Delivering on our commitment to sustainability
Our approach to sustainability
As part of the OMERS family, we have a responsibility to our Plan members to take a long-term, sustainable approach to investing, developing and managing our properties. Fundamentally, we have conviction that highly sustainable properties will continue to attract the most demand from occupiers and investors, so our approach to sustainability is also about protecting and enhancing value.
Daniel Fournier, Executive Chair
Our ESG progress
reduction in carbon emissions since 2019 [1,2]
reduction in carbon emissions intensity against 2019 baseline [1,2]
Footnotes:
[1] scope 1 and 2 emissions
[2] The scope is limited to the Oxford Asset Managed Portfolio of buildings, which reflects the portfolio of real estate assets which Oxford owns and manages as of December 31, 2023.
Translating our sustainability ambitions into meaningful, lasting impact requires a focus on execution. To that end, we’ve built a robust foundational framework to empower our teams to build sustainability into our daily investing and operating models. In parallel, we also continue to evolve our approach as we seek innovative solutions to further our position as an industry leader.
Hala El Akl, VP, Sustainable Investment & Operations, Chair of Global ESG Working Group
Our Green Financing Framework and Green Bond Report
At Oxford our mission is to create economic and social value through real estate. Our Green Financing Framework reinforces these values. Established in 2022, this framework helps us transition to a low-carbon economy by influencing the operations of our business to fund sustainable investments and expenditures.
Aligned with the International Capital Markets Association (ICMA) Green Bond Principles and the Loan Market Association (LMA) Green Loan Principles, our framework has been reviewed by Sustainalytics, a leading ESG research firm. Proceeds from our green financings are dedicated to investments and expenditures in the following categories:
- Green buildings
- Renewable energy
- Energy efficiency
- Clean transportation
- Sustainable water and wastewater management
- Pollution prevention and control
- Climate change adaption
Since 2022, we've issued $600M in green bonds, with net proceeds being fully allocated to eligible green projects. Our Green Financing Framework exemplifies our long-standing commitment to sustainability and leadership in the industry.
Taking action to reach net zero
Our goal is to reach net zero by 2050 or sooner
Our goal is to reach net zero emissions by 2050, in line with OMERS' commitment. We're advancing decarbonization with a thoughtful approach, based on scientific principles, including tools and solutions tailored to our diverse assets. This ongoing process involves continuous evaluation and adaptation.
See below for case studies on how we're reducing the carbon footprint of our portfolio.