Last week, ISPT unveiled it has achieved carbon neutrality and has plans to embark on a company-wide rooftop solar rollout under ambitious goals to become a net positive producer of carbon offsets by 2025.
Claiming the announcement as Australia’s largest local offsetting project to date, the property funds manager says it has “taken immediate action on climate change” rather than setting longer-term net zero targets in a bid to create long-term investment value for its investors and customers.
Awarded by the federal government-backed Climate Active, the carbon neutral certification covers the base building operations of ISPT’s 91 owned and operated properties and their corporate offices in Brisbane, Melbourne, Perth and Sydney. This year alone, it has offset 73,615 tonnes of CO2.
The company, which has 134 commercial, retail, warehousing and residential properties across Australia and a $19 billion portfolio, has procured 100 per cent Australian Carbon Credit Offset Units with a focus on programs connected to Indigenous communities.
“We have chosen to take positive action today and to continue to build on this into the future,” chair of ISPT, Rosemary Hartnett, said.
“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.”
The company plans to manage climate risks in its portfolio and operations through energy efficiency measures, onsite renewables and offsite renewables through Power Purchase Agreements.
The remainder of emissions have been offset with credits invested in seven community-based projects aimed at protecting and regenerating native land to restore habitats for plants and animals, while also driving positive economic outcomes for Indigenous owned-businesses.
To reach its 2025 goal, the company plans to incorporate power purchase agreements, carbon sequestration with the carbon conservation land bank, while also rolling out stage three of its National Solar PV Project.
More than 50 buildings are expected to be installed with solar PV panels once stage four of the project is underway.
“At ISPT, we recognise our responsibility to anticipate and manage the impacts of climate change as part of our responsible investment approach,” ISPT’s general manager of sustainability, Alicia Maynard, said.
“This is why we have taken action now to achieve carbon neutrality across 100 per cent of our owned and operated properties where we have full operational control, and in doing so, will support positive environmental, social and economic outcomes for Australians.”
According to its website, the company tracks its sustainability performance through a number of rating systems including the Global Real Estate Sustainability Benchmark, the National Australian Built Environment Rating System and Green Star.
Following other companies such as Lendlease and Country Road, ISPT has partnered with Landcare Australia on a carbon conservation land bank for the next 25 years.
Chief executive at Landcare Australia, Dr Shane Norrish, said the not-for-profit organisation will investigate land for the property fund to purchase and generate ACCUs for long term carbon sequestration.
“We are extremely pleased to work on this outstanding initiative and support ISPT to become the first property owner and developer in Australia to achieve carbon neutrality,” Dr Norrish said.
“Our national footprint and over 30 years of experience in restoring and preserving the natural environment while supporting communities, makes this a strong collaboration.”