Environmental, Social and Governance

Environmental Policy

 

 

Commitment

  • Prosperity REIT recognizes the importance of environmental sustainability as it is indispensable for achieving long-term business viability and the sustainable development of our community.
  • Prosperity REIT is aware of the evolution of different international environmental agreements and believes that it is of our corporate responsibilities to facilitate the transition to a low-carbon economy. We are committed to:
    • Identify and respond towards climate change risks and to act on opportunities to enhance its properties for long term positive impacts. 
    • Reduce energy consumption and encourage the use of renewable energy
    • Reduce water consumption and encourage the use of treated/recycled water and rainwater harvesting
    • Manage waste and encourage recycling
    • Engage stakeholders to play their role
    • Manage investment properties while giving substantial considerations for protecting biodiversity

 

  • This Policy covers all stakeholders including employees, tenants, business partners (such as vendors, service providers, suppliers etc.) and community at our office and properties. 

 

Approach

Prosperity REIT strives to take effective and practical measures to minimize the environmental impacts of our business operations. Accordingly, we will:

 

  • Environmental Management Systems/ GHG Emission and Management
    • Manage the environment based on the environmental management system framework (e.g. ISO 14001) which encompasses legal requirement, objectives, targets and programs, sustainability commitment program, implementation and operations, competency, training and awareness, communication, documentation and monitoring and sustainability reporting.
    • Obtain/retain ISO 14001 certification for our EMS in all investment properties.
    • Develop sustainability commitment program and implement various property level initiatives.
    • Monitor our buildings’ emission intensity.
    • Regularly conduct internal carbon footprint assessments for our properties to set energy saving targets in reducing GHG emissions.
    • Develop building control and disaster emergency response practices for extreme weather events such as regularly check and improve the adaptability of our assets to extreme events related to weather and climate (especially typhoons and rainfall ).

 

  • Energy Consumption and Management  
    • Advise the Property Manager to reduce carbon footprints and educate tenants through regular communication, sharing new technologies and adopting energy efficient design and certifications, as well as make improvements to the energy efficiency of building operations, where possible.
    • Examples of property level initiatives to directly improve energy efficiency or reduce energy consumption include performing analytics, installing occupancy sensors (lights and escalators), optimizing building systems, purchasing energy-efficient fixtures, and encouraging the adoption of green building design and renewable energy sources whenever feasible.

 

  • Water Consumption and Management
    • Advise the Property Manager to reduce water footprints and educate tenants through regular communication, raise awareness and encourage visitors regarding sustainable water usage, as well as make improvements to the building operations, where possible.
    • Examples of property level initiatives to directly improve efficiency or reduction in water consumption include performing analytics, installing auto-sensors, setting up leak detection and rainwater collection systems, adopting water efficient design and certifications and using water-saving technologies.

 

  • Waste Management
    • Advise the Property Manager to reduce waste, minimize non-recyclable materials and educate tenants and visitors on appropriate practices such as the responsible usage of papers and plastics. 
    • Examples of property level initiatives include increasing placement of recycling bins at strategic locations and purchasing of environmentally friendly products such as eco-friendly stationery and toiletries.

 

  • Environmental Compliance
    • Promote environment-friendly investment management operations by adhering to environmental laws and regulations.
    • Comply with applicable laws and regulations and be accountable for any

environmental issues that occur at our properties.

 

  • Indoor environmental quality
    • Consider the indoor air quality (IAQ) assessment [e.g. IAQ Certification Scheme initiated by Environmental Protection Department (EPD)] where possible to enhance comfort level of the tenants and visitors in the premises and maintain a pleasant indoor environment. The areas of assessment cover
      • indoor air quality (IAQ), ventilation and thermal comfort;
      • interior lighting quality, natural lighting and views;
      • acoustic conditions;
      • provision of indoor planting;
      • adoption of low-polluting adhesives, paints, finishes and furnishings.

 

  • Sustainable Procurement & Building Materials Sourcing
    • Consider potential environmental and ecological impacts when sourcing for suppliers and contractors.
    • Integrate both green and socially-responsible supplier selection criteria where applicable into the purchasing process. Examples of sustainable and non-toxic building materials include materials derived from recycled content or those with low carbon sources.
    • Regularly evaluate suppliers’ environmental performance and provide them with feedback for improvement.
    • Contractors will be blacklisted and barred from participating in future tender exercises.  

 

  • Environmental Education
    • Educate, train and motivate our employees to carry out tasks in an environmentally responsible manner.
    • Encourage environmental practices among tenants and suppliers by including

environmental issues in business discussions and initiatives.

    • Encourage tenants to do their part in energy, water and resource conservation; and
    • Promote the importance of biodiversity and habitat protection to the public and tenants through the use of green wall, rooftop garden, hydroponic organic farm and other vegetation.

 

Implementation and Review

 

  • The Sustainability Steering Committee is responsible for the oversight of this Policy with the assistance of the Environmental, Health & Safety (EHS) & Supply Chain Management Task Group. The Sustainability Working Groups facilitate the implementations of all environmental initiatives and measures.

 

  • The Task Group is required to have meetings quarterly for monitoring and evaluating the environmental performance of Prosperity REIT. They are also required to report the improvement progress to the Sustainability Steering Committee and the Board of Directors annually.

 

  • The implementation progress, status, and related performance of this Policy will be reported in our environmental, social and governance (ESG) Report on an annual basis.

 

  • This Policy will be reviewed by Sustainability Steering Committee from time to time and update the content to align with any revisions of our existing procedures and practices and the consideration of relevant legislations and the best practices as appropriate.
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