Property News

Sime Darby Property aims to achieve net zero emissions by 2050

KUALA LUMPUR (Nov 27): Sime Darby Property Bhd announced its goal to reduce Scope 1 and Scope 2 emissions by 40% by 2030 and achieve net zero emissions by 2050 on Monday.
These targets will be reached by retrofitting its assets with energy efficient technology, adopting renewable energy, encouraging behavioural change among its staff and using lower-carbon materials, amongst other things.
Additionally, the company will focus on the electrification of its equipment and vehicles, and sequester carbon through conservation and regeneration of urban biodiversity. A document detailing its sustainability strategy to achieve these targets will be released in the next few months.
“Sime Darby Property’s four core imperatives in our sustainability strategy are to decarbonise our operations and products, observe good biodiversity practices, shape inclusive and resilient communities and operate as a socially-responsible organisation,” said Sime Darby Property managing director Datuk Azmir Merican.
The company is also assessing its Scope 3 emissions, including for waste, business travel and employee commute, which are mandated by Bursa Malaysia.
“But I think the leadership piece for Scope 3 is really in materials, such as lower-carbon concrete, [and] the way we build [or use] certified sustainable steel or aluminium,” said Dr Yasmin Rasyid, general manager for sustainability. She added that collaboration with its supply chain will be key to drive down Scope 3 emissions.
“We have done a lifecycle analysis as a pilot project for one of our double-storey houses. Now, we have a library of what are the things that are high carbon. But that’s not enough. We’re building high rise [structures] and malls. We hope in due time, we will have this massive library of materials that can give us a better intuition on what better selection [of materials] we can make moving forward.”
The conservation of urban forests is another solution for carbon sequestration, which could help the company meet its net zero target. However, this will depend on whether these activities can be certified.
Yasmin points to the company’s KL East Park as an example. It worked with the Forest Research Institute Malaysia and Pantas to quantify the impact of conserving this 53-acre urban forest. “We found that it has quite a good carbon sequestration potential. Even though it’s a secondary forest, it’s an old one. That gave us a very good hint that whatever we don’t build, we either regenerate or we conserve.”
The company will also be connecting fragmented forests at its City of Elmina township.
On whether opting for lower-carbon materials will increase the cost of development, Yasmin said it is possible to switch to greener alternatives without additional cost.
“You really need to manage stakeholders well and make them believe in sustainability to help you. The solutions are there,” she said.
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Source: EdgeProp.my