring value for all stakeholders and we are proud to deepen our environmental commitment with these targets," said Rael Diamond, President and Chief Executive Officer. Mr. Diamond added, "By becoming one of the first net-zero approved entities in Canada validated by the SBTi’s rigorous process, we are leading by example in our industry and helping to prevent the effects of global warming in our communities."
The Trust’s science-based targets build on the progress Choice Properties has made since issuing its first emissions reduction targets in 2019. In 2021, the Trust surpassed achievement of this target by reducing same-asset scope 1, 2, and limited scope 3 emissions by 24% from 2018.
Details on the Trust’s Environmental, Social and Governance (ESG) program and performance can be found in its 2021 Environmental, Social and Governance Report which aligns with leading disclosure standards including the Sustainability Accounting Standards Board (SASB) and Task Force on Climate-Related Financial Disclosures (TCFD). The 2021 ESG Report is available on the Trust’s website at choicereit.ca/sustainability.
About Choice Properties Real Estate Investment Trust
Choice Properties is a leading Real Estate Investment Trust that creates enduring value through the ownership, operation and development of high-quality commercial and residential properties.
We believe that value comes from creating spaces that improve how our tenants and communities come together to live, work, and connect. We strive to understand the needs of our tenants and manage our properties to the highest standard. We aspire to develop healthy, resilient communities through our dedication to social, economic, and environmental sustainability. In everything we do, we are guided by a shared set of values grounded in Care, Ownership, Respect and Excellence.
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Choice Properties’ current expectations regarding future events including achievement of the Trust’s emissions reduction targets. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Choice Properties’ control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, Choice Properties’ ability to meet its greenhouse gas reductions targets, and the factors discussed in Choice Properties’ current Annual Information Form and 2022 First Quarter Report to Unitholders. Choice Properties does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. All forward-looking statements contained in this press release are made as of the date hereof and are qualified by these cautionary statements.
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Chief Financial Officer
Choice Properties REIT