Thursday 24 March 2022

Real estate investment firm Ventas targets net zero operations by 2040

Real estate investment company Ventas has announced its commitment to achieve net zero operational carbon emissions by 2040.

It follows the company's previously set science-based target to reduce absolute carbon emissions by 30% by 2030.

Ventas has also committed to achieve 60% renewable energy by 2030 and 100% by 2035, which will include onsite generation, power purchase agreements and other green power purchase products.

In addition, it has committed to deploy highly efficient or electric HVAC systems, electric stoves and water heaters to reach its goal.

Since 2018, Ventas has invested $60 million (£45.2m) in energy efficiency upgrades, which has helped reduce energy intensity per square foot by more than 5% a year on a same-store basis until 2020.

It intends to continue to invest in energy efficiency projects and commits to develop net zero carbon-aligned energy efficiency goals by property type by 2025.

Debra A. Cafaro, Ventas Chairman and Chief Executive Officer said: “Ventas recognises the imperative need to take significant actions toward decarbonisation and is dedicated to a well-conceived and rigorously executed approach to achieving operational net zero carbon emissions.

“Our net zero goal continues our leadership in sustainability and builds on our track record of achievements and commitments to date, starting with our ongoing investments in energy efficiency and our SBTi-validated emissions reduction target. We believe that today’s commitment promotes the interests of our stakeholders and aligns with our values of health and safety for residents, tenants, care providers and patients.”