Mindspace Business Parks REIT
Climate Impact & Sustainability Data (2021-22, 2022-04 to 2023-03, 2022-07-01 to 2022-09-30, 2023-04 to 2024-03, 2023-24, 2024-2030)
Reporting Period: 2021-22
Environmental Metrics
Total Carbon Emissions:1119 tCO2e/year (2022)
Scope 1 Emissions:1162 tCO2e/year (2022)
Scope 2 Emissions:54920 tCO2e/year (2022)
Renewable Energy Share:35% (2025 target)
Total Energy Consumption:274,972 GJ/year (2022)
Water Consumption:1348419 m3/year (2022)
Waste Generated:1374 tons/year (2022)
ESG Focus Areas
- Resource Conservation and Efficiency
- Futuristic Buildings
- Carbon Neutral Operations
- Employee and Community Relations
- Responsible Business Conduct
Environmental Achievements
- 36 Green Buildings
- 1.8 MW installed capacity of Solar PV
- 35% reduction in freshwater usage by re-use of treated water
- 42% reduction in emissions (target for 2030)
- 21% reduction in emissions (target for 2025)
Social Achievements
- 27% women at management level
- 300+ hours spent on volunteering
- 80+% retention rate
- 3,400+ training hours
- Implemented Reach Out, Ekincare, On Call Doctor, Wellness at Work programs
Governance Achievements
- 66.67% Ratio of Independent Directors to total Board
- Key policies such as Anti-Corruption, Whistle Blowing, Code of Conduct in place
Climate Goals & Targets
Long-term Goals:
- 100% of total portfolio to be LEED/IGBC certified with minimum Gold rating by 2025
- 100% renewable energy in total energy mix by 2050
- Aim to ensure near Zero fatalities every year
- 100% coverage of suppliers under Supplier Code of Conduct by 2026
Medium-term Goals:
- 50% renewable energy in total energy mix by 2030
- 42% reduction in emissions by 2030
- 30%+ Women at management level by 2025
- 100% coverage of suppliers under Supplier Code of Conduct by 2026
- 40% of total value of all civil material sourced locally by 2026
- Community need assessment survey at all assets by 2026
Short-term Goals:
- 95% of total portfolio to be LEED/IGBC certified with minimum Gold rating by 2025
- 100% of all new developments to be LEED/IGBC certified with minimum Gold rating by 2025
- 35% renewable energy in total energy mix by 2025
- 21% reduction in emissions by 2025
- Tenant’s net promoter score at or above +40 by 2026
- Community need assessment survey at 2 assets by 2023
- British Safety Council Sword of Honour for 10 assets by 2023
- 10 Hrs. average ESG training hours per employee by 2023
- All Tier 1 suppliers under Supplier Code of Conduct by 2023
- Ethics Code of Conduct training compliance for Employees incl KMP’s and Directors by 2023
- Setting ESG criteria for new acquisition and screening 100% new acquisition against the ESG criteria by 2023
- 25% of total value civil material sourced locally by 2023
Environmental Challenges
- COVID-19 pandemic disruptions
- Climate-related risks (physical and transition risks)
Mitigation Strategies
- Strengthened resources and maintained focus on safer workplaces
- Implemented various employee-focused initiatives
- Managed environmental impacts through energy efficiency, renewable alternatives, and cautious resource use
- Aligned projects with Green Building Certifications
- Committed to RE100 and EV100 initiatives
- Comprehensive risk management framework
Supply Chain Management
Responsible Procurement
- Supplier code of conduct
- ESG criteria for supplier selection
Climate-Related Risks & Opportunities
Physical Risks
- Acute and chronic physical risks
Transition Risks
- Regulatory, market, technology, and reputational risks
Opportunities
- Development of energy-efficient products and services
Reporting Standards
Frameworks Used: GRI Standards–Core Option, SASB framework for real estate owners, developers & investment trusts, UNGC, UN’s Sustainable Development Goals (SDGs), National Voluntary Guidelines (NVGs)
Third-party Assurance: TÜV India Private Limited
UN Sustainable Development Goals
- SDG 7
- SDG 8
- SDG 10
- SDG 12
- SDG 13
- SDG 14
- SDG 15
- SDG 16
- SDG 17
- SDG 3
- SDG 4
- SDG 5
- SDG 6
Various initiatives contribute to these goals (see GRI and SASB Index)
Awards & Recognition
- Various awards for green buildings, safety, and community engagement (see page 60-61)
Reporting Period: 2022-04 to 2023-03
Environmental Metrics
Total Carbon Emissions:72,481 tCO2e/year
Scope 1 Emissions:3,538 tCO2e/year
Scope 2 Emissions:68,943 tCO2e/year
Scope 3 Emissions:Not disclosed
Renewable Energy Share:6.11%
Total Energy Consumption:374,883 GJ/year
Water Consumption:12,966,750 kL/year
Waste Generated:66,733 tons/year
Carbon Intensity:3.50 tCO2e/₹ million (FY23), 2.93 tCO2e/₹ million (FY22)
ESG Focus Areas
- Resource Conservation and Efficiency
- Employee and Community Relations
- Responsible Business Conduct
Environmental Achievements
- Close to 100% of existing portfolio registered for Green Building certification, 97.3% certified. All new developments designed in line with green building certification guidelines.
