- Previously 2030 was the target year
- The target covers almost 170 active assets the company has across Australia
- Will include residential development emissions
Australian property developer, Stockland, has announced it has brought forward its net-zero Carbon emission target to 2028 – two years earlier than the previous commitment year of 2030.
In addition to this, the company has extended this commitment to all business activities; emissions from their almost 170 active assets and projects nationally, including residential developments, will be covered under the target.
Stockland says it will achieve its net-zero carbon target through a program that will feature a rollout of renewable energy and portfolio electrification, along with pioneering innovations to help reduce its overall carbon footprint.
The net-zero program is underpinned by the Clean Energy Finance Corporation (CEFC) through a partnership that provided a $75 million debt facility that funded net zero initiatives for Stockland within their retirement and industry portfolios along with their corporate head offices.
“Stockland has a long and proud history creating communities across Australia for more than 65 years. Over this time, we have taken considered steps to minimise our impact on the local environments in which we operate and make a meaningful contribution to and investment in the community,” said Stockland CEO Mark Steinert.
Tieman O’Rourke, Stockland CFO, added there has been a growing level of investor interest in sustainable and responsible investment. He says many investors are focused on businesses being transparent about their commitment, which he believes Stockland has successfully done.
“At Stockland, we have a track record of innovation and investment in emissions reduction. We achieved our FY25 emission intensity reduction target four years early resulting in $123 million operational cost savings since FY06. However, we recognise that there is more to do, “ said Mr O’Rourke.
“Our Net Zero Carbon commitment doubles our recent industry-leading $33 million, 18-megawatt installation of rooftop solar across our portfolio with an additional up to 19 megawatts across our retail town centre and logistics assets.”
The company says it will continue to explore ways it can lead and accelerate change within the sector across its 2030 Sustainability Strategy, stressing their climate action extends to its supply chain which includes home builders, state governments, solar providers and the Green Building Council of Australia.
“We have a number of active projects underway including creating Net Zero Carbon homes which balance quality, affordability and sustainability including a partnership with Sustainability Victoria to deliver Net Zero Carbon homes at our Orion and Highlands communities in Victoria,” said Mr O’Rourke.
“We also have a pilot solar offer at our Newport community in Queensland where customers can receive 36 months of free electricity or save up to $7,000 on the retail price of solar panels.’