Environmental, Social and Governance (ESG) is a framework used to measure and manage a company’s environmental and social risk and performance. ESG has become an important part of investor, tenant, and employee engagement and is a growing part of CBL’s business strategy.
ESG initiatives are a high priority for CBL and sustainability is a critical piece of our overall program. Over the last several years, we’ve made significant strides in developing and executing sustainability programs and policies that align with our business goals and values, as well as those of our tenants. As Earth Day approaches on April 22, we’re proud to reflect on the progress we’ve made, as well as look to the future as we work to enhance our program and further reduce our impact.
To demonstrate CBL’s commitment to ESG and sustainability, we’ve hired our first VP of ESG, Derek Young. Derek joined the company this month and brings more than 20 years of experience in the ESG, sustainability, and corporate responsibility fields. His appointment demonstrates our commitment to ESG and to furthering our efforts. He will focus on building on our existing initiatives and will lead efforts to develop and deploy a more comprehensive ESG strategy, with a goal of adding value across our business and for all of our key stakeholders.
When asked about his new role, Derek said, “I am so excited to join CBL. The company has a great history of community and social engagement and has made significant progress in advancing a broader ESG strategy. I am looking forward to building on that work and to creating approaches that will continue to position CBL as a leading player in its industry. That my appointment comes during the month of Earth Day provides a great opportunity to demonstrate the importance of ESG to the company and to highlight the great work already underway.”
One of the most meaningful ways we’ve layered sustainable initiatives into our operations is by investing in eco-friendly processes and materials at the properties. In the last year, we’ve completed nine energy-efficient lighting projects that resulted in more than 3.4 million additional kWh savings, recycled more than 9,600 tons of cardboard and paper, and increased the number of EV charging stations available across our portfolio to 113. We’ve also committed to using sustainable building materials, updating HVAC systems, investing in energy-efficient lighting, and improving water conservation measures across many of our properties.
In 2023, our goal is to complete three additional energy-efficient lighting projects, ramp up our recycling efforts, and increase the number of EV charging stations to 200 across 22 properties. We’re also actively evaluating renewable energy opportunities and hope to launch our first solar power pilot program later this year.
To further support our tenants’ ESG goals, we developed a new Tenant Sustainability Guide in 2022, which outlines best practices for sustainable construction and development. In 2023, we will roll out a comprehensive Sustainable Development Policy that will guide our redevelopment efforts moving forward. We will also look for ways to engage with our tenants to determine areas of opportunity for collaboration and support in both the environmental and social areas of focus. Additionally, we are incorporating green lease language into our new and renewal leases.
Looking ahead, CBL is committed to continue building on our sustainability efforts and exploring new ways to reduce our environmental impact. We plan to investigate new technologies to improve energy efficiency and will evaluate opportunities to reduce our environmental impact. We will communicate our progress to demonstrate our commitment to achieve our sustainability goals as well as support the efforts of our tenants.