Precinct Properties leads industry with World Green Building Council Net Zero Carbon Buildings Commitment

NZX Listed Precinct Properties, the largest owner and developer of premium inner-city real estate in Auckland and Wellington, has announced its commitment to the World Green Building Council (WGBC) Net Zero Carbon Buildings Commitment, the first New Zealand property owner to do so.

The Net Zero Buildings Commitment (The Commitment) calls on the building and construction sector to take action to decarbonise the built environment, inspire others to act and remove barriers to implementation.

Under the agreement, which requires deep collaboration across the value chain, Precinct has committed to achieving net zero carbon emissions for all buildings under its direct operational control by 2030, and to maximise reductions of embodied carbon emissions at new developments and major upgrades of existing assets, compensating for any remaining residual upfront embodied carbon emissions, by 2030.

Precinct Properties Sustainability Lead, Chief Financial Officer, Richard Hilder says Precinct fully supports Aotearoa New Zealand’s transition into a low carbon economy and is committed to creating a more sustainable environment by driving change within the building and construction industry.

“We recognise our role as a long-term owner and developer of real estate, and leader within our sector, and that’s why we are taking an active approach to climate action.

“Announcing our commitment today further reinforces the importance of improving our operational performance across our buildings and incorporating sustainable design across our assets. We look forward to working in partnership with the World Green Building Council on leading and advancing the Net Zero Carbon Buildings Commitment.”

The Commitment considers the whole lifecycle impact of buildings and will see Precinct improve energy efficiency of existing buildings to reduce carbon intensity and offset residual emissions. This includes:

  • Target over 60% of the portfolio having at least a best practice (5 star) Green Star rating.
  • Target 100% of portfolio +4-star NABERSNZ by 2030.
  • Develop energy efficient buildings through sustainable building design.
  • Reduce hydrofluorocarbons (HFCs) or use alternatives by 2030.
  • Invest in and implement renewable infrastructure where feasible.
  • Maximise embodied carbon reductions for new developments and major renovations of existing assets by carrying out lifecycle assessments (LCAs) and utilising low carbon design, materials and construction processes.

Under the commitment, Precinct will:

  • Partner with Toitū Envirocare to measure and verify emissions.
  • Obtain third party certification; NABERSNZ and Green Star.
  • Undertake regular energy audits.

Advocating for a low carbon economy will see Precinct partner with New Zealand Green Building Council on current and future carbon legislation (zero carbon) to promote industry-wide environmental practices and promote its net carbon commitment to influence its value chain to reduce carbon intensities.

“Precinct have long been among the country’s leading advocates for sustainable building in New Zealand, with this commitment showing more fantastic leadership,” New Zealand Green Building Council chief executive Andrew Eagles says.

“An exciting example of this commitment is now visible on Auckland’s downtown waterfront with Precinct’s PwC Tower awarded a 5 Green Star rating this week, representing New Zealand Excellence in sustainable design and construction”

The Commitment has a total of 160 signatories, with 126 businesses and organisations, in 28 cities. The businesses and organisations signed up to the Commitment account for approximately 6.5 million (tCO2e) of portfolio emissions annually and more than $300 billion annual turnover and are already taking significant steps to decarbonise their portfolio operations.

Being able to measure sustainability performance has been a priority for Precinct for several years, applying local and international sustainability benchmarks to its activities. Previously announced certifications and standards including Toitū CarbonZero, GRESB, CDP, MSCI ESG Building Ratings, Green Star and NABERSNZ, can be viewed here

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