- 93 MW of Rooftop Solar installed during FY23
Social Achievements
- 9 Sword of Honour Awards for assets with Five Star Rating under British Safety Council’s Occupational Health and Safety Audits
- SHIKHAR and SHEROES programs for high-performing employees and women leaders
Governance Achievements
- ISO 27001 certified for Information Security Management Systems
- Anti-corruption policy in place
Climate Goals & Targets
Long-term Goals:
- Not disclosed
Medium-term Goals:
- Not disclosed
Short-term Goals:
- Not disclosed
Environmental Challenges
- Customer preferences evolving post-pandemic affecting demand for commercial real estate
- Regulatory compliance risks
- Environmental impact of development and operations
- Occupational health and safety risks
- Data security risks
Mitigation Strategies
- Engagement with market participants and clients, adapting products to customer needs
- Robust internal controls and policies for compliance
- Sustainable architecture and design, water conservation, energy efficiency initiatives
- Training, safety awareness programs, effective management systems for health and safety risks
- Robust technological solutions and periodic system reviews to prevent cyberattacks and data breaches
Supply Chain Management
Supplier Audits: Not disclosed
Responsible Procurement
- Sustainable procurement policy
- Supplier Code of Conduct
- Procurement of environment-friendly materials
Climate-Related Risks & Opportunities
Physical Risks
- Not disclosed
Transition Risks
- Not disclosed
Opportunities
- Not disclosed
Reporting Standards
Frameworks Used: GRI, UNGC, ILO principles, United Nations Sustainable Development Goals (SDGs)
Certifications: ISO 45001:2018, ISO 14001:2015, ISO 27001, IGBC, LEED, IWBI
Third-party Assurance: TUV India Pvt. Ltd.
UN Sustainable Development Goals
- Not disclosed
Not disclosed
Sustainable Products & Innovation
- Not disclosed
Awards & Recognition
- 9 Sword of Honour Awards
Reporting Period: 2022-07-01 to 2022-09-30
Environmental Metrics
ESG Focus Areas
- Sustainability
- Occupational Health and Safety
Environmental Achievements
- Most of the buildings in the portfolio are either Gold or Platinum Green Building Certified (IGBC/LEED).
Social Achievements
- Awarded 9 ‘Sword of Honour’ Awards on the back of its Five Star Occupational Health and Safety Ratings by British Safety Council, spanning over 23.5 msf
Governance Achievements
- Received 5 Star GRESB Rating and ranked 4th in Asian Office for Development Portfolio. Also received 4 Star Rating for Standing Investment from GRESB, the leading global ESG standard for real estate and infrastructure investments
Climate Goals & Targets
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Standards
Frameworks Used: GRESB
Certifications: IGBC/LEED
Awards & Recognition
- Real Estate Company of the Year – West, by Construction Week India Awards 2022
Reporting Period: 2023-04 to 2024-03
Environmental Metrics
Total Carbon Emissions:56,637 tCO2e/year (Scope 1 & 2)
Scope 1 Emissions:1,341 tCO2e/year
Scope 2 Emissions:55,296 tCO2e/year
Scope 3 Emissions:2,58,291 tCO2e/year
Renewable Energy Share:28.93% of total energy use
Total Energy Consumption:1,10,057 MWh/year
Water Consumption:26,23,329 m3/year
Waste Generated:2370 tons/year (operational)
Carbon Intensity:2.43 kgCO2e/sq.ft (Scope 1+2)
ESG Focus Areas
- Resource Conservation and Efficiency
- Employee and Community Relations
- Responsible Business Conduct
Environmental Achievements
- Achieved 30% reduction of Scope 1 and Scope 2 emissions
- Achieved 28.9% of renewable energy in the energy mix
- 99.9% of the total portfolio is LEED/IGBC Gold Certified
- 100% hazardous waste recycled across assets
- 100% of operational waste diverted away from landfill
- 12,58,068 KL Wastewater treated and reused
Social Achievements
- 75.5 Net Promoter Score achieved
- Launched 'Table Talks' to deepen tenant engagement
- Conducted a series of tenant engagement activities, which saw participation from over 60,000 participants
