Federal Realty Investment Trust
Federal Realty Announces Setting of Science-Based GHG Reduction Targets
Federal Realty Investment Trust (NYSE: FRT) today announced it has set a target approved by the Science Based Targets initiative to reduce Scope 1 and 2 greenhouse gas emissions by 46% between 2019 and 2030. This goal has been set in alignment with the more stringent objective of keeping global temperature increases to less than 1.5°C, the most ambitious goal of the Paris Agreement.
Setting science-based targets for reducing operational greenhouse gas emissions is just one part of Federal's aggressive management of its potential exposure to the transition and physical risks of climate change and its goal to achieve net zero emissions for Scope 1 and 2 emissions by 2050. Other key components of Federal's efforts include:
- Use of renewable energy through installation of on-site solar arrays. Federal's current solar portfolio has a generating capacity of 14 MW, more than any other publicly traded shopping center company, with more solar projects currently in development and planning
- Purchasing green power from suppliers where possible. In 2021, approximately 60% of the electric power used by Federal was generated from solar or other green power sources
- Delivering energy efficient buildings with new construction. Our two newest projects delivered at Assembly Row containing 330,000 SF of commercial space and 500 residential units have recently achieved LEED Gold certification bringing our total investment in completed LEED certified buildings to nearly $1.8 billion and 4.3 million SF
- Upgrading common area lighting at all of our shopping centers to energy efficient LED lighting. A multi-year project to complete those upgrades is currently underway
- Inclusion of resiliency considerations in the ongoing maintenance, operation and redevelopment of our properties
"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."