Business
Stockland : achieves net zero scope 1 and 2 emissions with scalable renewable model
Stockland : achieves net zero scope 1 and 2 emissions with scalable renewable
About this update from Stockland
Link to assets Stockland has achieved net zero scope 1 and 2 emissions across its operations 1 , marking a major milestone in the company's journey toward a low-carbon future. The result was achieved through a combination of large scale, onsite rooftop solar across Stockland assets, renewable electricity sourcing and the retirement of a small amount of high-quality, nature-based carbon offsets. Stockland Managing Director and CEO, Tarun Gupta, said reaching net zero scope 1 and 2 emissions is an important step in delivering the company's sustainability strategy. "Our sustainability strategy focuses on where we can have the most impact through the delivery of innovative, commercially sustainable solutions at scale, and reaching net zero scope 1 and 2 emissions is a key part of that ambition," Mr Gupta said. "What sets this achievement apart is how we've done it. We are transforming the idle roof space of more than 50 of our buildings into hubs that will generate up to 45 megawatts peak (MWp) of solar energy to power our operating portfolio, while creating a source of recurring income. "This is a clear demonstration that sustainability and commercial performance can go hand in hand. We are future-proofing our portfolio for a lower carbon economy, improving energy efficiency, and creating something better for our people and our communities," Mr Gupta added. Powering progress through partnership A key enabler of Stockland's decarbonisation journey has been its partnership with distributed energy resources company Energy Bay which is delivering a scalable model for renewable energy integration across the portfolio. Key initiatives include: Inter-asset energy trading , enabling solar power generated on Stockland's logistics and retail rooftops to be used across other assets in the Stockland portfolio. 45 MWp of rooftop solar capacity to be installed across town centres, workplace and logistics facilities, covering approximately 190,000 square metres of roof space with over 75,000 solar panels. Extending the partnership to include up to 40 large commercial Battery Energy Storage System (BESS) units providing up to 78 megawatt hours (MWh) of total storage capacity, allowing energy to be stored and used during periods of peak demand. Energising our existing roof space to avoid greenfield land use and potential premiums associated with renewable power purchasing agreements, reducing environmental impact while generating recurring licence-fee income. Sustaining decarbonisation momentum Stockland's sustainability strategy is built around four pillars - decarbonisation, circularity, social impact, and resilience - guiding its approach to sustainable growth. Stockland intends to maintain its net zero scope 1 and scope 2 commitment 2 supported by the ongoing investment in renewable energy, energy efficiency initiatives, and the continued transition away from fossil fuels. Over the medium-term, Stockland is targeting a 50 per cent reduction in the intensity of its most material scope 3 emissions by 2030, working with suppliers and tenants to decarbonise across the value chain 3 . For more information : https://www.stockland.com.au/esg/net-zero Refer to Stockland's Net Zero Statement for more information Subject to any material changes in portfolio composition, regulatory settings, market conditions and electricity grid transition. Roadmap and material assumptions, uncertainties and dependencies for achieving this target are set out in Stockland's Climate Transition Action Plan 2023 available on our website.