Our environment
Sep 28, 2017

We recognise the benefits of embedding objectives that reduce our environmental footprint and continually monitoring our performance against these objectives.

Our Targets

Implementing mandatory ESG standards across our portfolio allows us to measure and benchmark our consumption of energy, water and waste and track our greenhouse gas (GHG) emissions.

In 2017, QICGRE established a new target for generating 30% of our core retail shopping centres base load power from renewable energy by 2025.

Our short to medium-term (1-5 year) environmental objectives, are:

  • Reduce our energy, water and waste consumption by 20% by 2020
  • NABERS energy and water ratings for all eligible assets
  • All new development projects to be designed to receive minimum 5 star NABERS energy rating
  • Adopt real time energy monitoring to optimise energy efficiency
  • Engage with communities to grow environmental education across the portfolio
  • Increase external awareness of our Environmental Management System (EMS) and reinforce our policies through regular training
  • Continuously improve the EMS in alignment with ISO 14001 toward certification.

Our long-term objectives are designed to:

  • Transform our business processes to achieve a step-change toward sustainable energy against our stated target
  • Strive for innovation and social leadership projects to leverage across our portfolio, guided by our Corporate Social Investment (CSI) Framework
  • Promote and educate to all our stakeholders the inherent values of our EMS Framework.
Climate Change

Climate change and its impact on investments are an increasingly important focus of QIC’s Responsible Investment framework, with the potential to impact a wide range of asset classes and investments.

In 2016 the QIC Board endorsed a range of climate change action planning initiatives, the first phase of which focused on a climate change resilience study, which assesses our assets’ exposure to the impacts of climate change. The study enables us to identify which assets may warrant deeper analysis and specific adaptation planning.  

Moving forward, we will focus on integrating and embedding specific climate change risks and opportunities within our investment decisions.

National Australian Built Energy Ratings System

NABERS in a national ratings system that measures the environmental performance of Australian buildings.

In the most recent NABERS assessment period we successfully achieved our target of completing ratings for all eligible assets. The average portfolio energy ratings achieved were:

  • QIC Property Fund rating of 3.0 stars
  • QIC Shopping Centre Fund rating of 2.9 stars
  • QIC Government Office Fund rating of 4.5 stars.

We are investigating programs for implementation that align with our ESG objectives and will improve these scores in future NABERS assessments.

Our Data and Trends

Key observable trends in 2017 include:

  • A reduction in overall consumption intensity across most measured categories for QICGRE’s assets, including electricity, gas, water, and greenhouse gas (GHG) scope 1 and 2
  • This downward trend indicates initiatives undertaken to date at our assets, such as energy efficient lighting, water recycling, and improvement in waste and recycling streams are positively contributing to our goal of a 20% reduction in consumption
  • A significant increase in recycling has offset an uplift in landfill arising from a greater proportion of food retailing emerging at our centres - read more here
  • Our ongoing rollout of real-time monitoring software and sub-metering is also already contributing to savings at some assets, and will provide growing opportunities to capture efficiencies in consumption in the coming years.
Electricity FY16 FY17 Variance Variance %
Number of metered areas 47 51 4 -
Area (m2) 1,683,109 1,777,706 94,597 5.6%
Raw data (MJ) 170,620,166 174,443,959 3,823,792 2.2%
Intensity 101.37 98.13 -3.243 -3.2%
Gas FY16 FY17 Variance Variance %
Number of metered areas 10 10 0 -
Area (m2) 674,655 694,221 19,566 2.9%
Raw data (MJ) 61,756,682 57,618,954 -4,137,727 -6.7%
Intensity 91.54 83.00 -8.54 -9.3%

Note: Overall reduction in gas consumption intensity partially contributed to by completion of the Eastland development project in FY16, increasing efficiencies by enclosing the space.

Water FY16 FY17 Variance Variance %
Number of metered areas 40 44 4 -
Area (m2) 1,572,592 1,672,681 100,089 6.4%
Raw data (MJ) 1,338,096 1,237,297 -100,799 -7.5%
Intensity 0.85 0.74 -0.11 -13.1%

Note: Overall reduction in water consumption intensity contributed to by significant water saving initiatives implemented at Robina Town Centre in FY17, as well as completion of water-intensive development activity at Eastland and Grand Central, and correction of unanticipated leaks/breakages at Canberra Centre and Watergardens in FY16.

Waste - landfill FY16 FY17 Variance Variance %
Number of metered areas 35 36 1 -
Area (m2) 1,537,126 1,605,512 68,386 4.4%
Raw data (tons) 14,971 16,921 1,951 13.0%
Intensity (tons/m2) 0.010 0.011 0.001 8.2%

Note: Increase in food retail, particularly at Eastland post-development, contributed to increases in both waste and recycling in FY17.

Recycling FY16 FY17 Variance Variance %
Number of metered areas 33 33 0 -
Area (m2) 1,512,969 1,574,287 61,318 4.1%
Raw data (tons) 7,913 9,422 1,509 19.1%
Intensity (tons/m2) 0.0052 0.0060 0.0008 14.4%

Note: Overall increase in recycling significantly contributed to by Robina Town Centre’s introduction of a range of recycling programs and a supporting community education project. Increase in food retail, particularly at Eastland post-development, contributed to increases in both waste and recycling in FY17.

Scope 1 GHG FY16 FY17 Variance Variance %
Number of metered areas 10 10 0 -
Area (m2) 674,655 694,221 19,566 2.9%
Raw Data (tons CO2-e) 3,174 2,965 -209 -6.6%
Intensity (tons CO2-e/m2) 0.0047 0.0043 -0.0004 -9.2%
Scope 2 GHG FY16 FY17 Variance Variance %
Number of metered areas 47 51 4 -
Area (m2) 1,683,109 1,777,706 94,597 5.6%
Raw Data (tons CO2-e) 145,609 146,189 579 0.4%
Intensity (tons CO2-e/m2) 0.087 0.082 -0.004 -4.9%
Please note: The information in the tables above represents the best available data at time of report publication.
ESG Strategy and Minimum Standards

Our ESG Strategy and Minimum Standards were developed to assist in ensuring our sustainability objectives are incorporated and measured consistently across the portfolio, as well as clearly demonstrating sustainability performance and commitment to our stakeholders.

Mandatory standards and ESG guidelines are applied to standing assets and our development projects to ensure our properties will be designed and managed against our eight core focus areas.

Real-time monitoring

In 2016, QIC commenced implementation of a new approach to energy resource monitoring and optimisation, through a hardware (sub-metering) and technology software upgrade that will deliver real-time asset management.

The software delivers:
  • A centralised platform to support enterprise monitoring
  • Real-time reporting and management of energy, water and waste consumption
  • An alert system that allows operational teams to rapidly address opportunities to create efficiencies and optimise system operation.

The rollout of software and sub-metering for this new system is well underway across major assets in our Australian shopping centre portfolio, and alongside with the delivery of other efficiency-related projects we are already achieving notable savings for many of our centres. 

ESG 2017