The need to create engaging and sustainable communities is at the core of Cadillac Fairview’s Environmental, Social, Governance (ESG) strategy.
In its 2023 ESG Report: Transforming Communities for a Vibrant Tomorrow, the real estate company said making human connections and addressing climate change are more important than ever.
“As a city builder, our ultimate purpose as a business is to create vibrant community spaces, where people come together – spaces woven deeply into the cultural fabric of cities around the world. Space that will play a key role in how people reconnect with one another post-pandemic,” said John Sullivan, President and CEO, Cadillac Fairview, in the report.
“Under our community pillar, guided by our purpose of “transforming communities for a vibrant tomorrow,” we continue to provide the spaces where people can come together — to meet, work, shop, live, and dine — and whenever possible, spark community spirit through immersive events and activities.”
Wholly owned by the Ontario Teachers’ Pension Plan, CF manages more than $42 billion of assets across the Americas and the United Kingdom, with further expansion planned into Europe and Asia. Internationally, CF invests in communities with like-minded partners, including Stanhope in the UK, Lincoln Property Company in the U.S., and Multiplan in Brazil.
The company’s Canadian portfolio comprises 68 landmark properties, including the Toronto-Dominion Centre, CF Toronto Eaton Centre, Tour Deloitte, CF Carrefour Laval, CF Chinook Centre and CF Pacific Centre.
Key highlights from the ESG report include:
- 19 per cent CO2 reduction since 2017 in Scope 1&2 emissions. 58 per cent reduction since 2008;
- 10 per cent energy reduction since 2019. 47 per cent reduction since 2008;
- 25 per cent water reduction since 2019. 71 per cent reduction since 2008;
- 78 per cent waste diversion since 2008;
- 100 per cent Canadian properties completed climate risk evaluation;
- 397 electric vehicle charging stations at 100 per cent of operated sites (by complex);
- 100 per cent properties have achieved at least one Green Certification such as LEED, BOMA Best, Energy Star or Zero Carbon Certification.
Karen Jalon, Vice President of Sustainability, Energy and Smart Technologies for Cadillac Fairview, said the company, as a community builder, really understands its impact on stakeholders and the expectations are increasing.
“It’s very clear from our perspective we have the opportunity to do what’s right for our communities at large but also to support our core business,” she said. “We’re supporting Canada as well as our key stakeholders like tenants and the public achieve their personal ESG goals. We have a focus on reducing our operational costs by lowering our energy and making sure that we build in-person environments.
“This is very foundational to our culture and what we believe our key stakeholders and communities need right now.
“We’re very proud that our shopping centres are a place for the community. A place to interact with each other. Beyond that, it’s clear that we’re in a time of environmental challenges and the public is expecting companies like CF to focus on climate mitigation and resilience. So we are focused in our retail centres on ensuring that we’re achieving and exceeding the best industry standards when it comes to sustainability including creating certifications of our properties which we have achieved to having been ranked number one compared to our peers when it comes across ESG and specifically sustainability. I think expectations are increasing and that’s part of how we do business and so we’re aligning with those expectations.”
Jalon said investing in sustainability does make business sense because it mitigates regulatory risks to reputational risks.
“There’s opportunity to reduce long-term costs,” she said.
Jalon said the ESG landscape is changing very quickly from expectations to clear needs of the community.
“And so we’re continuously re-evaluating where we are and where we have to be and we know we need to strive for greater positive impacts on our communities. We started our environmental sustainability program back in 2008,” she said. “Over that time we’ve reduced our emissions by 58 per cent. We’re making significant strides.
“That means we’ve integrated it into how we do business and now is the time for us to accelerate those kinds of results.”