IFM Investors, global fund manager with A$140 billion under management, has announced emissions reduction targets across major infrastructure assets in Australia. With infrastructure-related emissions accounting for more than half of Australia’s total carbon output, this represents a step in the right direction to reduce their carbon footprint.
The targets of 8-25 per cent are expected to be reached by 2024 and additional targets of 38-100 per cent by 2030 are set for critical assets including Ausgrid, Melbourne Airport, Brisbane Airport, NSW Ports (Botany and Kembla), the Port of Brisbane, Southern Cross Station in Melbourne and Northern Territory Airports. IFM Investors owns or co-owns the assets on behalf of 7 million working Australians through industry superannuation funds.
Emissions are planned to be reduced by more than 200,000 tonnes CO2 equivalent annually by 2030.
“This exciting initiative represents a genuine commitment and start to aligning our assets to the Paris Agreement, and it makes perfect business sense by reducing costs, mitigating future business risks and contributing to outcomes that our customers value.” said Michael Hanna, IFM Investors’ head of Australian infrastructure.
IFM Investors has been working with the assets and their other co-owners to commit to meaningful emissions reductions, while maintaining returns for its investors. This initiative follows a significant investment of A$150m by the Clean Energy Finance Corporation (CEFC) to help drive emissions reductions and promote greater transparency and emissions reporting at some of Australia’s largest infrastructure assets.
“These infrastructure assets will operate for generations, with the targeted emissions reductions having the potential to make a material impact on cutting Australia’s carbon footprint. We congratulate IFM Investors and the asset managers for their leadership in lowering emissions and ensuring their businesses are making an important contribution to Australia’s carbon abatement task.” said Ian Learmonth, CEFC CEO.