January 12, 2024: Real estate developer Lodha’s Net-Zero targets have been validated by the Science Based Targets initiative (SBTi). Since unveiling these targets in 2021, Lodha has remained committed to significantly reduce carbon emissions within the built environment, aiming to maximise the buildings sector’s contribution to India’s 2070 net-zero target.
The SBTi is a global body enabling businesses to set ambitious emissions reduction targets in line with the latest climate science. By offering a wide range of resources to support companies in target setting and providing guidance on realization, the SBTi is paving the way to a net-zero economy by boosting innovation and driving sustainable growth. Lodha’s journey towards net-zero includes, in the near term, a commitment to 97.9% reduction in Scope 1,2 emissions by FY2028 and 51.6% reduction in Scope 3 emissions by FY2030, while its long-term net zero targets are aligned with 1.5°C goal, i.e., achieving net-zero across scope 1, 2 and 3 emissions by FY2050. These outlined targets, now validated by the SBTi, align closely with the 1.5°C goal set forth in the Paris Agreement, essential in mitigating the impacts of global warming and climate change.
Aun Abdullah, head of ESG, Lodha said, “On our journey to create a low-carbon development template for the real estate industry, we are pleased to have our net-zero targets validated by the Science Based Targets initiative (SBTi). This milestone not only strengthens the credibility of our net-zero goals but also underscores our vision to redefine urban development, creating a sustainable low-carbon future for all.”
Lodha stands among the few global real estate companies with similar long-term net-zero targets. By aligning its targets with the 1.5°C ambition, Lodha aims to raise awareness about sustainable development and set a definitive industry standard.
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With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling.
Email: anuradha.ramamirtham@housing.com
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