Environmental Impact
PRIME strives to minimise the environmental footprint of our operations and promote sustainability across our portfolio. The built environment contributes significantly to global greenhouse gas (“GHG”) emissions, and we are focused on mitigating our portfolio’s carbon footprint through effective energy management and the integration of innovative solutions.
Our Environmental Policy reinforces our commitment to prioritise the physical impact of our real estate portfolio, preserve resources, and reduce our environmental impact. Not only does the policy acknowledge our role in contributing to GHG emissions, but it also highlights the direct financial and non-financial benefits of efficient resource management and operations. Hence, our goals of reducing GHG emissions and consumption, improving utility efficiencies, and enhancing the workplace environment can ultimately establish a competitive advantage for PRIME and its stakeholders.
In line with this policy, we have made notable strides toward integrating environmental issues into our business activities. This year, we had set quantitative short- and medium-term targets around energy and emissions management. Set by the Management and validated by the Board, these targets are supported by future physical occupancy trends, ESG budget in business plans, and ongoing initiatives to identify opportunities for operational improvements and building system optimisation. Further details are covered in the relevant sections below, alongside information on projects and initiatives that were rolled out.
PRIME is on track to meet our 2030 targets for emissions and energy consumption. With the growing trend of tenants returning to the office, PRIME acknowledges that physical occupancy across our portfolio may increase, potentially leading to higher energy use and emissions. While our targets are based on the FY2022 baseline year, a year with relatively low physical occupancy, we are confident that these targets remain realistic and represent a meaningful reduction compared to the baseline year.
Further to PRIME’s efforts to evaluate and mitigate the environmental impact of our properties, prior to any new acquisitions, we will consider metrics relating to the asset’s environmental impact, and consider engaging a third-party expert to conduct environmental site assessments, climate risk assessments, or other similar evaluations.
Energy Star1 Performance for FY2024
For more information, please refer to page 92 to 100 of PRIME's 2024 Annual Report.
1 The ENERGY STAR score rates the building’s energy performance relative to similar buildings nationwide. Expressed on a 1-100 scale, a higher score denotes better energy efficiency. A score of 50 represents median energy performance, while a score of 75 or higher indicates that the building is a top performer. More information is available at: https://www.energystar.gov/buildings/benchmark/understand_metrics/how_score_calculated