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Emission reduction targets

In FY23, Centuria set the following emission reduction targets:

  • Targeting the elimination of gas and diesel in operations (scope 1) for Centuria and COF where practicable by 20351
  • Targeting zero scope 2 emissions by 2035 for Centuria, and 2028 for CIP and COF2

What do our scope 1 and 2 emission reduction targets include?

Source of scope 1 emissions

Includes natural gas and diesel used during the operation of our buildings. Gas and diesel related emissions cover whole buildings where where Centuria or COF owns and operates the equipment. For the purpose of our target, scope 1 emissions do not include sources of gas, diesel and other fossil fuels used and controlled by our tenants.

Source of scope 2 emissions

Scope 2 emissions represent electricity consumed in areas where Centuria, CIP and COF has ‘operational control1’, which may include electricity consumed for base and common areas across the Scheme’s assets.

1. Centuria and COF will focus on eliminating gas and diesel where practicable, from equipment owned and operated by the Group. Gas and diesel equipment owned and operated by our tenants is excluded from Centuria’s sustainability target.

2. Centuria, CIP and COF will account for zero scope 2 emissions by being powered by the equivalent of 100% renewable electricity through a combination of on-site solar and large-scale generation certificate deals which match our consumption.​

Where are our emissions?

We’ve spent the last year calculating where we generate our emissions to help us better focus on reducing them. Almost all of our emissions (Scope 1 and 2) are found in the day to day operations of the assets we own.

Around 90% is from the electricity we consume. This includes lighting in lobbies and the power used to run elevators, computers and more.

The last 10% is mostly made up of the gas and diesel we burn to keep our buildings warm, heat water used in end of trip facilities or cooking in retail and commercial kitchens.

Business unit targets

 

1. 100% renewable energy for Australian corporate offices. New Zealand offices are currently powered by the national grid (approximately 82% renewable).

2. Centuria and COF will focus on eliminating gas and diesel where practicable, from equipment owned and operated by the Group. Gas and diesel equipment owned and operated by our tenants is excluded from Centuria’s sustainability target.

3. Centuria, CIP and COF will account for zero scope 2 emissions by being powered by the equivalent of 100% renewable electricity through a combination of on-site solar and large-scale generation certificate deals which match our consumption.

4. Centuria, CIP and COF will account for zero scope 2 emissions by being powered by the equivalent of 100% renewable electricity through a combination of on-site solar and large-scale generation certificate deals which match our consumption.

5. Centuria NZ will account for zero scope 2 emissions by being powered by the equivalent of 100% renewable electricity. While Centuria NZ receives electricity from the national grid, by 2035 Centuria NZ expects to purchase all its electricity from a supplier who matches our consumption on an annualised basis to power from hydro, wind or solar sources.

6. Centuria NZ will focus on eliminating gas and diesel where practicable, from equipment owned and operated by the Scheme. Gas and diesel equipment owned and operated by our tenants, and diesel used in back-up generators, are excluded from Centuria NZ’s emission reduction target.

Business unit targets

1. 100% renewable energy for Australian corporate offices. New Zealand offices are currently powered by the national grid (approximately 82% renewable).

2. Centuria and COF will focus on eliminating gas and diesel where practicable, from equipment owned and operated by the Group. Gas and diesel equipment owned and operated by our tenants is excluded from Centuria’s sustainability target.

3. Centuria, CIP and COF will account for zero scope 2 emissions by being powered by the equivalent of 100% renewable electricity through a combination of on-site solar and large-scale generation certificate deals which match our consumption.

4. Centuria, CIP and COF will account for zero scope 2 emissions by being powered by the equivalent of 100% renewable electricity through a combination of on-site solar and large-scale generation certificate deals which match our consumption.

5. Centuria NZ will account for zero scope 2 emissions by being powered by the equivalent of 100% renewable electricity. While Centuria NZ receives electricity from the national grid, by 2035 Centuria NZ expects to purchase all its electricity from a supplier who matches our consumption on an annualised basis to power from hydro, wind or solar sources.

6. Centuria NZ will focus on eliminating gas and diesel where practicable, from equipment owned and operated by the Scheme. Gas and diesel equipment owned and operated by our tenants, and diesel used in back-up generators, are excluded from Centuria NZ’s emission reduction target.

Target steps and timelines

Our carbon reduction targets are supported by short (1-2 year) and medium (3-10 years) term milestones.

ESG timeline

1. The target was achieved in FY24 for Australian tenancies through the purchase of Green Power and large scale generation certificate deals which match our consumption

2. Centuria and COF will focus on eliminating gas and diesel where practicable, from equipment owned and operated by the Group. Gas and diesel equipment owned and operated by our tenants is excluded from Centuria’s sustainability target.

3. Centuria will account for zero scope 2 emissions by being powered by the equivalent of 100% renewable electricity through a combination of on-site solar and large-scale generation certificate deals which match our consumption.