TORONTO, ON (July 9, 2024) - Cadillac Fairview (CF) has published its annual ESG (Environmental, Social, Governance) report highlighting the important steps the company is taking to address the evolving needs of our planet, while reinforcing its purpose of transforming communities for a vibrant tomorrow.  

“This year’s report is a testament to CF’s strong bench of invested, engaged leaders, demonstrating our ability to deliver results in key reporting areas against ambitious targets as we work collectively towards a vibrant, sustainable tomorrow,” commented Sal Iacono, President & CEO, Cadillac Fairview. “Our ongoing investments in our properties, our people and our company culture have resulted in our established track record of environmental, social and community impact, and looking forward, we will continue our commitment to placemaking, creating vibrancy in our communities, and contributing to the global movement to transition to a net zero world.”

Environmental

CF’s dedication to taking concrete action against climate change led to remarkable results, including reduced greenhouse gas emissions, energy and water consumption and increased waste diversion. We surpassed our ambitious targets while ensuring our portfolio achieved continued third-party green building certifications. Select achievements include: 

• Ranked first in its peer group (Northern America | Diversified - Office/Retail | Non-listed) within the 2023 Global Real Estate Sustainability Benchmark (GRESB) Assessment. 

• Named one of Canada’s Greenest Employers which recognizes employers that are leaders in reducing their environmental impact while promoting a culture of sustainability.

• Since 2017, CF has reduced emissions by 21%, and has reduced energy consumption of 9% and reduction of water consumption of 25% since 2019, and waste diversion rates of 76% at LEED Office Properties, 77% at Retail Properties. 

• In Vancouver, 11 of CF’s office buildings, which together represent 4.4 million square feet, have been certified zero-carbon.  

CF is committed to taking action against climate change and has already reduced emissions by 56% since 2008 through CF’s industry leading Green at Work® program. CF is dedicated to striving for a net zero portfolio by 2050, and continues to strive for our 2030 interim emissions target while achieving annual energy reductions per property at 1 to 3% per year and water reduction by 2% year over year, and waste diversion at LEED Offices to 85% and Retail at 70%. 

Social 

CF’s Social results were borne out by higher employee engagement, inclusion, and wellbeing scores in our employee survey. While we supported our people, our local communities benefited from our focused, impactful philanthropic strategy and continued economic contributions of our properties, which foster engagement and social connection. Key highlights include: 

• Listed as a Global Top 25% Most Engaged Company with the goal to become a Global Top 25% Most Inclusive Company.

• Recipient of Achievers Elite 8 award recognizing the North American company that best exemplifies Culture Alignment, a reflection of CF’s long-term commitment to people and culture and the programs and processes that enable it.

• To effect meaningful change in its communities, the company donated more than $2.1 million to Canadian charities, with 1300+ hours volunteered by employees supporting more than 60 charities and nonprofit organizations. 

As we look to the future while addressing the critical need for housing across the country, CF has developed a residential program which has the potential to deliver 7,000 rental units in 20 buildings within several of the company’s retail properties and mixed-use sites across Canada. This strategy is underway with projects under construction in Ottawa at CF Rideau Centre; in Montréal at 750 Peel; and in Richmond at CF Richmond Centre. Plans for additional projects continue to advance across the country, including projects in the Greater Toronto Area at CF Sherway Gardens and CF Fairview Mall.

Governance

We continue on our journey to enhance risk programming as we adapt to a changing external environment and increased stakeholder expectations. This includes strengthening our resilience and preparedness around Operations Technology and Third-Party Cyber Risk Management and launching a data governance program focused on critical data privacy and security assessments.

To substantiate its deep commitment to these goals, CF has embedded the targets in its organizational plans and objectives, and will publicly disclose the company’s progress in meeting targets. CF will re-evaluate targets annually to ensure alignment with the latest scientific information. In addition, CF is committed to adapting to the effects of a changing climate by evaluating climate risk at all properties such as risks posed by extreme weather events. CF will further support a transition to a low-carbon economy with focus on enabling low-emission transportation, such as biking and electric vehicles charging stations.  CF’s annual ESG report highlights company activities and accomplishments between September 1, 2022, and August 31, 2023, the reporting period for the organization’s national sustainability program, Green at Work® (GAW).

To learn more about CF’s ESG commitments, please visit www.cadillacfairview.com/esg.  

About Cadillac Fairview

Cadillac Fairview (CF) is one of the largest owners, operators, investors and developers of best-in-class office, retail, multi-family residential, industrial and mixed-use properties in North America.

Wholly owned by the Ontario Teachers’ Pension Plan, with assets under management of more than $30 billion, CF manages over 36 million square feet of leasable space at 68 landmark properties across Canada, including Toronto-Dominion Centre, CF Toronto Eaton Centre, Tour Deloitte, CF Carrefour Laval, CF Chinook Centre and CF Pacific Centre.

Driven by its purpose of Transforming Communities for a Vibrant Tomorrow, CF is continually striving to make a positive impact in communities where it operates by promoting social connection, growth, and a sustainable future. Visit cadillacfairview.com for more information.

Media Contact: 

Anna Ng Cadillac Fairview ang@cadillacfairview.com 416-598-8246