FUNO to Develop a Water Reservoir in Mexico CityBy Fernando Mares | Mon, 07/11/2022 - 17:20
Fibra Uno (FUNO), the first real estate trust in Latin America and the largest in the region, will invest in water management infrastructure in Mexico City. The company assured that this investment will help the reforestation efforts carried out in the area, while benefitting the community.
FUNO is the largest real estate trust in Latin America developing and operating industrial, commercial and office properties. It holds more than 10 million m2 in 636 properties across the country. The trust reported that it will invest over US$127,000 in the construction of a water reservoir at the Tarango slope located in Alvaro Obregon, Mexico City. The area is considered one of the most important green areas of the city with over 280ha. Currently, the area faces water pollution and solid residues issues as two un-tubed rivers flow through it.
The water reservoir project aims to store water to ensure its filtration into the subsoil. FUNO estimates that the amount of filtered water could be up to 580m3, which meets the need to replenish Mexico City’s groundwater reserves. The trust states that it will also help reforestation works carried out in the area by creating a water supply in dry seasons. “We are very excited that this investment will have benefits for the local community, which is considered a green lung and has a great impact all over the capital,” said Ana Mora, Sustainability Director, FUNO.
Mora stated that the project is one of the winning projects of the “FUNO helps you to help” contest, which is focused on looking for projects that improve the infrastructure of communities where the trust operates.
FUNO informed that by 2030, it will invest over US$7.8 million in projects with social impact, which according to the company, will benefit over 300 communities where the company operates. It is part of the company’s strategy to exploit investors’ interest in companies that follow ESG standards. On this matter, the company stated that it will seek to issue sustainable-related debt. It also reported that it has met and even reached its 2030’s goals of energy, emissions and water use reduction.
Currently, FUNO holds an ESG score of 88.8 points and some of its properties have been granted LEED certifications, which evaluate if a building meets healthy, efficient, carbon and cost-saving standards. Experts say that the company has taken action but it has a long way to go in terms of sustainability and corporate social responsibility.