Emissions reduction targets will be applied to a range of infrastructure assets partly or fully owned by industry superannuation investment group, IFM Investors.
Assets such as Ausgrid, Melbourne Airport, Brisbane Airport, NSW Ports (Botany and Kembla), the Port of Brisbane, Southern Cross Station in Melbourne and Northern Territory Airports will for the first time have emissions-reduction targets through to 2030 and beyond.
IFM, which owns or co-owns several assets on behalf of seven million Australians who are members of industry superannuation funds, announced the move on Monday.
The targets will see emissions reduced by more than 200,000 tonnes of CO² equivalent annually by 2030 – the same as removing almost 70,000 cars from the road, according to the company statement.
IFM said the initiative gained momentum when the Clean Energy Finance Corporation (CEFC) last year invested $150 million to help drive emissions reductions from some of Australia’s largest infrastructure assets.
The assets have established emissions reduction targets ranging from 8 to 25 per cent by 2024, to 38 to 100 per cent by 2030.
Data from the Clean Energy Regulator shows that infrastructure-related emissions account for more than half of Australia’s total carbon output, with power stations alone accounting for 50.3 per cent of emissions.
The assets have initiated programs to reduce carbon emissions through alternative power sources, the uptake of electric and low-emissions vehicles, LED lighting, rooftop and large-scale solar, smart management systems and energy-efficient office spaces.
Michael Hanna, IFM Investors’ head of Australian infrastructure said: “This exciting initiative represents a genuine commitment and start to aligning our assets to the Paris Agreement, and it makes perfect business sense by reducing costs, mitigating future business risks and contributing to outcomes that our customers value.”
IFM said it will apply the lessons learnt from its Australian infrastructure assets to its global portfolio.