The GPT Group (“GPT” or “Group”) today announced a revised target to achieve net zero carbon emissions across its portfolio of managed buildings by the end of 2024. The new target represents a significant advance on the previous target of 2030 and reaffirms the Group’s leadership position in sustainability.
The 2024 target is a result of the Group implementing its Energy Master Plan, which provides a roadmap to support the achievement of carbon neutral targets.
“The property sector is accountable for a significant proportion of global greenhouse gas emissions, and as an early mover in acting on GHG emissions, GPT considers actions to reduce our energy consumption as the most important contribution that we can make to climate change mitigation,” said Mark Fookes, Chief Operating Officer.
“GPT is committed to taking a leadership role in reducing carbon emissions and the ground breaking work done by our team in developing our Energy Masterplan gives us confidence to deliver on our 2024 Carbon Neutral target”
GPT is focusing on several areas to achieve this, including driving energy efficiency and delivering new on-site solar photovoltaic electricity projects, procuring cost-effective, low price volatility energy supply contracts, electrifying assets to minimise dependency on fossil fuels, implementing a demand response program that utilises asset electricity generation infrastructure and manages electricity loads throughout the day, and reviewing storage options to meet peak demand challenges.
“Cutting the energy use of our buildings and moving to a zero carbon target also makes good business sense; GPT has delivered intensity improvements on our 2005 baseline, including reducing emissions by 60 per cent, energy by 45 per cent and water by 46 per cent, leading to 1.5 million tonnes of CO2-e cumulatively avoided and saving $210 million in energy costs.”
In the event emissions are unable to be reduced further, The Group purchases offsets through Greenfleet, an organisation that plants native forests to offset carbon emissions for businesses, contributing to biodiversity and improved water flows at the same time.
The Energy Master Plan has led to the first three buildings in GPT’s Wholesale Office Fund already being certified as carbon neutral, with the fund on track to achieve its target of carbon neutrality by the end of 2020. The same approach will be rolled out across the remainder of the GPT portfolio.