Mindspace REIT commits to 100% renewable electricity use by 2050

BENGALURU: Mindspace Business Parks REIT on Thursday said it has joined the global RE100 initiative led by Climate Group in partnership with the Carbon Disclosure Project (CDP).

With this, the Mumbai-based firm said it has committed to transform to 100% renewable electricity use across all areas serviced and maintained within its portfolio by 2050. Mindspace REIT will also make renewable energy accessible to tenants who choose to avail of the green power. Its commitment towards mitigating environmental impact across project lifecycles is in sync with the mission of RE100, which is to accelerate change towards zero carbon grids at scale.

Mindspace REIT has set phase-wise targets for the transformation. It will source 35% of total energy requirement from renewable sources by 2025, 50% by 2030, and 100% by 2050. It currently sources about 10% energy through renewable sources like solar energy and renewable energy certificates (RECs).

This also allows the company the opportunity to encourage a large global tenant base working out of its business parks to switch to clean energy.

Two business parks in the REIT are already equipped with solar panels to generate clean energy. The entity has an installed capacity of approximately 1.8 MW of rooftop solar PV and is working towards transitioning to source 100 GWh power generated, by renewable energy sources annually.

“Our initiatives align with RE100 and are an effort to build a sustainable ecosystem for tenants, through deployment of energy efficient systems and renewable energy generation and sourcing. Our commitment also enables us to encourage our tenants to see the benefits of renewable energy and make the switch for their respective businesses. Committing to the RE100 vision of fully transitioning to renewable energy is our next step towards building a sustainable ecosystem and minimizing environmental impact,” said Vinod Rohira, CEO, Mindspace Business Parks REIT.

Last year, Mindspace REIT pledged to transition to 100% electric mobility by 2030. Internally, the transformation is underway. As part of the Climate Group’s Global EV 100 initiative, which brings over 100 international companies together to promote green mobility, it is committed to making electric transport the new normal by the end of this decade.

"I am delighted to welcome Mindspace Business Parks REIT to our RE100 campaign, which has more than 310 companies globally. India needs ambitious corporate climate action to transform the clean energy sector, and Mindspace Business Parks REIT commitment demonstrates the much-needed readiness for change. I hope this inspires other companies in the country to step up to transition to 100% renewable electricity," said Divya Sharma, India Executive Director, Climate Group.