This is Vietnam’s first approval for science-based targets from SBTi for a company in real estate.

The SBTi is a collaboration between the Carbon Disclosure Project, the United Nations Global Compact, the World Resources Institute, and the World Wide Fund for Nature to drive ambitious climate action in the private sector by enabling organisations to set science-based emissions reduction targets.

Following COP27, which was recently held in November, FPV is committed to delivering action on an array of critical issues to tackle the climate emergency and has set ambitious carbon emissions reduction targets that have been assessed and validated by the SBTi.

Melinh Point, a Grade A boutique office building in Ho Chi Minh City’s commercial District 1 by Frasers Property Vietnam is on green lease

According to Edwin Tan, deputy CEO of Frasers Property Vietnam, Vietnam has a growing commitment to the environmental social and governance agenda, which is in line with the group-wide sustainability goal to become a net-zero carbon corporation by 2050.

As part of the Group’s decarbonisation journey that encompasses Scope 1, 2, and 3 emissions, FPV has developed detailed net-zero carbon roadmaps and carbon reduction targets.

Scope 1 includes direct emissions produced by the company’s owned or controlled sources, while Scope 2 comprises indirect emissions produced by energy usage across the company’s footprint.

FPV has committed to reducing absolute Scope 1 and 2 emissions by 46.2 per cent by FY2030, using FY2019 as its baseline.

This target covers GHG emissions from the company’s operations and is aligned with the Paris Agreement to limit the global temperature rise to 1.5 degrees Celsius.

With reductions in GHG emissions a priority, FPV is making buildings more energy efficient with green building certifications. To further reduce emissions in facilities it manages for occupiers, Melinh Point is now equipped with a water-cooled chiller system that reduces more than 23 per cent of its energy use.

Additionally, LED lights are now in use in common areas across all properties and solar streetlights and solar panels have been installed in Binh Duong Industrial Park.

Scope 3 carbon emissions contribute the largest share and encompass a company’s value chain, including tenants, contractors, suppliers, and vendors.

FPV has also committed to reducing absolute Scope 3 emissions by 46.2 per cent within the same timeframe.

To make progress on all three scopes, FPV is moving towards implementing low-carbon building materials, improving energy efficiency, deploying more renewable energy solutions, and establishing Frasers Property’s Group Responsible Sourcing Policy which was first unveiled in 2021.

FPV has been engaging tenants on a regular basis to spread awareness of climate issues and empowering them to take action, particularly in conserving energy. Most tenants in its commercial developments such as Melinh Point, Worc@Q2, and Binh Duong Industrial Park are currently on green leases.

Binh Duong Industrial Park by Frasers Property Vietnam is on track to achieve green certification

Green leases help define environmental objectives for tenants to ensure higher standards in energy consumption and efficiency for a better working environment and experience.

Frasers Property Ltd., together with its subsidiaries, is a multinational investor, developer, and manager of real estate products and services across the property value chain.

Listed on the Main Board of Singapore Exchange Securities Trading Ltd. and headquartered in Singapore, the Group has total assets of approximately S$40.2 billion ($29.8 billion) as of September 30.

Frasers Property's multinational businesses operate across five asset classes: Residential, Retail, Commercial and Business Parks, Industrial and Logistics, and Hospitality.

The group has businesses in Southeast Asia, Australia, Europe, and China, and its well-established hospitality business owns and/or operates serviced apartments and hotels in over 20 countries in 70 cities across Asia, Australia, Europe, the Middle East, and Africa.

In Vietnam, its signature developments include Binh Duong Industrial Park, a modern, dynamic, and sustainable industrial park strategically placed in Binh Duong Province, Melinh Point, a Grade A boutique office building in Ho Chi Minh City’s commercial District 1, Worc@Q2, a stylish and modern office building within Q2 Thao Dien (a luxury mixed-use development in Thu Duc City).

Its Fraser Hospitality business also maintains a local presence with Fraser Suites Hanoi, Fraser Residence Hanoi, and Capri by Fraser in Ho Chi Minh City.