Bringing forward our net zero
emissions target to 2022
Net zero emissions refers to achieving
an overall balance between greenhouse
gases emitted in operation and
greenhouse gases removed from the
atmosphere. Getting Dexus to net
zero is an opportunity to align with
changing customer sentiment and
meet the increasing investor demands
for low-carbon investments.
We have made great progress on our
goal already and have brought forward
our target to achieve net zero emissions
to 30 June 2022, advancing our original
2030 goal by eight years. Accelerating
our net zero ambition delivers strong
climate action for our planet, enhances
our vision and customer proposition
for smart, sustainable workspaces
and ensures we will be ready for other
opportunities, including supporting our
customers on their own journey.
Our commitment to deliver net zero
emissions by 30 June 2022 will be
achieved by:
1. Our transition to 100% renewable
electricity from base building
operations from July 2021, purchasing
renewable energy in the form of
Large-scale Generation Certificates
or GreenPower
2. Continuing to invest in certified
carbon offsets for our remaining
emissions. We will purchase
accredited nature-based offsets to
account for emissions from natural
gas, wastewater, refrigerants, and
waste/recycling
3. Verifying we are net zero and
maintaining this status through
Australia’s Climate Active carbon
neutral program
In parallel with this transition, our focus
remains on improving energy efficiency
and accelerating the deployment of
on-site renewables (see pages 56-57).
Transitioning to 100% renewable
electricity will account for around
80% of scope 2 and 3 emissions, with
the remaining 20% of scope 1 and 3
emissions to be balanced through
carbon offsets.
This includes emissions for the base
building sources comprising electricity,
natural gas, diesel, refrigerant leakage,
water and wastewater, and waste and
recycling. It excludes tenant sources
such as tenancy electricity.
Enriched Environment continued
Our approach on this journey involves:
– Reducing or eliminating emissions at
source through efficiency practices and
emission-free energy
– Investing locally, prioritising Australianbased projects with a geographic
correlation to the location of our
properties to support those local
communities
– Being transparent and verifiable, by
investing in certified renewable energy
and offset schemes, and certifying
and disclosing our outcomes with
independent verification
– Making a difference in Australia’s
transition, by supporting supply chains
and the development of renewable
energy and abatement projects
In line with the Oxford Offsetting Principles,
published by the University of Oxford,
we will shift towards ‘nature-based’
carbon removal projects over emission
reduction projects due to their ability
to actively reduce atmospheric carbon
dioxide. Initially we will invest in carbon
removal projects such as tree planting
and bush regeneration projects, which
use photosynthesis to capture and
sequest carbon from the atmosphere. As
technologies develop, we will also transition
towards projects that provide higher
permanence or long-lived carbon capture.