Healthcare-focused real estate investment trust Ventas announced today a new sustainability commitment to achieve net zero operational carbon emissions by 2040, including its Office and Senior Housing Operating portfolios.
Debra A. Cafaro, Ventas Chairman and Chief Executive Officer, said:
“Ventas recognizes the imperative need to take significant actions toward decarbonization, and is dedicated to a well-conceived and rigorously executed approach to achieving operational net-zero carbon emissions.”
Ventas outlined a series of initiatives it will pursue in the targeted portfolios in order to achieve its new goal, encompassing renewable energy, energy efficiency, and electrification. The company aims to achieve 60% renewable energy procurement by 2030 and 100% by 2035, and plans to explore on-site generation and power-purchase agreements, among others. Ventas has invested $60 million in energy efficiency upgrades since 2018, and the company expects to continue to invest in energy efficiency at a similar cadence going forward, and has announced a commitment to develop net-zero carbon-aligned energy efficiency goals by property type by 2025. The company is also committing to capital investment in deep decarbonization and electrification opportunities through the deployment of high-efficiency and/or electric HVAC systems, among other technologies. Any residual emissions that will not be addressed through these initiatives will be abated by purchasing carbon offsets.
According to Ventas, the new 2040 pledge exceeds the company’s existing Science-Based Target initiative (SBTi) verified carbon reduction goal, adopted in 2021, to decrease absolute carbon emissions by 30% by 2030.
Cafaro, added:
“Our net-zero goal continues our leadership in sustainability and builds on our track record of achievements and commitments to date, starting with our ongoing investments in energy efficiency and our SBTi-validated emissions reduction target. We believe that today’s commitment promotes the interests of our stakeholders and aligns with our values of health and safety for residents, tenants, care providers and patients.”
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