Commercial, GHG Emissions - November 23, 2020
Australian real estate firm goes 100% carbon neutral with local credits
ISPT announced Nov. 17 that it is officially 100% carbon neutral across all its owned and operated properties, including its corporate offices.
The company, which manages a $19 billion portfolio that invests in and develops commercial, retail, logistics, warehousing and residential property in Australia, achieved this goal through the procurement of 100% Australian Carbon Credit Offset United (ACCUs). The ACCUs is a new tool in the industry to offset a company’s carbon impact and is particularly focused on programs connected to Indigenous communities.
“ISPT doesn’t just invest in property – we seek to build better and more sustainable futures for our investors, customers and communities,” Rosemary Hartnett, Chair of ISPT, said in a statement. “Achieving carbon neutral status is testament to this commitment and 15 years of hard work and perseverance by ISPT’s team and board. We have chosen to take positive action today and to continue to build on this into the future. ISPT is committed to becoming a net positive producer of carbon offsets by 2025, to protect our planet and grow the savings of half of all Australians through both responsible investment and action.”
ISPT has minimized its carbon impact in its portfolio and operations through energy efficiency initiatives, onsite renewables, offsite renewables through PPAs and, finally, offsetting the remaining emissions with ACCUs.
The other key aspect of the ACCUs includes the use of designated land for carbon sequestration and investing in community-based projects to protect and regenerate native land. ISPT is pursuing a target to become a net positive producer of carbon offsets by 2025 through additional PPAs, carbon conservation efforts and a national solar project.