PLife REIT unveils framework to fund green and social projects

Sustainable finance proceeds will go toward projects in Singapore, Japan, and Europe.

Parkway Life Real Estate Investment Trust (PLife REIT) has launched a sustainable financing framework to channel proceeds from sustainable finance transactions to green and social projects across Singapore, Japan, and Europe.

Projects covered include healthcare and eldercare infrastructure upgrades, energy efficiency improvements, renewable energy projects, and climate-resilient building enhancements, according to a press release.

The framework aligns with the REIT’s capital planning and sustainability targets, including greening at least 80% of its buildings by gross floor area over the next decade, said Yong Yean Chau, CEO and executive director of Parkway Trust Management Limited.

“Guided by our Sponsor, IHH Healthcare Berhad Group’s target to achieve net zero carbon emissions by 2050, we continue to work closely with stakeholders to reduce our carbon footprint through targeted capital expenditure initiatives,” Yong added.

Meanwhile, DNV Business Assurance Singapore Pte Ltd has independently reviewed the framework and issued a second-party opinion report.

PLife REIT will provide annual reporting on both the allocation and impact of proceeds, with the reports included in the group’s annual sustainability report or made available on its website.

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