GPT has released its first climate and nature disclosure statement as part of its suite of reporting released for 2023.
The property group said that the statement was “forward looking” and included plans, strategies, and objectives of management in relation to sustainability.
The statement says it’s aligned with the recommendations of the TCFD (Taskforce on Climate-related Financial Disclosures), TNFD (Taskforce on Nature-related Financial Disclosures) and the ISSB (International Sustainability Standards Boards) sustainability disclosure standards.
According to the departing chief executive and managing director Bob Johnston the statement is particularly important in a climate where “other impacts on nature are often overlooked.”
“[This includes] the decline in biodiversity, over-exploitation of natural resources, and the pollution of land and water.
“At its core, the built environment displaces natural environments. It draws upon natural resources from all over the world to service direct needs and the needs of the people and business activities that occupy the space.
“These impacts on nature are occurring at unsustainable rates that cannot be re-absorbed by the environment without causing a declining state of nature and the ecosystem services nature provides, which are essential for a resilient future.”
According to the statement, four key focuses of the company are:
- water neutrality – become water neutral and resilient to floods and drought
- climate response – deliver certified carbon neutral buildings that are resilient to the impacts of climate change
- resource circularity – maximise the lifecycle of materials, closed-loop recovery processes and avoid unnecessary consumption of materials
- restoring nature – achieve a net positive impact on biodiversity
Johnson said the company’s commitment to ESG combined with its – “carbon neutral now, nature positive next” focus will contribute to long term value creation.
Highlights from the statement:
- first Australian commercial property owner to have operational buildings and new developments certified against the Climate Active Carbon Neutral Standards.
- 100 per cent of GPT’s operational assets reviewed for climate vulnerability
- water intensity reduced by 57 per cent since 2005
- energy intensity reduced by 52 per cent since 2005
- $937 million generated in sustainable finance total since 2021
- 110 hectares of greenspace biodiversity assessments for operational assets since 2022
- 8MW of solar photovoltaics capacity installed on company assets
Strategies for the future
Key strategies for future goals include:
- time horizons for climate and nature?related risks and opportunities developed in line with the typical lifecycle of commercial buildings, allowing decisions to be made on an asset by asset basis depending on where each asset sits in its lifecycle
- climate change emissions scenarios to model future impacts – with two emissions scenarios to model the future impacts of climate change:
- assessment of related risks – two identified material risks have minor to moderate impact on direct operations:
- understanding climate risk at an asset level –decisions on acquisitions and development based on climate-related risks such as flood risks
- understanding climate adaptation planning triggers
- direct and indirect climate risk mitigation and adaptation efforts
- effective carbon pricing
- understanding climate impacts on valuations and financial reporting
- assessing the concentration of GPT’s nature related risks
- decarbonising with net zero milestones
- performing independent net zero milestones
- signing the WorldGBC Net Zero Buildings Commitment Leadership
- creating a natural capital impact and dependency register
- applying the TNFD LEAP Framework
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