Why it’s so important
As the world’s population grows, so does the human impact on the earth, particularly when it comes to global warming. In fact, organisations such as the International Energy Agency and the World Bank predict that temperatures may rise by as much as 4 degrees Celsius by the end of the century, compared to pre-industrial times. It’s a dangerous shift and climate scientists agree that to avoid devastating consequences, we need to limit global warming to no more than 2 degrees Celsius. In 2015, 195 countries signed the Paris Agreement in a pledge to make this a reality, including Australia, the world’s eleventh-largest emitter of carbon per capita.
How we’re positioned to drive change
The built environment in Australia represents 25 per cent of our total emissions. And as a major player within our $202 billion 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.
Our progress to date
In 2014, Mirvac made an industry-leading commitment to achieve net positive carbon emissions by 2030, meaning that our avoided emissions are greater than the emissions from our portfolio, and to date, we’ve reduced our carbon intensity by 21 per cent. We’ve also started our own energy company and installed over a megawatt of renewable energy at two of our retail centres, built our first House with No Bills, and have continued to pursue higher NABERS energy ratings across our office portfolio. The portfolio now boasts two 6 Star, two 5.5 Star and six 5 Star NABERS energy buildings, with three 6 Star Green Star Performance buildings.
We’re in the process of mapping the rest of our net positive journey, which we’ll share in the form of a peer-reviewed white paper. As we work towards reducing our carbon intensity by a further 5 per cent by 2021, we’ll maintain the climate competency of our Board, and continue to expand our investment in renewable energy. In fact, from 2019, all our new residential projects will include solar.
In addition, we’re reviewing climate risk at a portfolio level, including both physical and transition risk. From there, we’ll share the actual and potential impacts of climate change on our business, as well as our approach to managing these risks, and the metrics and targets we’ll use to measure our success.