In a context where, according to the World Meteorological Organization (WMO) and the United Nations (UN), the climate crisis has become one of the greatest challenges facing humanity, Genesis Property, one of the most prominent office building owners in Romania, has received the registration approval from the Science-Based Targets initiative (SBTi) for its immediate and long-term emission reduction commitments (Long-Term Target). Moreover, for the first of these targets—the Near-Term Target—Genesis Property obtained validation from SBTi as early as 2023, immediately after the launch of its first Scope 1 and Scope 2 GHG emissions report, a document prepared in accordance with the GHG Protocol methodology.
SBTi is a non-governmental, non-profit organization, founded by institutions including the United Nations Global Compact (UN Global Compact) and the World Wide Fund for Nature (WWF), and is one of the most prestigious organizations globally in promoting action to reduce environmental impacts.
The organization’s role is to guide companies and financial institutions worldwide in reducing greenhouse gas emissions, enabling them to contribute to preventing and combating the effects of climate change. SBTi designs and develops standards, tools, and guidelines that allow companies to set decarbonization benchmarks, i.e., greenhouse gas emission reduction targets, in line with climate science. In this way, global warming will be maintained at levels unlikely to trigger extreme weather events and will facilitate the European Union’s goal of achieving net-zero emissions by 2050 at the latest.
Targets are considered “science-based” if they align with the latest climate science findings, particularly in relation to the Paris Agreement’s goals of limiting global warming to below 2°C above pre-industrial levels and continuing efforts to limit warming to 1.5°C.
The next major objective of Genesis Property, a company founded by entrepreneur Liviu Tudor, is to obtain validation of its Long-Term Target for CO2 emission reduction from SBTi by 2026, and the company has already begun taking steps toward achieving this goal.
“This approval is yet another recognition of our efforts to implement ambitious, long-term measures aimed at accelerating the decarbonization of our entire portfolio, with the ultimate goal of reducing the company’s environmental impact. Genesis Property thus becomes the only Romanian real estate company that has undertaken and registered with SBTi commitments to reduce both immediate and long-term greenhouse gas emissions, proving that efforts to contribute to a more climate-safe world can go hand in hand with our business success,” said Ioan Bejan, Sustainability Director at Genesis Property.
These achievements are part of the company’s sustainability strategy, through which it aims to become a leader in the Romanian real estate sector in promoting sustainable development and combating climate change.
Genesis Property recently achieved BREEAM Outstanding certification for Building F of the innovative YUNITY Park business campus, which is occupied by renowned companies such as Hewlett Packard Enterprise, HP Inc., Garanti BBVA, Luxoft, and Yokogawa. This certification is a significant step toward the ambitious goal of reducing the group’s net carbon emissions to zero by 2040, a full 10 years ahead of the European Green Deal targets, at a pace scientifically validated by the Science-Based Targets initiative (SBTi).
In 2021, Genesis Property became the first 100% Romanian-owned company to join the United Nations Global Compact (UN Global Compact), committing to support its 10 principles on human rights, labor, environmental protection, and anti-corruption. Furthermore, starting this year, Genesis Property is measuring and reporting its environmental, social, and governance (ESG) performance to the Global Real Estate Sustainability Benchmark (GRESB), a rigorous global assessment of real estate investments aligned with the latest international sustainability reporting standards.
