Frasers Property has received approval from the Science-Based Targets partnership for their greenhouse gas emission reduction targets.
Science-Based Targets is a global climate change initiative formed through a not-for-profit partnership between CDP, the United Nations Global Compact, the World Resources Institute and the World Wide Fund for Nature (WWF).
With this approval, Frasers Property has become the fourth Australian organisation, and the second in the Australian property sector, to have their ambitious targets approved by the global initiative.
Under the approved targets, Frasers Property has committed to reduce their Scope 1 and 2 greenhouse gas emissions by 50 percent per square metre, and Scope 3 greenhouse gas emissions by 25% per square metre, by 2028.
The targets cover all asset sectors where Frasers Property is involved, including residential, commercial, industrial and retail properties.
Scope 1 and 2 refer to greenhouse gas emissions that are directly owned or controlled by Frasers Property, including the operation of assets and the generation of purchased electricity. Scope 3 refers to emissions that occur in the value chain, including through a customer’s use of the asset such as a tenant or purchaser.
Frasers Property was a founding signatory in 2018 to the first global Net Zero Carbon Buildings Commitment. This meant that every new building created by the company must operate at net zero carbon from 2030, and all existing buildings must operate at net zero carbon by 2050.
“Targeting net zero carbon is undeniably ambitious,” says Lisa McCutchion, general manager - Innovation Communication & Sustainability, Frasers Property Australia.
“We’ve committed our business to a zero carbon future, and we’ve sought third party validation of our targets from Science-Based Targets to provide our clients, peers and partners with the assurance that we mean what we say.
“As the creators of property assets, we recognise that we have a critical role to play in limiting global warming and tacking climate change. Setting ambitious and considered emissions reduction targets provide a platform of self-discipline from which we can make future decisions across our business.
“This is a fundamental change in the way we do business. Achieving net zero carbon in operation means taking on a greater life cycle responsibility for the assets we create,” McCutchion added.
WWF Australia CEO Dermot O’Gorman observes that Frasers Property, as one of Australia’s largest diversified property owners and managers, is taking a significant step ahead of other companies to make a public commitment to do its fair share to keep global warming far below 2 degrees Celsius consistent with the commitments under the Paris Agreement.