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Ivanhoe Cambridge announces new 2030 climate target

Ivanhoe Cambridge announces new 2030 climate target

MONTREAL—Quebec-based developer Ivanhoe Cambridge has announced it is pledging to reduce the carbon intensity of its Montreal properties by 55 per cent by 2030 in relation to 2017.

The announcement was made May 3 in conjunction with the Montreal Climate Summit. The commitment is equivalent to a reduction of about 8,000 tons of CO2.

The planned reductions will be accomplished through a combination of energy savings, more efficient systems and buildings, improved technologies and a shift to electrification, stated the firm. The commitment is aligned with the City of Montreal’s Climate Plan and the commitments that the city announced during the summit for the decarbonization of buildings in Montreal.

Last April, Ivanhoe Cambridge announced it was committed to achieving carbon neutrality by 2040 for its global portfolio of assets. The commitment includes reducing the carbon intensity of the global portfolio by 35 per cent by 2025 versus 2017; increasing low-carbon investments by $6 billion by 2025 versus 2020; and aiming for all the company’s new developments to be net-zero carbon from 2025.

“By announcing this commitment today, we want to continue to play a leadership role in our industry and inspire our peers to make ambitious commitments and invest in the transition to low-carbon real estate. As we did in Glasgow last November, at COP26, we’re determined to work with all players in the real estate industry to identify solutions that will enable us to accelerate the decarbonization of our real estate assets,” said Elise Proulx, head of Quebec economic development at Ivanhoe Cambridge, in a statement.

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