Investa Office Management (Investa) will pursue a net zero emissions target by 2040 across its $10 billion+ office portfolio and business operations, as part of its comprehensive carbon strategy launched this week. As the first Australian property company to announce a Science Based Target, Investa aims to maintain its leadership position by tracking its performance against this globally recognised framework.

The Science Based Target initiative is a robust, globally recognised framework referencing the climate science that requires the world to limit global warming to 2 degrees above pre industrial levels, in line with the 2015 Paris Agreement.

Nina James, General Manager, Corporate Sustainability, Investa said: “As a globally recognised leader in sustainability in the office market, Investa’s carbon reduction strategy charts a course to a net zero emissions profile by 2040. The strategy was formed via extensive collaboration with industry experts and staff and outlines Investa’s roadmap to achieving the target.”

Sighting global capital decarbonisation movements and an increasingly environmentally aware investment community, Investa has endorsed the ambitious plan to reduce emissions across the portfolio, referencing the influential Australian Sustainable Built Environment Council’s report, “Low Carbon, High Performance”, which advocates that the Australian property industry can achieve a net zero position by 2050 using current technologies.

Ms James said: “Having achieved a 56% reduction in emissions intensity since 2004, this Science Based Target will ensure we maintain our leadership position and set the pace for a low carbon future in office management.”

The Approach

As part of the strategy, Investa is taking responsibility for its corporate value chain emissions (Scopes 1, 2 and 3)[1], working towards a ‘whole-of-building-whole-of-life’ approach, that will see the progressive expansion of the net-zero target boundary in line with the Science Based Target review process.

Electricity and gas within Investa properties accounts for 99.6% of the greenhouse gas emissions across the Investa managed properties. A net zero-carbon future will therefore address the carbon impact of Investa’s buildings in three key areas;

  1. How the building is operated – Continual improvement in the operational performance of Investa’s buildings;

  2. How the building is designed and constructed – With a focus on changing the building envelope to deliver further energy and emissions savings; and

  3. How the building is powered – Sourcing zero-carbon options for residual power requirements.

The ‘whole-of-building-whole-of-life’ approach also includes measures relating to tenants, embodied carbon and occupant well-being within the performance management and reporting boundary, providing a holistic picture of performance.

Ms James said: “By pursuing these emission reduction actions, we believe we can change the conversation to include whole of building thinking, resulting in a change in the criteria by which leading performance is measured and showing the real benefits of Investa’s approach to upgrading and re-positioning existing buildings.”

Jonathan Callaghan, CEO, Investa said: “To continue to attract investment, Investa must position itself not only as a viable, responsible investment option, but a leader in this space, able to demonstrate a clear point of difference and capability in this sector.

Sustainability leadership will help ensure we maintain access to shifting global capital flows, grow asset revenues, valuations and returns for current investors and support Investa’s overarching vision to be the clear market leader in Australian office.”

 

[1] Scope 1: All direct GHG emissions, Scope 2: Indirect GHG emissions from consumption of purchased electricity, heat or steam, Scope 3: Other indirect emissions, such as the extraction and production of purchased materials and fuels, transport-related activities in vehicles not owned or controlled by the reporting entity, electricity-related activities (e.g. T&D losses) not covered in Scope 2, outsourced activities, waste disposal