Godrej Properties

Godrej Properties: Carbon Emissions and Climate Commitments

Godrej Properties Ltd., headquartered in India and operating within the Real Estate Services industry, has established ambitious targets for reducing its carbon footprint. The company is committed to achieving net-zero greenhouse gas emissions across its value chain by fiscal year 2050.

Emissions Data:

For the fiscal year 2023 (reporting year 2024), Godrej Properties reported total emissions of approximately 1,955,196,000 kg CO2e. This figure is composed of:

• Scope 1 emissions: Approximately 529,020 kg CO2e.
• Scope 2 emissions: Approximately 3,375,600 kg CO2e.
• Scope 3 emissions: Approximately 1,951,267,000 kg CO2e. Notably, within Scope 3, purchased goods and services accounted for the largest portion, at approximately 1,449,918,000 kg CO2e, followed by upstream transportation and distribution at approximately 472,183,000 kg CO2e.

In the fiscal year 2022 (reporting year 2024), total emissions were approximately 1,335,491,000 kg CO2e, comprising:

• Scope 1 emissions: Approximately 447,970 kg CO2e.
• Scope 2 emissions: Approximately 2,966,000 kg CO2e.
• Scope 3 emissions: Approximately 1,332,075,000 kg CO2e.

For the fiscal year 2021 (reporting year 2024), total emissions were approximately 1,978,099,000 kg CO2e. This included:

• Scope 1 emissions: Approximately 926,170 kg CO2e.
• Scope 2 emissions: Approximately 2,921,000 kg CO2e.
• Scope 3 emissions: Approximately 1,961,251,000 kg CO2e. Key contributors to Scope 3 included purchased goods and services (approximately 1,625,810,000 kg CO2e) and upstream transportation and distribution (approximately 313,461,000 kg CO2e).

In the fiscal year 2020 (reporting year 2023), total emissions were approximately 261,572,000 kg CO2e. This breaks down into:

• Scope 1 emissions: Approximately 224,000 kg CO2e.
• Scope 2 emissions: Approximately 1,744,000 kg CO2e.
• Scope 3 emissions: Approximately 259,609,000 kg CO2e.

Climate Commitments and Targets:

Godrej Properties is committed to significant emissions reductions, aligning with science-based targets. Key commitments include:

• Net-Zero Value Chain: Achieving net-zero greenhouse gas emissions across the entire value chain by fiscal year 2050.
• Absolute Emissions Reduction (Scope 1 & 2):
  • Reducing absolute Scope 1 and 2 GHG emissions by 58.8% by fiscal year 2034, from a fiscal year 2024 base year.
  • Further committing to a 90.0% reduction in absolute Scope 1 and 2 GHG emissions by fiscal year 2050, from a fiscal year 2024 base year.
• Intensity-Based Emissions Reduction (Scope 1 & 2): Reducing Scope 1 and 2 GHG emissions by 72.6% per square metre of area by fiscal year 2035, from a fiscal year 2021 base year.
• Scope 3 Emissions Reduction:
  • Reducing Scope 3 GHG emissions from purchased goods and services by 63.8% per square metre by fiscal year 2034.
  • Committing to a significant reduction of 97.0% per square metre for Scope 3 emissions from purchased goods and services by fiscal year 2050.
  • Further reductions are targeted for Scope 3 emissions related to capital goods, fuel and energy-related activities, upstream transportation and distribution, waste generated in operations, business travel, employee commuting, and use of sold products, with a near-term target of 63.8% per square metre of constructed area by FY2034 and a long-term target of 97.0% per square metre by FY2050.
• Supplier Engagement: Ensuring that 88.5% of its suppliers, by emissions covering purchased goods and services, will have science-based targets by fiscal year 2026.
• Fossil Fuel Equipment: Committing to install no new fossil fuel equipment in its buildings portfolios from December 31, 2030.
• Carbon Neutrality: The company also has broader carbon neutrality targets, aiming for carbon neutrality by 2040, and reducing Scope 1 and 2 emissions to near zero by the middle of this decade (2025). Another stated target is for Scope 2 carbon neutrality by 2035.