Developer Stockland said this week that it has achieved net zero scope 1 and 2 emissions across all its operations, thanks to a large scale deployment of onsite rooftop solar across more than 50 buildings and retiring a small amount of nature based carbon offsets.
According to chief executive Tarun Gupta, what was previously “idle roof space” now generates up to a peak of 45 megawatts of solar energy, which both powers the portfolio and generates recurring income.
“We are future-proofing our portfolio for a lower carbon economy, improving energy efficiency, and creating something better for our people and our communities,” Gupta said.
The developer credits energy resources company Energy Bay as its “key enabler”, having delivered scalable models for renewable energy across its portfolio. Some initiatives it introduced include
- inter-asset energy trading; allowing power from retail rooftops be used across other assets in the portfolio
- installation of 75,000 solar panels, covering approximately 190,000 square metres of unused rooftop space while avoiding greenfield land use, saving on premiums from power purchasing agreements and generating licence fee income
- arranging partnerships for 40 large commercial battery energy storage systems (BESS) units, which provide 78 megawatt hours of total storage capacity
According to the developer’s net zero statement, the energy company has also arranged for the purchase of additional large generation certificates from other renewable sources to ensure the portfolio uses 100 per cent renewable energy.
The statement also says their remaining scope 1 emissions across refrigerants, gas and fuel are “harder to abate in the short term” and therefore purchases 2400 Australian carbon credit units of “high integrity, high quality carbon credits from nature based projects”. The credits are purchased and then “retired”.
Currently, the ACCUs are purchased from a native woodland regeneration project based in southwest Queensland.
The developers say that it was targeting a 50 per cent intensity reduction of its scope 3 emissions by 2030 in the medium term and working with suppliers and tenants to decarbonise across its value chain.
It also intends to maintain its net zero scope 1 and 2 commitments and continue to invest in renewable energy, energy efficiency initiatives and transition away from fossil fuels.