August 26, 2020

Mirvac: Progressing Towards Net Positive Carbon

Mirvac has made significant steps towards achieving its goal to be net positive carbon by 2030.

Achievements

  • Renewable electricity
  • 65% carbon footprint reduction

Case Study Type

  • Target Setting
  • Emissions Reporting
Case Study Image

Problem Being Solved

Climate change, and its related environmental, economic and social impacts, is one of the biggest crises our planet is facing. We have seen an increase in extreme weather events around the world, and here in Australia over the past five years, we have been affected by more instances of bushfires, extreme heatwaves, flooding and cyclones than in previous recorded history. The impacts of sustained increases in temperatures on our cities and the planet will continue to become more extreme, unless we take urgent action.

In 2015, 195 countries pledged to reduce emissions and limit global warming to no more than 2 degrees Celsius in order to avoid devastating consequences. The built environment in Australia contributes approximately 25 per cent of our total emissions alone, and as a major player within the property industry, Mirvac has a unique opportunity to leverage its integrated model and influence change. Through our core business, which is focused on designing, creating and managing high-quality buildings and communities, we can make a difference to the environment and combat rising energy costs at the same time.

Solution

In 2014, Mirvac made an industry-leading commitment to be net positive carbon by 2030. We weren’t sure how we would achieve it at the time; we just knew it was the right thing to do. And as well as limiting our impact on the planet, targeting net positive carbon makes good business sense. By making an early transition to a lower carbon economy, we can combat rising energy costs, create greater security for our stakeholders, retain premium tenants and minimise vacancy rates. With low carbon building policy reforms on the horizon, we’ll also be ahead of the curve when it comes to compliance.

In 2019, we released Planet Positive, which steps out the key actions we’ll take to achieve net positive carbon by 2030. This includes continuing to maximise energy efficiency and developing all-electric buildings powered by 100 per cent renewable energy.

We’re also cognisant of our ability to influence reduced scope 3 emissions in our business, such as materials extraction, employee commuting and energy distribution, and continue to focus on the areas where we can have the most impact.

Outcomes

Mirvac took a giant step towards its net positive carbon ambition in FY20, signing a new energy agreement that sees the majority of our office and retail assets in NSW and Victoria supplied with 100 per cent renewable energy. Our carbon footprint effectively reduced by 60 per cent as at 1 January 2020 as a result, and in June 2020, a further three asset agreements were signed to renewable energy, reducing our emissions by a further 5 per cent from 1 January 2021. We continue to work with energy suppliers on similar agreements in QLD and WA.

In addition to this, our focus on energy efficiency has resulted in one of the greenest office portfolios in Australia, which currently boasts three 6 Star, four 5.5 Star and seven 5 Star NABERS energy buildings, along with four 6 Star Green Star Performance buildings. We’ve also maintained a 5 star NABERS energy average ratings across our office portfolio

Further, our House with No Bills research project has inspired more energy efficient homes across our residential business, with Mirvac continuing to look for ways to inspire more sustainable and affordable living for our customers.

Case Study Image



Company Logo