One of Australia’s largest group of office assets, Lendlease Funds Management’s Australian office portfolio, has been certified carbon neutral.
The carbon-neutral status applies to more than $11.1 billion in office assets and 566,000m2 of floor space managed by Lendlease across three of its flagship office funds.
The carbon-neutral goal has been achieved five years ahead of Lendlease’s target for funds to be net zero carbon by 2025 for Scope 1 and Scope 2. Office assets at Barangaroo South are already fully powered by renewable energy.
“Being carbon neutral in real estate will be critical in continuing to attract both capital partners and quality tenants,” says Lendlease Funds Management Managing Director Scott Mosely. “Buildings that integrate the physical risks of climate change will increasingly contribute to investment performance and provide a competitive advantage.”
Lendlease’s track record of investing in decarbonisation initiatives includes energy efficiency plant and equipment upgrades and increased onsite solar, with 2MW of solar PV generation across the portfolio. Office acquisition requirements include a commitment to invest in 6 Star Green Star and 5.5 Star NABERS Energy rated new assets where possible.
“Buildings and construction are responsible for 39 per cent of global energy-related carbon emissions,” says the Green Building Council of Australia’s Davina Rooney. “While we have a lot of high-performing buildings in Australia, very few can lay claim to certified carbon-neutral status, and this is why Lendlease’s achievements are worth celebrating.”
The GBCA’s Green Star Performance rating was used as an independent pathway to achieve carbon certification by Climate Active, which is a partnership between the Australian government and the private sector to drive climate action.
“Tenants want to be in highly sustainable precincts that support their own environmental goals,” Mosely says. “In addition, the complementary wellness benefits these types of precincts offer are very attractive to office workers, customers and the general community.”