Mindspace Business Parks REIT has taken a pioneering step in sustainability by partnering with the Global Network for Zero (GNFZ), becoming the first REIT to have its net zero plan independently assessed by this leading certification body. This partnership is a key milestone in Mindspace REIT’s mission to certify its entire portfolio as net zero by 2042, reflecting its long-term commitment to reducing carbon emissions and advancing environmental sustainability.
The certification process will commence with one of the buildings at Mindspace Airoli West, located near the bustling residential areas of Thane and Navi Mumbai. This building, already certified 'Platinum' under LEED v4.1 O+M, stands as a model for high-performance standards in energy efficiency and environmental design. Under the GNFZ framework, the building will focus on reducing Scope 1, 2, and 3 emissions through a combination of energy efficiency upgrades, green power procurement, and green leases for its tenants, ensuring sustainable operation in the long run.
Mindspace REIT’s leadership in sustainability is not new. Approximately 99.9% of its 31.9 million sq. ft. portfolio is green-certified, with 22 million sq. ft. achieving the prestigious Platinum status. Their initiatives also include the implementation of an Infrastructure Monitoring & Operations Centre (IMOC) to enhance building efficiency, water savings of 30-45% across the green-certified portfolio, and reuse of over 80% of construction waste.
Ramesh Nair, CEO of Mindspace REIT, expressed his excitement about the partnership: “Working with the Global Network for Zero is a significant milestone in our sustainability journey. Their certification process aligns with our long-term goals, accelerating our progress towards a net zero future. This collaboration further strengthens our commitment to sustainability for our occupants, stakeholders, and the communities we operate in.”
Mahesh Ramanujam, CEO and co-founder of GNFZ, praised Mindspace REIT’s commitment to sustainability, saying, “Mindspace REIT has shown exceptional leadership in environmental consciousness, while providing world-class commercial spaces. I am honored to be part of their journey towards net zero emissions. Under the leadership of Ramesh Nair, they are making tangible strides to cut down emissions in the real estate sector, which is a major contributor to global emissions.”
This partnership represents a crucial step forward in the real estate industry's role in combating climate change, positioning Mindspace REIT as a leader in the global transition to a sustainable, net zero future.
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