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Australia’s $200 billion property industry is a major contributor to emissions, representing 25 per cent of total carbon emissions.
Reserve Bank deputy governor Guy Debelle said climate change had become a “key policy concern” in a landmark speech made by the nation’s central bank earlier this year.
“The transition to a low-carbon economy won’t be easy and won’t be cost free, but it has to be done,” Debelle said in March.
Listed property group Mirvac said it expects to achieve net zero emissions by 2030.
“There is no doubt the world’s climate is changing,” Mirvac chief executive Susan Lloyd-Hurwitz said.
“We are committed to taking responsibility for our impact on the climate, and we are also committed to the success of Mirvac by minimising these risks […] even as new developments come online and our business grows.”
The listed group, which has an investment portfolio across office, retail and industrial assets, and a development business in both residential and commercial sectors, refreshed its sustainability strategy this week.
“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,” Mirvac general manager Sarah Clarke said.
Clarke said this goal includes the investment portfolio’s recent addition of office developments at Melbourne’s 477 Collins Street and Brisbane’s 80 Ann Street, which is currently under ‘clean up’ after the site was found to contain ‘hazardous contaminants’.
Last year Dexus, Cbus Property and Nightingale Apartments joined other industry heavyweights in committing to the Global Net Zero Carbon Buildings Commitment, a global initiative challenging organisations to achieve net-zero operating carbon emissions across their portfolios by 2030.
The World Green Building Council’s Advancing Net Zero Status report released last month shows that globally 390 buildings have now been certified as net zero carbon by participating in green building council schemes since 2017.
The project aims to accelerate uptake of net zero carbon buildings to 100 per cent by 2050.
“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,” Clarke said.
Source: The Urban Developer