For the first time, major Australian facilities owned or co-owned by IFM Investors will have emissions reduction targets put in place.
IFM Investors has a stake in 17 of the nation’s most prominent facilities, including Adelaide, Brisbane, Perth and Melbourne airports, electricity distributor Ausgrid, Botany and Kembla ports and Melbourne’s Southern Cross station.
The targets will see carbon emissions reduced by 200,000 tonnes by 2030 – the equivalent of taking 70,000 cars off Australian roads. On an asset by asset basis, that equates to an 8 to 25 percent drop by 2024, and 38 to 100 percent decrease come 2030. Over the lifetime of the assets, millions of tonnes of carbon will be prevented from entering the environment.
IFM Investors’ initiative comes as a result of the Clean Energy Finance Corporation’s (CEFC) $150 million investment into emissions reductions and greater transparency in waste reporting at some of Australia’s largest infrastructure assets.
“These infrastructure assets will operate for generations, with the targeted emissions reductions having the potential to make a material impact on cutting Australia’s carbon footprint. We congratulate IFM Investors and the asset managers for their leadership in lowering emissions and ensuring their businesses are making an important contribution to Australia’s carbon abatement task,” says CEFC CEO Ian Learmonth.
The infrastructure assets have initiated sweeping programs to reduce carbon emissions through alternate power sources, the uptake of electric and low emissions vehicles, LED lighting, rooftop and large scale solar, smart management systems and energy efficient office spaces.
Learmonth says, “This comprehensive program of activity sets an important example for other major infrastructure owners and managers in Australia. Cutting carbon emissions can deliver a long-term dividend to the environment and in most cases an improved financial performance.”
Michael Hanna, IFM Investors’ head of Australian infrastructure says the initiative represents “a genuine commitment… to aligning our assets to the Paris Agreement, and it makes perfect business sense by reducing costs, mitigating future business risks and contributing to outcomes that our customers value.”
The latest data from the Clean Energy regulator reveals infrastructure-related emissions account for more than half of Australia’s total carbon output. Power stations alone are responsible for 50.3 percent.
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