PRESS RELEASE
The Clean Energy Finance Corporation (CEFC) and Investa Office Management (Investa) have joined forces to push the boundaries of energy efficiency in commercial property, reinforced by Investa’s market-leading commitment to Science Based Targets.
CEFC Investment Funds lead Rory Lonergan said the CEFC is investing $110 million in equity as part of a $600 million capital raising for the $4.1 billion Investa Commercial Property Fund (ICPF).
“This CEFC commitment – our largest new commercial property commitment to date – will help Investa finance the development of the $900 million 33-storey energy efficient office tower at 60 Martin Place in Sydney. The building is being designed to achieve both a National Australian Built Environment Rating System (NABERS) rating of in excess of 5.5. stars, and a 6-Star Green Star rating,” Mr Lonergan said.
“Importantly, through this transaction we will also establish a landmark co-operation agreement that will promote the increased uptake of energy efficiency design principles and technologies in the built environment.”
Investa is the first Australian property company to commit to a Science Based Target of net zero emissions by 2040, supported by a work plan of carbon reduction programs.
Mr Lonergan said that Investa’s commitment to carbon reduction was a key factor in the CEFC’s agreement to work with Investa.
“The CEFC recognises the importance of setting these targets to support Australia’s transition to a clean energy economy, by accelerating the adoption of integrated energy efficiency and renewable energy technologies,” Mr Lonergan said.
Nina James, General Manager, Corporate Sustainability, Investa said: “Sustainability is embedded in every part of Investa’s business and building management operations. We have a clear mandate to constantly innovate, leveraging research and data to inform and deliver market-leading management practices and results.
“The CEFC agreement provides Investa with an unprecedented opportunity to further advance our market leading position by once again being first mover in the identification of emerging technology that can be incorporated into the way we and the industry as a whole manage office buildings.”
Even without technological breakthroughs, modelling by the Australian Sustainable Built Environment Council (ASBEC) indicates that cost effective energy efficiency and fuel switching can reduce Australia’s projected 2050 emissions from buildings by more than half – with potential savings of almost $20 billion by 2030.
Mr Lonergan said that through the agreement, an online resource developed with Investa will be made available to the wider property community. The resource will outline Investa’s approaches and the economics behind the development of energy efficiency in buildings.
“We see this agreement as being of immense value to the property sector generally, through its potential for collaboration with the early stage development of technology solutions,” Mr Lonergan said.
“Investors working to fulfil ambitious targets now are positioning themselves ahead of the game. Assets that operate at lower emissions levels are more competitive in a global economy, where evidence of sustainable practices is increasingly important.
“It’s where smart Australian operators will want to be. For the property sector, where assets often have long lifespans, practices and technologies that result in lower base building energy consumption provide ongoing cost benefits.”
ABOUT SCIENCE BASED TARGETS
The Science Based Targets (SBTs) initiative is a joint initiative of the CDP, UN Global Compact the World Resources Institute (WRI) and the World Wildlife Fund (WWF). SBTs encourage signatories to reduce carbon emissions in line with the level of decarbonisation required to keep global temperature increases below two degrees Celsius when compared with pre-industrial temperatures. Science Based Targets pathways set a minimum global property sector target of a 55 per cent reduction in carbon emission intensity on 2010 levels by 2050. Companies wishing to participate submit a commitment letter to the Science Based Targets approach, develop a target and announce that target.
ABOUT ICPF
Investa Commercial Property Fund (ICPF) invests in prime Australian CBD office properties with a strong focus on sustainable management and ownership practices. Investa Office Management Pty Ltd (IOMPL of ‘Investa’) is Investa’s management platform, an end-to-end office real estate management platform that services Investa’s managed funds and private mandates. The unlisted core prime wholesale office fund has investments in 15 properties with a total value of $4.1 billion, most of which are in Sydney and Melbourne. ICPF is part of the Investa Property Group (IPG) which is one of Australia’s leading commercial property owners from a sustainability perspective.
ABOUT THE CEFC
The Clean Energy Finance Corporation invests, applying commercial rigour, to increase the flow of finance into the clean energy sector. Our mission is to accelerate Australia’s transformation towards a more competitive economy in a carbon constrained world, by acting as a catalyst to increase investment in emissions reduction. We do this through an investment strategy focused on cleaner power solutions, including large and small-scale solar, wind and bioenergy; and a better built environment, with investments to drive more energy efficient property, vehicles, infrastructure and industry. The CEFC also invests with co-financiers to develop new sources of capital for the clean energy sector, including climate bonds, equity funds, aggregation facilities and other financial solutions. The CEFC operates under the Clean Energy Finance Corporation Act 2012.
More information is available on the CEFC website: www. cleanenergyfinancecorp.com.au
MEDIA CONTACTS
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Investa Emily Lee-Waldao T +61 2 8226 9378 M +61 416 022 711 E [email protected] |
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