- Supported the Indivish Welfare Foundation in desilting 35 lakes in drought-prone areas of Maharashtra
- Awarded scholarships to 45 deserving students from low-income backgrounds and vulnerable groups pursuing undergraduate STEM courses in Hyderabad
- Established digital classrooms and supported the establishment of 55 Anganwadis in the Mulugu district of Telangana
- Made financial contributions to support the nutrition and training of six para-athletes
Governance Achievements
- Executive Compensation Linked To ESG: Yes (5% to 10% weightage)
- 94% Critical Suppliers covered under SCoC
- Zero Data Breaches
- Zero Fatalities across Operations
Climate Goals & Targets
Long-term Goals:
- Net zero emissions by 2042
Medium-term Goals:
- Reduce Scope 1 and Scope 2 emissions by 42% by 2030
- Achieve 50% renewable energy in the total energy mix by 2030
- 95% of the total portfolio to be LEED/ IGBC certified with a minimum gold rating by 2025
- All suppliers covered under SCoC by 2026
- Community needs assessment survey at all assets by 2026
- Tenant's net promoter score at or above 40 by 2026
Short-term Goals:
- Reduce Scope 1 and Scope 2 emissions by 21% by 2025
- Achieve 35% renewable energy in the total energy mix by 2025
- 100% of all new developments to be LEED/ IGBC certified with minimum gold rating year-on-year
- All critical suppliers covered under SCoC by 2025
- Community needs assessment survey at 3 assets by 2025
- Achieve 5% increment in the NPS score by 2025
Environmental Challenges
- Business Interruptions and Inadequate Crisis Management
- Sourcing Risks
- Climate Risks (Physical and Transition)
- Regulatory Risks
- Technology Risks
- Market Risks
- Reputation Risks
- Data Privacy and Cyber Security
Mitigation Strategies
- Formal Business Continuity Plan (BCP) and disaster recovery strategy
- Supplier Code of Conduct (SCoC)
- Climate Risk Assessment (aligned with TCFD)
- Adaptation and mitigation measures for identified climate risks
- Investing in energy-efficient building technologies
- Adapting to changing customer preferences
- Commitment to Climate Group’s RE100 and EV100 initiatives
- Robust IT governance framework and Cyber Security and Data Privacy Policies
Supply Chain Management
Supplier Audits: 25% of critical suppliers assessed in FY 2024
Responsible Procurement
- Supplier Code of Conduct (SCoC)
- Sustainable Procurement Policy
- Local sourcing (77% of materials)
Climate-Related Risks & Opportunities
Physical Risks
- Droughts
- Extreme Rainfall
- Floods
- Storms
- Extreme Heat Stress
- Water Stress
- Rising Sea Levels
Transition Risks
- Regulatory Risks
- Technology Risks
- Market Risks
- Reputation Risks
Opportunities
- Resource Efficiency
- Energy Source Diversification
- Resilience Enhancement
- New Products and Services
Reporting Standards
Frameworks Used: GRI Universal Standards 2021, Business Responsibility and Sustainability Report (BRSR), United Nations Global Compact (UNGC), UN's Sustainable Development Goals (SDGs), TCFD
Certifications: LEED, IGBC, ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 27001:2022
Third-party Assurance: TUV India
UN Sustainable Development Goals
- Not disclosed
Not disclosed
Sustainable Products & Innovation
- Not disclosed
Awards & Recognition
- 5-star rating in GRESB assessment (100/100 for development portfolio; 91/100 for standing investments)
- 'Best Green Bond – REIT (India)' at The Asset Triple A Sustainable Finance Awards 2024
- 9 Sword of Honor awards from the British Safety Council
Reporting Period: 2023-24
Environmental Metrics
Renewable Energy Share:28.93%
Total Energy Consumption:31,842 MWh/year
ESG Focus Areas
- Environmental Stewardship
- Social Responsibility
- Corporate Governance
Environmental Achievements
- Increased renewable energy consumption to 31,842 MWh (28.93% of total energy usage)
- Reduced Scope 1 & 2 emissions by 30.5% compared to FY 2019-20 baseline
- Treated and reused 12,58,068 KL wastewater
- Recycled more than 95% of operational waste
- 99.9% of portfolio certified as green, with 16.09 msf of platinum green certified buildings
