Property fund first in SA to get emission target ratified

LISTED property fund Emira has become the first African and South African company to have a greenhouse gas emissions target approved by the Science Based Targets initiative (SBTi).

The SBTi is a collaboration between UK-based CDP, the UN Global Compact, World Resources Institute and the World Wide Fund for Nature (WWF), that mobilises companies to set science-based targets and boost their competitive advantage in the transition to a low-carbon economy.

Alex Farsan, WWF Global Lead, Science Based Targets and member of the SBTi steering committee, congratulated Emira last week on becoming the first South African company to have their emission reduction targets validated by the SBTi.

“By setting targets that align their business with global efforts to avoid the worst impacts of climate change, Emira Property Fund is positioning itself to thrive as the global economy transitions to a low-carbon future,” he said.

Ten other South African firms have already committed to limit global temperature rise with the SBTi, but have not yet had their emissions targets validated.

They are: Exxaro Resources, Growthpoint Properties, Mediclinic Southern Africa, Netcare, Pick n Pay Stores, The Spar Group, Tiger Brands, Tongaat Hulett, Virgin Active South Africa and Woolworths Holdings.

Emira’s science-based targets set out how much and how quickly the company would reduce its greenhouse gas emissions.

These targets can help companies buffer themselves against imminent national policy changes, such as the South African Carbon Tax Bill, which is expected to be passed at the beginning of next year.