Mindspace REIT becomes first REIT to get its Net Zero Plan Assessed by Global Network for Zero
Mindspace Business Parks REIT (BSE: 543217 | NSE: MINDSPACE) (‘Mindspace REIT’), owner and developer of quality Grade A office portfolio located in four key office markets of India, announces its partnership with the Global Network for Zero (GNFZ), the world's premier independent net zero certification body.
| Sep 18, 2024, 13:12 IST
Business Wire India
Ramesh Nair, CEO, Mindspace REIT said in a statement, "Partnering with the Global Network for Zero is a key milestone in our sustainability journey. Their independent certification aligns with our goals and helps us accelerate our journey to net zero. This partnership strengthens our commitment to sustainable excellence for our occupants, stakeholders, and communities. We're excited to lead the way towards a net zero future, making a significant impact on emission reduction and environmental stewardship."
Mahesh Ramanujam, GNFZ CEO and Co-Founder, adds, “Mindspace REIT has been at the forefront of remarkable leadership in sustainability. I have been an admirer and supporter of their efforts for many years now for ensuring environmental consciousness while retaining the top position in offering world class commercial spaces for the biggest multinationals. I am honoured and excited to contribute to their next critical phase of net zero emissions for one of their buildings at Mindspace Business Parks with Global Network for Zero. It is a massive undertaking — but with the leadership of Ramesh Nair and others who are making the necessary strides forward in this business, we finally not only have hope, but tangible commitments towards cutting down emissions in the real estate sector that contributes a major part to global emissions.”
Mindspace Business Parks REIT (BSE: 543217 | NSE: MINDSPACE) (‘Mindspace REIT’), owner and developer of quality Grade A office portfolio located in four key office markets of India, announces its partnership with the Global Network for Zero (GNFZ), the world's premier independent net zero certification body. This partnership marks a major milestone in Mindspace REIT's dedication to environmental sustainability, advancing its goal to certify the entire portfolio as net zero by 2042.
The certification process will begin with the evaluation of one of the buildings at Mindspace Airoli West, situated near the vibrant residential micro-markets of Thane and Navi Mumbai. Already a 'Platinum' certified building under LEED v4.1 O+M, it exemplifies high-performance building standards and efficient systems. To align with the GNFZ’s net zero transformation strategy, this building will reduce Scope 1, Scope 2, and Scope 3 emissions through energy efficiency upgrades, green power procurement, and green leases for occupants.
This new partnership builds upon Mindspace REIT's longstanding commitment to sustainable practices which has resulted in:
The certification process will begin with the evaluation of one of the buildings at Mindspace Airoli West, situated near the vibrant residential micro-markets of Thane and Navi Mumbai. Already a 'Platinum' certified building under LEED v4.1 O+M, it exemplifies high-performance building standards and efficient systems. To align with the GNFZ’s net zero transformation strategy, this building will reduce Scope 1, Scope 2, and Scope 3 emissions through energy efficiency upgrades, green power procurement, and green leases for occupants.
This new partnership builds upon Mindspace REIT's longstanding commitment to sustainable practices which has resulted in:
- 99.9% of the REIT portfolio being green certified of which 22 million sq. ft of leasable area is platinum certified
- Successful implementation of an Infrastructure Monitoring & Operations Centre (IMOC) for enhanced efficiency and reduced environmental impact
- 30-45% margin for potable water savings across the green building portfolio
- 30% more fresh air than what is mandated by ASHRAE standards
- Over 80% of construction waste intelligently reused across green buildings
Ramesh Nair, CEO, Mindspace REIT said in a statement, "Partnering with the Global Network for Zero is a key milestone in our sustainability journey. Their independent certification aligns with our goals and helps us accelerate our journey to net zero. This partnership strengthens our commitment to sustainable excellence for our occupants, stakeholders, and communities. We're excited to lead the way towards a net zero future, making a significant impact on emission reduction and environmental stewardship."
Mahesh Ramanujam, GNFZ CEO and Co-Founder, adds, “Mindspace REIT has been at the forefront of remarkable leadership in sustainability. I have been an admirer and supporter of their efforts for many years now for ensuring environmental consciousness while retaining the top position in offering world class commercial spaces for the biggest multinationals. I am honoured and excited to contribute to their next critical phase of net zero emissions for one of their buildings at Mindspace Business Parks with Global Network for Zero. It is a massive undertaking — but with the leadership of Ramesh Nair and others who are making the necessary strides forward in this business, we finally not only have hope, but tangible commitments towards cutting down emissions in the real estate sector that contributes a major part to global emissions.”