By MUMBAI : Nucleus Office Parks, the operating platform for Blackstone Real Estate’s wholly owned offices in India, has launched its first sustainability report, which was prepared in accordance with the core principles of the Global Reporting Initiative (GRI) Standards, the world’s most widely used benchmark for sustainability reporting. The report contains quantitative and qualitative information in line with the GRI standards and effectively presents Nucleus Office Parks’ progress, innovation and accomplishments on key Environmental, Social, and Governance (ESG) commitments to various stakeholder groups including investors, regulators, customers, employees, and industry bodies among others.
Over the past year, the platform has taken various initiatives to reduce environmental impact and uplift the communities in which they operate. In May 2022, Nucleus Office Parks became the country’s largest office portfolio to have received Leadership in Energy and Environmental Design (LEED) certifications for Existing Buildings v4.1: Operations and Maintenance from the Green Business Certification Inc (GBCI).
LEED v4.1 is the latest standard for green building design, construction, operations, and performance.
During this period, Nucleus Office Parks also worked with various governmental bodies to uplift and redevelop one of Mumbai’s busiest streets at Lower Parel. As part of the project, it created 1,900 sq. m of under flyover social spaces, 2.5 km of pedestrian pathways, and planted over 20,000 trees and plants.
The report was launched in Mumbai on 3 June 2022 to coincide with “ESG Next Frontiers – India’s Real Estate #LEEDingTheWay”. In the keynote address, Mahesh Ramanujam, former president & CEO of US Green Building Council, endorsed Nucleus Office Parks’ sustainability initiatives and emphasized the importance of climate change mitigation.
Mahesh Ramanujam said, “This is an inflection point for India and there is a real opportunity for corporations to scale their roles in mitigating the impacts of climate change. Nucleus Office Parks (NOP) ‘ESG Next Frontiers’ event was a much-needed reminder that we do not have to wait for crises to make comprehensive changes in transition towards India’s net-zero commitment. Lasting change is only going to come with proactive measures and more specifically, a greater transparency in ESG reporting. It was an honour to address to the Nucleus Office Parks community and further explore best practices and actionable insights.”
Quaiser Parvez, CEO, Nucleus Office Parks, said, “We have devised a cohesive ESG framework founded primarily on four pillars – ecosystem, human capital, community, and governance. Moreover, we have identified a combination of long-term pledges with short term milestones to ensure we achieve our vision and create a lasting impact.”
The Securities and Exchange Board of India mandated new ESG reporting requirements for the top 1,000 listed entities (by market capitalisation) starting from 2023. The move will encourage more companies to participate and support the development of robust ESG reporting frameworks. Nucleus Office Parks continues to hold itself accountable and set an example for its industry peers.
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