Federal Realty Investment Trust, which invests in shopping centers in the U.S., has set a target approved by the Science Based Targets initiative to decrease its Scope 1 and 2 greenhouse gas emissions by 46% until 2030 from the base year of 2019.
The firm aims to achieve net zero emissions for Scope 1 and 2 emissions by 2050.
Other measures that the firm has taken to reduce emissions include:
· Installing on-site solar arrays: The firm has a solar portfolio of 14 MW and additional solar developments are in the pipeline.
· Buying green power: Approximately 60% of the electric power used by the real estate investment firm in 2021 was from green sources, including solar.
· Development of energy-efficient buildings: Its latest projects at Assembly Row has won LEED Gold certification.
· Switching to energy-efficient LED lighting at shopping centers: A multi-year project is being undertaken to complete the upgrades.
· Taking resiliency into consideration in redevelopment, operation and maintenance
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"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. "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."
Among the shopping centers owned by Federal Realty include Troy Hills in New Jersey (pictured), Chesterbrook in Virginia, Atlantic Plaza and Campus Plaza near Boston, Free State in Maryland and many more.