Social Achievements
- Spent INR 96.1 million in CSR initiatives impacting 6,04,918 community members
- Earned 9 Sword of Honor Awards and Five Star Occupational Health and Safety Ratings from the British Safety Council for 7 assets
- Allocated INR 74,000 per employee for wellness
- Delivered more than 20 hours of average employee training, 11 hours focused on ESG
Governance Achievements
- 94% of critical suppliers (60% of construction expenditure) acknowledged Supplier Code of Conduct
- 100% of portfolio covered under Climate Risk Assessment
- First Indian REIT to issue Sustainability Linked Bond (INR 650 Crore)
- First Indian commercial real estate entity recognized as 'Global Listed Sector Leader' in GRESB Development Portfolio Benchmark 2023
Climate Goals & Targets
Long-term Goals:
- Net Carbon Zero status by 2042
Supply Chain Management
Responsible Procurement
- Supplier Code of Conduct
Climate-Related Risks & Opportunities
Reporting Standards
Frameworks Used: GRESB
Awards & Recognition
- 'Global Listed Sector Leader' in the GRESB Development Portfolio Benchmark 2023
- First place in the 'Listed Companies Category' for Commercial Business in Asia
Reporting Period: 2024-2030
Environmental Metrics
Total Carbon Emissions:41,005 tCO2e (Scope 1 & 2 by 2030), 102,360 tCO2e (Scope 3, Category 13 by 2030)
Scope 1 Emissions:Not disclosed
Scope 2 Emissions:Not disclosed
Scope 3 Emissions:102,360 tCO2e (Category 13 by 2030)
Renewable Energy Share:35% (by 2025), 50% (by 2030), 100% (2050)
Total Energy Consumption:Not disclosed
Water Consumption:Not disclosed
Waste Generated:Not disclosed
Carbon Intensity:Not disclosed
ESG Focus Areas
- Green Building Standards/Certifications
- Energy Intensity Reduction
- GHG Emission Reduction
Environmental Achievements
- More than 99% of the operational area is green certified (IGBC / LEED Platinum or Gold) as of March 31, 2024
Social Achievements
- Not disclosed
Governance Achievements
- Not disclosed
Climate Goals & Targets
Long-term Goals:
- Increase share of renewable energy to 100% (2050)
Medium-term Goals:
- Reduce Scope 1 and Scope 2 emissions by 42% (by 2030)
- Increase share of renewable energy to 50% (by 2030)
- 100% Green Building Standards / Certifications by March 31, 2030
Short-term Goals:
- Reduce Scope 1 and Scope 2 emissions by 21% (by 2025)
Environmental Challenges
- Utilizing existing technologies available for energy efficient building management system remains challenging to reduce emissions.
- Mindspace REIT’s business has no control over occupier’s premises while Mindspace REIT typically provides HVAC for common areas as well as occupier premises. HVAC consumption typically forms 50% of the total energy consumption of office building. The target cannot take benefit of offsite renewable energy and potential to generate onsite renewable energy is limited considering terrace space constraints.
Mitigation Strategies
- Conduct energy audit(s) to identify energy efficiency improvement opportunities
- Implement corrective measures to improve energy efficiency
- Roof top solar installation
- Improving energy efficiency of operations
- Refocusing business on sustainable solutions
- Roof top solar
- Procurement of Green Power
- Offsite Renewable Energy
- Encourage tenants to go for Green Power
- Green leasing controls
- Exploring Biodiesel fuel for DGs, low GWP refrigerants, battery energy storage system
Supply Chain Management
Supplier Audits: Not disclosed
Responsible Procurement
- Not disclosed
Climate-Related Risks & Opportunities
Physical Risks
- Not disclosed
Transition Risks
- Not disclosed
Opportunities
- Not disclosed
Reporting Standards
Frameworks Used: SLBP (Sustainability-Linked Bond Principles), SLLP (Sustainability-linked Loan Principles)
Certifications: LEED, IGBC, EDGE
Third-party Assurance: Bureau Veritas Industrial Services (India) Pvt. Ltd.
UN Sustainable Development Goals
- Not disclosed
Not disclosed
Sustainable Products & Innovation
- Not disclosed
Awards & Recognition
- Not disclosed