Sunway City Kuala Lumpur,18 January 2023
Sunway REIT Management Sdn. Bhd., the Manager of Sunway Real Estate Investment Trust (Sunway REIT), is pleased to announce that Sunway REIT is the first Real Estate Investment Trust (REIT) in Malaysia to introduce a Green Lease Partnership Programme for all its tenants and hotel lessees.
This programme was established to encourage best international practices in sustainability and drive sustainable solutions through behavioural change, advancing Malaysia’s national commitment to net zero carbon emissions by 2050.
Prominent Sunway REIT’s tenants such as The Body Shop, Muji, L’OCCITANE, Starbucks Coffee, Roche (Malaysia), Accenture Technology Solutions, and Sunway Hotels have committed to partner Sunway REIT in the Sunway Green Lease Partnership Programme, reaffirming their shared commitment to sustainability. These global brands have long embraced and cultivated sustainable practices within their respective organisations as well as product and services offerings.
The Memorandum of Understanding (MoU) was developed with key targets developed based on Science-Based Targets, to improve energy efficiency, water saving measures and diversion of waste from landfills.
Sunway REIT continuously strive to achieve decarbonisation according to Scope 1, 2 and 3, benchmarked against best emissions reporting practices. Moving beyond reduction of Scope 1 and 2 emissions, which are generally within the control of an organisation, the implementation of the Green Lease Partnership Programme is Sunway REIT’s latest initiative to promote and engage with its stakeholders to reduce Scope 3 emissions. Scope 3 emissions are the result of activities not controlled by the organization but by organisations in its value chain such as suppliers or customers.
“At Sunway REIT, we believe that building a sustainable future requires the commitment of all components of society. We are pleased to have our tenants and hotel lessees on board with the Sunway Green Lease Partnership Programme and strive towards a carbon-neutral Malaysia. We are confident that our target of 100% tenant participation in the Green Lease Partnership Programme will be achieved before or by 2030, and we will continuously work closely with our stakeholders to reduce Scope 3 emissions,” said Sunway REIT Chief Executive Officer Dato’ Jeffrey Ng.
Sunway REIT aims to achieve 100% tenant participation in the Green Lease Partnership Programme, which is introduced to all Sunway REIT properties across the Retail, Hotel, Office, Services and Industrial & Others segments. The retail arm of Sunway and one of Malaysia’s largest shopping-mall owner and operator, Sunway Malls has also introduced the Sunway Green Lease Partnership Programme to all its retail malls across Malaysia, beyond the three Sunway REIT retail properties, to extend the reach and impact of initiative.
Sunway REIT has pledged to achieve net zero carbon emissions by 2050, which is in line with the Government’s commitment of being carbon-neutral by 2050 as outlined in the 12th Malaysia Plan.
To drive progress towards net zero by 2050, Sunway REIT has set an interim target to halve emissions by 2030 by focusing on reducing residual emissions by 45% through improving energy efficiency and using energy substitution. Sunway REIT’s sponsor, Sunway Berhad, is among the first corporation in Asia, and the first in Malaysia, to implement an internal carbon pricing framework into its business to push the net zero agenda.