IFM Investors is leading the charge on an initiative to significantly cut down on carbon emissions within the next decade, and a handful of its major infrastructure assets in Australia are on board.
According to Bloomberg, Melbourne Airport, Brisbane Airport, Ausgrid, NSW Ports, Port of Brisbane, NT Airports and Melbourne's Southern Cross Station have all pledged to do away with 200,000 tonnes of carbon emissions annually by 2030, the equivalent of removing 70,000 cars from the road.
IFM said the “unprecedented” initiative was fueled by concerns that climate change and ensuing weather conditions would damage the assets, worth $10 billion combined, over the long-term.
“One of the best ways to transition them was to help them reduce their own emissions,” said Chris Newton, IFM executive director of responsible investment.
He added, “Climate change is a long-term issue that’s having a short term impact, so sitting on our hands doing nothing just isn't going to cut it.”
Each asset is aiming for a reduction of 8 percent to 25 percent by 2024, to be achieved through solar generation, building, lighting and transport efficiency, and other energy efficiency projects.
