The Group expects to achieve and exceed net zero emissions even as its investment portfolio’s net lettable area increases with the addition of new generation office developments such as 477 Collins Street, Melbourne VIC and 80 Ann Street, Brisbane QLD.
The key steps Mirvac will take to reduce carbon emissions include continuing to maximise energy efficiency and developing all-electric buildings powered by 100 per cent renewable energy.
“Human-induced climate change is a significant threat to our planet, and as a key player in the built environment industry, which contributes a quarter of Australia’s carbon emissions, we have a responsibility to eliminate more carbon than we emit,” Mirvac’s Group General Manager, Sustainability and Reputation, Sarah Clarke, said.
“This work will mean that from 2030 and each year afterwards, Mirvac will be avoiding emissions equivalent to planting over 1.4 million trees and taking 22,300 cars off the road.”
Ms Clarke added that as well as minimising the Group’s environmental impact, reaching net positive carbon also makes good business sense.
“Being a force for good doesn’t need to come at the expense of commercial sustainability. By transitioning our portfolio sooner rather than later, we’ll benefit from energy price certainty and create greater value for our stakeholders. And with low carbon building policy reforms on the horizon, we’ll also be ahead of the curve when it comes to compliance,” she said.
“But more than that, reducing, and ultimately, eliminating our carbon emissions, is the right thing to do.”
Mirvac set its bold target to be net positive by 2030 when it first launched This Changes Everything in 2014 and reaffirmed the target when it released a refresh of its strategy in June last year. It has reduced its carbon intensity by 21 per cent since FY13 through energy efficiency leadership, which has been recognised through three 6 Star and two 5.5 Star NABERS Energy ratings, making its property portfolio one of Australia’s greenest.