Carbon Emissions

After setting out our carbon goals through our PLANET POSITIVE PLAN, in July 2021 we were proud to reach our net positive carbon goal in Scope 1 and 2 emissions, nine years early. This was achieved by maximising energy efficiency, going all-electric, buying 100% renewable electricity, and investing in a small amount of high-quality, community focussed carbon offsets.

Our net positive carbon achievement demonstrates the significant work undertaken to eliminate carbon from our operations and make a meaningful contribution to our communities and the environment. As well as the environmental benefits of achieving net carbon, it also delivers significant commercial benefits to the Group and our tenants.

Having met several of our sustainability targets ahead of schedule, most particularly becoming net positive in scope 1 and 2 emissions nine years earlier than our 2030 target, we conducted a consultation and review process in FY22. The next stage of our strategy, This Changes Everything, will include a sharp focus on scope 3 emissions with a view to collaborating with supplier and customers to accelerate emissions reduction, as well as significant step up in our community activities. We anticipate sharing more information about these later in 2022.

We have further identified a range of action areas we know will significantly reduce this exposure, including building all electric in every asset class, finding ways to source 100% renewable energy and building energy-efficient homes for our residential customers, partnering with commercial customers to influence their fuel choices, and sourcing lower carbon materials.

At the same time, we’re working on other climate-related activities like reviewing internal climate risk governance, integrating climate resilience into our in-house minimum design guidelines, and maintaining employee engagement in climate-related subjects.


carbon emissions

WHY IT’S SO IMPORTANT

As the world’s population grows, so does the human impact on the earth, particularly when it comes to climate change. Even if all the recent net zero pledges made at the COP 26 conference in Glasgow were achieved, the world will still warm by 2.2 degrees by the end of this century, which is well outside the 1.5 degree aim climate scientists have agreed is needed to avoid catastrophic impacts.

HOW WE’RE POSITIONED TO DRIVE CHANGE

Mirvac has an important leadership role to play in bringing about positive change in the built environment sector. By designing, creating and managing high quality, energy efficient buildings operating on renewable energy, we not only reduce our own emissions and impact, but we can also demonstrate the benefits of working as a ‘force for good’, inspiring and influencing others to do the same.

The built environment in Australia represents approximately 25 per cent of our total emissions, and as a major player within our property industry, Mirvac’s leadership can influence change. Given that our core business is focused on designing, creating and managing high-quality buildings, we have an important opportunity to make a difference to the environment and combat rising energy costs at the same time. Find out what Mirvac’s Executive Team had to say about our net positive carbon achievement to each of them personally.

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 stay ahead of the curve when it comes to compliance.

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Mirvac acknowledges Aboriginal and Torres Strait Islander peoples as the Traditional Owners of the lands and waters of Australia, and we offer our respect to their Elders past and present.  

Artwork: ‘Reimagining Country’, created by Riki Salam (Mualgal, Kaurareg, Kuku Yalanji) of We are 27 Creative.