AMP Capital has signed a second renewable electricity agreement, helping UniSuper’s property portfolio achieve carbon neutral eight years ahead of previous targets.
The three-year agreement with SmartestEnergy will see the AMP Capital managed component of UniSuper’s direct property achieve carbon neutrality from 1 January 2022, eight years ahead of its initial goal.
“We are proud to be taking this step with UniSuper, a real estate owner who prioritises sustainability as much as we do,” said Chris Nunn, head of platform operations and ESG investing at AMP Capital, real estate.
A 10-hectare community solar farm in Numurka, VIC will link 6 gigawatt hours to the UniSuper assets as part of the deal.
“Working with our clients to deliver on their carbon neutral ambitions across their real estate portfolios is a key part of our sustainability strategy and importantly, aligns with the goals of our clients and their members who are focusing more than ever before on the sustainability of the assets in which they invest,” said Nunn.
“This renewable energy agreement demonstrates carbon neutral portfolios can be achieved to maximise the sustainability of the portfolio without sacrificing investment returns for our members,” said John Pearce, CIO of UniSuper.
Renewable energy certificates created through the solar farm will meet 100% the base building electricity consumption for UniSuper’s east coast assets through allocation, leaving zero emissions from base building services.
“This agreement shows the demand for renewable energy in Australian business and we at SmartestEnergy aim to connect more companies to renewable generation, enabling their important steps towards Net Zero,” said Robert Owens, CEO of SmartestEnergy, Australia.
AMP has a 2030 Net Zero Carbon target for the entirety of its real estate portfolio, across Scope 1 and Scope 2 emissions or direct emissions from AMP owned sources and indirect emissions from purchased energy.
In 2019, AMP Capital launched its real estate sustainability strategy for 2030, with targets zero net carbon emissions and the creation of four million sqm biodiversity conservation reserve across its portfolio.
“The signing of this renewable electricity contract helps support the viability of new solar farms and provides a market signal that there is demand for more renewable electricity generation facilities to be built. The contract also supports clean energy jobs and the orderly transition away from fossil fuel dependence in Australia,” concluded Nunn.