Lodha, India’s No.1 real estate developer, announced that its Net-Zero targets have been validated by the Science Based Targets initiative (SBTi). Since unveiling these ambitious targets in 2021, Lodha has remained steadfast in its commitment 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's validation underscores Lodha's dedication to 'Building a Better Life' and leading the real estate industry’s transition towards net-zero.
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 leading 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.
Commenting on this milestone, 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 and emerges as the first Indian real estate firm with overall net-zero targets validated by the SBTi. By aligning its targets with the 1.5°C ambition, Lodha aims to raise awareness about sustainable development and set a definitive industry standard.
Recently, Lodha was also recognised as a Global Sector Leader, ranking first among developers in Asia on the GRESB Development Benchmark 2023. The developer further earned a spot among 17 leading companies included in the Dow Jones Sustainability Index (DJSI) 2023 with an exemplary score of 77 out of 100 in the S&P Global Corporate Sustainability Assessment (CSA). Lodha has crystallized its vision of ‘Building a Better Life’ by collaborating with Rocky Mountain Institute (RMI) to create the Lodha Net Zero Urban Accelerator, its flagship decarbonisation platform that brings industry, experts, and policymakers together to help create a net zero future for all.
