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TORONTO, June 14, 2021 /CNW/ - As a leading global
real estate asset manager, Manulife Investment Management
recognizes its unique position to help lead the transition to a
low-carbon economy1. Manulife Investment Management
released its 2021 Real Estate Sustainability report, which
focuses on how the firm is driving leadership in sustainable
real estate across our global organization, and includes details on
the greenhouse gas (GHG) model developed for real estate assets,
which sets a reduction target of 80% by 20502.
"We are very proud of this responsible move, which represents a
step forward in our commitment to climate change mitigation and our
role in the transition to a healthier planet," said Steve Blewitt, Global Head of Private Markets.
"Manulife Investment Management's real estate team has been
measuring and reporting on greenhouse gas emissions in our
sustainability reports since 2017. Setting this realistic target
demonstrates our commitment to holding ourselves accountable and
achieving high standards across climate-related
considerations."
To actively demonstrate efforts in carbon reduction, Manulife
Investment Management has started initiatives to identify ways to
reduce GHG emissions across its global real estate portfolio. Over
the past year, the firm conducted a deep carbon retrofit study at
its buildings, in addition to updating the leasing process, with a
greater focus on sustainability. This is part of a strategic
approach focused on four pillars:
- Efficiency measures – conventional, cost-effective,
incremental energy improvements through on-going building
commissioning and efficient operations.
- Fuel switching – switching from high to low carbon
intensity infrastructure through infrastructure renewal (delivering
immediate emissions reduction where the electrical grid is less
carbon intensive today, and additional emissions reduction as the
grid improves).
- Onsite renewables and storage – installing items, such
as rooftop solar panels, especially in regions with
carbon-intensive electrical grids.
- Carbon offsets and Power
Purchasing Agreements (PPAs) – purchasing carbon offsets and
power purchasing agreements (PPAs) to address energy/carbon that
remains after the above actions are completed.
________________________________________
1 The
IPE Real Assets top 100 ranking of some of the world's largest real
estate investors, has captured more than $1.44trn (€1.3trn) in
infrastructure assets held by pension funds, sovereign wealth
funds, insurers and other institutional capital owners. To be
included, investors need to be owners, not third-party managers of
assets. It was based on IPE Research survey data, Rainmaker
information and publicly available information, predominantly in
the form of annual reports. Where accurate numbers were not
available, estimates have been made. Some investors have not been
included due to a lack of information. Source: IPE Real
Assets, as of 12/31/2020.
|
2 Target is an intensity-based
reduction of Scope 1 and 2 emissions for the properties that are
within our operational control.
|
To support these initiatives and better understand its current
standing, Manulife Investment Management's real estate team will
work to implement this overarching strategy, identifying regional
and asset-level opportunities where energy and associated emissions
can be reduced. All projects will also be evaluated in terms of
their carbon-based returns and how they will assist with the
reduction in emissions.
"Our approach to sustainability in real estate incorporates ESG
considerations into all our practices and investment management.
Through carbon emission reduction, Manulife Investment Management
aims to be a key player in the transition to a low carbon economy,"
said Regan Smith, Global Head of
Real Estate Sustainability. "It is with that in mind that we
designed a strategy informed by climate science to reduce our
carbon output across our real estate portfolio."
Manulife Investment Management's targeted reduction commitment
to its real estate portfolio is just one segment of Manulife's
global Climate Action Plan, which also commits to a 35% reduction
of Scope 1 and 2 emissions by 2035, in line with the Paris Climate
Agreement. For more information, please read Manulife Announces
Journey to Net Zero.
About Manulife Investment Management, Private
Markets
Manulife Investment Management's comprehensive private markets
capabilities include real estate, private equity and credit,
infrastructure, timber and agriculture. Through its real estate
group, Manulife Investment Management develops and manages
commercial real estate for thousands of customers around the globe.
As of March 31, 2021, the real estate portfolio totals
63 million square feet of office, industrial, and retail space
and over 6,500 multifamily units strategically located in markets
across Canada, the U.S., and
Asia. The group leverages its
global platform and local expertise to provide market-leading
solutions for its tenants and deliver results for its
partners.
Additional information about our Real Estate group can be found
at www.manulifeim.com/realestate.
About Manulife Investment Management
Manulife Investment Management is the global wealth and asset
management segment of Manulife Financial Corporation. We draw on
more than a century of financial stewardship and the full resources
of our parent company to serve individuals, institutions, and
retirement plan members worldwide. Headquartered in
Toronto, our leading capabilities
in public and private markets are strengthened by an investment
footprint that spans 17 countries and territories. We complement
these capabilities by providing access to a network of unaffiliated
asset managers from around the world. We're committed to
investing responsibly across our businesses. We develop innovative
global frameworks for sustainable investing, collaboratively engage
with companies in our securities portfolios, and maintain a high
standard of stewardship where we own and operate assets, and we
believe in supporting financial well-being through our workplace
retirement plans. Today, plan sponsors around the world rely on our
retirement plan administration and investment expertise to
help their employees plan for, save for, and live a better
retirement.
As of March 31, 2021, Manulife
Investment Management had CAD $764.1
billion (US $607.6 billion) in
assets under management and administration. Not all offerings are
available in all jurisdictions. For additional information, please
visit manulifeim.com.
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SOURCE Manulife Investment Management