RMZ Corp becomes signatory member of global decarbonization program ‘First Movers Coalition’ at COP27
The 65-member global coalition commits $12 billion to commercialize zero-carbon technologies
Bengaluru (Karnataka) [India]: RMZ Corp, one of Asia’s largest privately owned real estate owners and developers, has become the first Indian real estate company to be one of the first signatories of the First Movers Coalition (FMC). FMC is a global decarbonization initiative launched by the World Economic Forum and the US government during COP26. At COP27 in Egypt, the 65-member coalition committed $12 billion to commercialize zero-carbon technologies and cut emissions and focuses on cleaning up one of the world’s most carbon-intensive industry sectors through purchasing commitments for low-carbon technology. RMZ Corp joined the coalition along with nine other companies at COP27. As an FMC company, it has committed to purchase at least 10 percent of near-zero cement and concrete per year by 2030.
Cement & Concrete make up 7% of global emissions today. To decarbonize the cement sector, emerging technologies in carbon capture, use, and storage (CCUS) need to be scaled. RMZ Corp is the first and only real estate developer from India to be part of the Coalition and has signed up in the cement and concrete sector.
Commenting on the development, Mr Jayakumar K, Senior Managing Director & Member of Executive Board, RMZ Corp, said, “We are incredibly proud to be the first Indian real estate company to be one of the first signatories of the First Movers Coalition. We are excited to join the network that is committed to purchasing at least 10% near-zero cement and concrete per year by 2030. Purchase commitments will stimulate the clean technology market with more investments in decarbonizing technologies. Our goal has been to imagine, create, operate, and transform for a greener, more liveable planet. From a decarbonization standpoint, we would like to lead and drive the shift to a net-zero economy. Joining the Coalition only reiterates our commitment to this.”
RMZ is synonymous with industry-leading sustainability best practices and the building of efficient and resilient properties that are future-ready. As one of the country’s largest developers and owners of real estate, RMZ follows high environmental sustainability standards consistent with the expectations of occupier clients and users. RMZ’s sustainability framework covers renewable energy, green buildings, zero waste, water neutrality, Scope 3 emissions, digitization, the happiness index, health and wellness, social design, social experiences, and community programs.
According to a recent report by the International Energy Agency on the cement industry, 4.3 billion Mt of cement was produced in 2021, 55% by China and 8% by India. Production is expected to increase in India and other developing Asian and African countries in the long term. The direct CO2 intensity of cement production increased by about 1.5% annually during 2015-2021.
With a collective market value of approximately $8 trillion, members of the First Mover’s Coalition hope to bring clean technologies to scale through advance purchase commitments in order to decarbonize carbon-heavy sectors such as aluminium, aviation, chemicals, concrete, shipping, steel, and trucking, which account for 30% of global emissions. FMC currently has 85 purchasing commitments and includes some of the most influential brands in the world, with two-thirds of the members among the Forbes Global 2000.
RMZ’s Green Story (Positive Impact):
The company’s sustainability efforts have enabled it to achieve 22-25% energy savings from Benchmarks 1500 t CO2 reduction per million SFT over the years, water saving of more than 60%, 100% greywater recycling, 100% roof water collection, increase in groundwater recharge, etc. RMZ has pursued Zero Waste to Landfill efforts; reduced the use of water for construction; efficient debris management by reusing 70-80% of rubble and working on Neutrality on energy across portfolio 7500 t CO2 reduction per million SFT. The company actively pursues LEED Platinum for Certification | LEED Arc for Operations and EHS management system certified to ISO 45001. Efforts to increase use of renewable energy to achieve ‘Carbon Neutrality’ across operations, project management controls and technology in construction, connected buildings and robust community action to fight climate change are some of the other notable initiatives by RMZ Corp.
About RMZ Corp
RMZ Corp is one of India’s largest privately-owned real estate owners, investors, and developers committed to building socially, economically, and environmentally responsible assets and communities.
The company’s Massive Transformative Purpose is to imagine, create and transform for the future. They own and operate a real asset portfolio of 67 million square feet and are poised to grow to 350 million square feet of assets by 2032. They are amongst the only zero-debt real estate companies globally. Their innovative approach to developing and managing real estate invariably raises the industry’s bar for quality and sustainability. By taking a leap of faith and adapting to, and indeed embracing the digital universe, they are driving a sustained transformation program to deliver superior real assets with elevated member experiences.
RMZ currently owns US$12 billion worth of of real assets that are operational and under development. The organization plans to diversify into new asset classes such as Industrial, Logistics and Hospitality through new platforms and global partnerships. Additionally, the company plans to invest in and develop both brownfield and greenfield projects leveraging its strategic, development management and financial engineering capabilities, that will focus on adding value to and enhancing its development portfolios.
RMZ Corp has racked up many triumphs, and garnered many accolades – from curating the only development project from India to win the 2020 ULI Asia Pacific Awards for Excellence to being the first company globally to achieve a WELL Health—Safety Rating for Facility Operations and Management. The company has developed the largest portfolio of assets certified under LEED Arc, a building performance monitoring and scoring platform. RMZ Corp, today, ranks among the world’s flagship real estate firms.