Net Zero Emissions Target
Net Zero Emissions Target
Dec 10, 2020

In June 2020, QICRE announced a commitment to achieving Net Zero Carbon Emissions by 2028 for its core managed portfolio of Australian retail assets1.


This net zero carbon emissions pathway has enabled QICRE to become the first Australian signatory to the World Green Building Council’s Net Zero Carbon Buildings Commitment for a retail portfolio, contributing to a global effort from the building and construction industry to limit global temperature rises through a significant reduction in CO­2 emissions.

What is driving this commitment?

As a responsible, future-focused real estate investor, we recognise ESG factors not only drive long-term investment returns but also contribute to the communities in which we operate. Our ambitious target demonstrates that sustainable business transformation is not only possible, but makes greater sense than ever before.

Our proactive and data-driven approach to net zero carbon will deliver real changes to improve the environmental performance of our assets for the long term. We plan to achieve this by leveraging current and emerging technologies, focusing on synergistic partnerships and smart investment, and being leaders in a significant cultural shift.

Achieving net zero carbon emissions is an important element of our ESG strategy, which encompasses QICRE’s goals in environmental management, social and responsible investment, and climate resilience. We’re moving to a more sustainable way of doing business, and delivering change in a responsible, practical and achievable way.

A pathway to Sustainable Change

QICRE’s proactive approach focuses on maximising efficiencies and smart investments to lower our carbon footprint, and is less reliant on the purchase of green power and carbon offsets.

Our net zero emissions future will be achieved through implementation of a number of focused initiatives, leveraging some of Australia’s leading sustainability expertise and significantly changing the way we manage and power our assets.

Net Zero Emissions

Our stakeholders and goals

Our retail assets are important features within their communities, functioning as microcities that power local economies and support vibrant neighbourhoods. To ensure they remain culturally relevant and sustainable investments, any significant change must consider the needs and aspirations of all our stakeholders, including our investors, government and local authorities, our retail partners, those who work in and visit our assets, and the local communities in the areas we invest in.

Our Net Zero Carbon Emissions pathway will aim to:

  • De-risk our assets to ensure they remain valuable and relevant, and allow QICRE to remain a retail partner of choice, in an increasingly environmentally-focused future
  • Free up capacity and reduce reliance on the electricity network to allow the local community to expand and economic development to flourish in alignment with our retail-led, mixed-use town centre strategy
  • Enhance asset performance and efficiencies through reduced operational demands
  • Directly address climate change by making a significant contribution to the reduction of carbon emissions
  • Drive outcomes which will ensure QIC’s assets continue to perform strongly against key industry sustainability benchmarks such as GRESB and NABERS
  • Deliver tangible outcomes that are valued and expected by our investors and the communities in which we operate.

1 ‘Core assets’ includes those Australian shopping centres held by QIC Property Fund and QIC Shopping Centre Fund which are 100% owned and operated by QICRE.

ESG 2020