Genesis Property, office building owner 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).

For the first of these targets—the Near-Term Target—Genesis Property obtained validation from SBTi as early as 2023, 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 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.