Nexus Select Trust Surpasses Global Standards in GRESB 2023 Real Estate ESG Assessment
MUMBAI, India, Dec. 18, 2023 /PRNewswire/ — In a momentous acknowledgment of its commitment towards sustainability, responsive & responsible growth, Nexus Select Trust (NSE: NXST / BSE: 543913), India’s first listed Retail REIT, has secured an outstanding score of 86 out of 100 in the 2023 Real Estate Assessment carried out by GRESB, the global environmental, social, and governance (ESG) industry benchmark. The score positions Nexus Select Trust 15% above the average benchmark score.
Dalip Sehgal, Executive Director and Chief Executive Officer at Nexus Select Trust, said, “We are committed towards the three Cs: Connect, Care and Conserve. Our GRESB score is a clear indication that we are not only on the right path but are setting benchmarks within the real estate sector. Our team has worked diligently to integrate ESG considerations into all levels of our operation, ensuring that we contribute positively to the communities we serve and the environment at large. We undertook significant measures to advance our ESG commitments this year, including joining the India Business & Biodiversity Initiative (IBBI) as well as signing the Water, Sanitation and Hygiene (WASH) pledge.”
The global index GRESB evaluates ESG performance of real estate and infrastructure investments over wide-ranging aspects, including energy use, greenhouse gas emissions, water consumption, waste management, and ESG principles. Nexus Select Trust’s impressive performance, surpassing the global median, underscores its dedicated integration of ESG practices within its core business framework.
Nexus Select trust has undertaken several significant initiatives towards ESG causes while securing the Green Star status, scoring 100% in key areas such as Public Reporting, Policies, ESG Targets, Risk Assessment, and Data Monitoring & Review. In Stakeholder Engagement, Tenant and Community Relations, and Waste Management, the group scored over 95%. The overall results demonstrate a significant jump of 10 points compared to the previous year, with prominent improvements in the Energy score and more than a twofold improvement in the GHG score.
“The goal is to move towards a Net Zero future by aligning with the Science Based Target Initiative (SBTi) and incorporating the recommendations of the Taskforce on Climate-Related Financial Disclosure (TCFD). The green clauses in leases encourage tenants to actively participate in environment restoration. In FY23, we ensured all our malls are Green Building Certified. Our overall renewable energy capacity exceeded 30MW. The waste diversion rate of over 90% significantly reduces landfill burden, and over 82% of the malls are Zero Liquid Discharge. The WASH pledge, reinforces their existing commitment towards health & sanitation,” Sehgal said.
Nexus Select Trust has implemented several community engagement programs and continues to promote diversity, equity and inclusion. The workforce includes 23% women representation and 1.5% People with Disabilities. People are important, and this dedication is reflected in its FY23 Happyness Index score of 96%. Under the ‘Lakes of Happyness’ programme, an effort to protect and restore the environment, Nexus Select Trust has rejuvenated 4 lakes across Bengaluru, Pune and Chennai and, is presently working across 4 more lakes in Bengaluru, Mysuru and Jalgaon. The project is aimed to replenish groundwater, positively influence downstream water quality, and preserve the biodiversity and habitat of the area. Nexus Select Trust is targeting to rejuvenate 10 lakes by 2024, thereby benefiting 30000 people and wildlife in the surrounding areas.
“The remarkable scores reinforce the our position as the industry leader and underscores our ability to deliver sustainable value to investors, tenants, and communities. We remain committed to maintaining and improving upon these standards, acknowledging that the journey towards sustainability is continuous and evolving,” Sehgal concluded.
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