QIC Global Real Estate (QICGRE) has announced a commitment to achieving Net Zero Carbon Emissions for its core Australian retail assets by 2028, a target which makes it the first Australian signatory to the World Green Building Council’s Net Zero Carbon Buildings Commitment for a retail portfolio.
The plan involves delivery of a range of carbon-reducing initiatives for assets in QICGRE’s two largest retail funds, QIC Property Fund and QIC Shopping Centre Fund, including one of Australia’s largest rooftop solar projects, and focuses on achieving efficiencies to reduce energy consumption and making smart investments in current and emerging green technology.
Managing Director of QIC Global Real Estate, Michael O’Brien, said he was proud to be delivering a commitment to sustainable business transformation. “As a responsible, future-focused real estate investor, we recognise that environmental performance is increasingly critical not only to the sustainability and long-term performance of our assets, but also to our investors, retail partners and the communities in which we operate.
“Our proactive and data-driven approach to achieving net zero carbon emissions will implement real changes to improve the environmental performance of our assets, to ensure they remain valuable and relevant in an increasingly sustainability-focused future.”
QICGRE’s net zero emissions pathway is being achieved in partnership with leading sustainability experts, including ongoing collaboration with the Clean Energy Finance Corporation (CEFC) through a recent equity investment in the QIC Shopping Centre Fund, which is supporting the investment in best-practice sustainable infrastructure and technology.
“Our ambitious but achievable target demonstrates how investment in practical, sustainable change through technology and renewable energy sources can make a significant difference in achieving net zero carbon buildings,” O’Brien said.
QICGRE’s net zero emissions target will be realised across its portfolio of core Australian retail assets through initiatives including:
- One of Australia’s largest rooftop and car park solar projects
- Key equipment and building management system upgrades
- Installation of efficient LED lighting in car parks and centres
- Battery storage technology to manage peak demand response
- Smart metering, live fault monitoring and analytics for assets and tenants
- Expanding power agreements to leverage solar generation capacity.