Davina Rooney, Chief Executive Officer of the Green Building Council of Australia, says Investa’s net zero goal was a “game-changer” for the nation’s buildings.
“Investa’s science-based target was pivotal for the property industry. By working through the complexity raised by science-based targets, Investa showed everyone that it could be done, and gave other property companies the confidence to pursue their own ambitious sustainability goals,” Rooney explains.
Australia’s property industry can achieve net zero emissions by 2050 using technologies that exist today, Rooney adds.
“The Low Carbon, High Performance report finds eliminating emissions from our buildings would also deliver $20 billion in financial savings by 2030, and improve the productivity and quality of life of Australian businesses and households.”
Investa has committed to reduce Scope 1 and 2 greenhouse gas emissions by 60% per square metre of net lettable area by 2030 and 100% by 2040 from a 2015 baseline. We have also committed to reduce Scope 3 greenhouse emissions by 26% per net lettable area by 2030 and 42% by 2040 from a 2015 baseline.
Importantly, this target includes Scope 3 emissions – the emissions that are generated by our tenant customers.
“Reducing our tenant customers’ emissions is embedded in our commitment, and that sets us apart,” James says.
“It says we are accountable for more than what’s in our own backyard. We might not control Scope 3 emissions, but we want to walk alongside our tenant customers, arm in arm, to help them reduce their footprint.”
James says Investa is “thrilled” to see nearly every large Australian property company set competitive targets since 2015. “They’ve used our target as a bookend – and that makes our team proud.”
Let's break down Scope 1, 2 and 3 emissions
Scope 1 emissions – or direct emissions – are from sources that a company owns or controls, like emissions produced during manufacturing, or from business travel in a company car,
Scope 2 emissions are indirect emissions from the purchase of electricity, steam, heating and cooling for the company’s own use.
Scope 3 emissions cover emissions outside a company's boundary – like the emissions from employees’ commute, purchased good and services, or leased assets, like office buildings.