GPT relies on natural resources in our business activities. The resilience of these environmental resources and processes is fundamental to our ability to create value and deliver financial returns now and in the future. We share in the responsibility of reducing the environmental impact of our business activities and aim to reach a point where resources are sustainable used, and waste and emissions are at or do not exceed levels that can be re-absorbed in the environment without harm.
Key Results
- We recognise that climate action is an imperative and our environmental sustainability focus 'Carbon Neutral Now, Nature Positive Next' aims to deliver resilient assets that optimise environmental outcomes. Underpinning our objectives is our target to achieve Climate Active Carbon Neutral (for Buildings) certifications for all assets that we operationally control and in which we have an ownership interest, by the end of 2024. In 2022, we successfully completed Australia’s first development that has been certified by Climate Active as being upfront embodied carbon neutral. Additionally, the design of GPT Wholesale Office Fund’s development at 51 Flinders Lane has been verified by Green Star to achieve upfront embodied carbon neutrality and will be certified by Climate Active upon completion.
- We are ISO14001 Certified for our Environmental Management System.
- As at Dec 2023, there was 8 MW of solar photovoltaic arrays across the portfolio.
- The Group's Office portfolio delivered a 5.1 Star Weighted Average NABERS Energy Rating (without GreenPower), a 4.6 Star Average NABERS Water Rating.*
- The Group's Retail portfolio delivered a 4.4 Star Weighted Average NABERS Energy Rating (without GreenPower) and a 3.2 Star NABERS Water Rating.*
- GPT's supported Greenfleet reforestation projects will restore ecosystems, improve waterways and have already removed 200,000 tonnes of CO2 by planting over 300,000 trees since 2019.
- Our biodiversity tools are being used across managed assets to identify potential hazards to biodiversity and onsite actions to improve biodiversity.
*Self-calculated in accordance with the NABERS Rules for Conducting a Portfolio Rating.
Our Management Approach and Progress
Environmental sustainability is integrated into the management of our portfolio operations and development projects. Working with site teams and other key stakeholders, performance is reviewed and targets set to improve GPT’s environmental sustainability performance each year.
We track the performance of all sites for our material environmental aspects and use this for management reporting, driving improvements and disclosing our performance.
Detailed environmental performance by impact area is provided in the pages contained in the environment section of our website and published in external reports, including the:
- GPT Sustainability Data Dashboard (previously called the ‘Environmental Data Dashboard’, our updated dashboard provides a comprehensive overview of our key environmental, social and governance (ESG) performance data for the reporting year, including alignment to global sustainability reporting frameworks, building ratings and certifications with industry bodies like NABERS, Green Star and Climate Active
- GPT 2023 Climate and Nature Disclosure Statement is aligned to the recommendations of the Task Force on Climate-related Financial Disclosures and the Task Force on Nature-related Financial Disclosures
- GPT Climate Active Public Disclosure Summary details GPT's carbon neutral corporate operations in the most recent year
- GPT 2022 Sustainability Report details our broader ESG approach and progress, and
- GPT 2023 Annual Report and related reports detail our portfolio and asset performance.
Our Material Impacts and Approach
GPT identifies, addresses and reports on material environmental matters that are relevant and important to its stakeholders alongside economic and social matters. We are guided by an ISO-based approach and the Global Reporting Initiative's Sustainability Reporting Standards in this process. An external materiality assessment was understaken during 2021 to inform our consideration of potentially material economic, environmental and social matters. The assessment used the 'double' or 'nested' materiality approach and confirmed our ongoing focus and policies for addressing our environmental impact and resilience. You can read more about our materiality and stakeholder engagement processes and our material ESG topics in the 2021 Sustainability Report.
The following areas continue to be GPT's most material environmental impacts. We have policies that outline our approach, long-term objectives and strategies to addressing them, with our primary focus being to reduce the impact in areas within our control, be an overall positive contributor to the environment and be resilient to environmental changes. Beyond the environmental impacts within GPT’s direct control, we support and encourage GPT’s stakeholders to take action where we have influence.
| Policy area | Summary of our objective and approach |
|---|---|
| Climate Change and Energy | The GPT Group will be carbon neutral and resilient to the impacts of climate change by driving efficiency, developing on-site solar energy, procuring off-site renewable contractos for electricity and electrification. |
| Materials and Waste Management | The GPT Group will procure, use and recover materials in a closed loop, circular manner by managing consumption of materials through procurement and recovery activities. |
| Water | The GPT Group will be water neutral and resilient to water scarcity and extreme rain events by delivering driving efficiency improvements, matching end uses to appropriate water sources, evaluating water discharge rate and quality and investing residual water usage. |
| Biodiversity | The GPT Group will have a net positive impact on biodiversity by assessing and measuring our impacts, improving the value of sites and material selection and investing in reforestation programs. |