Responsibility | May 17, 2022

Cadillac Fairview announces commitment to achieve Net Zero emissions before 2050

Aligned with its Purpose of Transforming Communities For A Vibrant Tomorrow, Cadillac Fairview (CF) is committed to supporting the transition to a low-carbon economy.

TORONTO, ON (May 17, 2022) - Aligned with its Purpose of Transforming Communities For A Vibrant Tomorrow, Cadillac Fairview (CF) is committed to supporting the transition to a low-carbon economy. A sustainable future is at the heart of the company’s Corporate Responsibility strategy, comprised of four key pillars: Our People, Our Partnerships, Our Communities and Our Planet.

CF is dedicated to taking action against climate change and has already reduced emissions by 56% since 2008 through CF’s industry leading Green at Work® program. Our go forward commitments include:

  • Achieve Net Zero emissions in CF’s real estate portfolio before 2050

  • Achieve an interim 35 per cent reduction target by 2030 of Scope 1 and 2 emissions in CF’s entire global real estate portfolio (from a 2017 baseline), within operational control, while measuring and managing Scope 3 emissions

  • Continue to achieve annual energy reductions per property

CF’s sustainability commitments support the global imperative to take action on climate change and meet the objectives of the Paris Agreement. CF’s emissions reductions goals are aligned with independent, third party decarbonization frameworks such as the Science Based Targets Initiative and the Carbon Risk Real Estate Monitor.  To substantiate its deep commitment to these goals, CF has embedded the targets in its organizational plans and objectives, and will publicly disclose the company’s progress in meeting targets. CF will re-evaluate targets annually to ensure alignment with the latest scientific information.

“Sustainability is not an objective sitting on the periphery of our business, it is core to who we are and our refreshed commitments reflect our identity. In 2008, we launched our industry-leading national sustainability program, Green at Work, which has already reduced emissions by 56 per cent, surpassing Canada’s national 2030 target. More recently, we reset our baseline year to 2017 and are now committed to reduce our emissions by an additional 35 percent by 2030, ” said John Sullivan, President & CEO, Cadillac Fairview.

In addition, CF is committed to adapting to the effects of a changing climate by evaluating climate risk at all properties  such as risks posed by extreme weather events. CF will further support a transition to a low-carbon economy  with focus on enabling low-emission transportation, such as biking and electric vehicles charging stations. 

As well, the company commits to managing the protection of natural resources through site-specific and measurable targets in the areas of waste, water and energy, and working with suppliers and its broader network to identify additional opportunities to reduce environmental impact. CF will continue to validate its sustainability efforts through independent, third-party certifications and benchmarks such as LEED, BOMA BEST and the Global Real Estate Sustainability Benchmark (GRESB), which ranked CF 1st in its reporting category in 2021.

“Building on the industry leading results that we have achieved to date, we continue to do our part to take action against climate change while protecting natural resources. We will do so in a diligent, transparent and scientifically credible manner. By doing so, we activate our purpose and make a clear commitment to the sustainability of our organization, our communities and our planet,” said Karen Jalon, Vice President, Sustainability, Energy & Smart Technology, Cadillac Fairview.

A detailed set of commitments and key performance indicators can be found here and on cadillacfairview.com.

About Cadillac Fairview

Cadillac Fairview (CF) is a globally focused owner, operator, investor, and developer of best-in-class real estate across retail, office, residential, industrial and mixed-use asset classes. Wholly owned by the Ontario Teachers' Pension Plan, CF manages in excess of $35 billion of assets across the Americas and the United Kingdom, with further expansion planned into Europe and Asia.

Internationally, CF invests in communities with like-minded partners, including Stanhope in the UK, Lincoln Property Company in the U.S., and Multiplan in Brazil. The company's Canadian portfolio comprises 68 landmark properties, including the Toronto-Dominion Centre, CF Toronto Eaton Centre, Tour Deloitte, CF Carrefour Laval, CF Chinook Centre and CF Pacific Centre.

Continually striving to make a positive impact in communities where it operates by promoting social connection, growth, and a sustainable future, CF's Purpose is Transforming Communities for a Vibrant Tomorrow. Learn more at cadillacfairview.com and follow CF on LinkedIn.

Media Contact: Emily Ngai emily.ngai@northstrategic.com 416-570-2058

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