We’ve completed seven GSS financings during the past 18 months, representing more than 60 per cent of our total facilities. In simple terms, this means the majority of our corporate funding is now green in one shape or form.
Proceeds from our sustainable financing will contribute to completed assets or the development of assets targeting outstanding environmental, social and governance (ESG) outcomes. For example, the proceeds of the pound sterling green bond will be earmarked to a pool that includes several of our 20 major urban projects, including Barangaroo South, International Quarter London, and the Milan Innovation District.
Of course, we must be able to demonstrate to investors, analysts and customers that we’re walking the talk in the delivery of sustainable places and precincts. That’s why we’ve recently released our first Sustainable Finance Impact Report – providing quantitative estimates of the positive environmental impacts of the pool of assets being funded through our sustainable finance activities.
For example, we estimate an annual saving of 24,779 tonnes of carbon dioxide equivalent once these assets are in operation. That’s the equivalent to taking more than 5,389 cars off the road. We’re also projecting annual energy savings of 60,838 MWh p.a. as well as 336 million litres of water – enough to fill more than 130 Olympic swimming pools.
We’ve also recently released our first ESG Databook, enabling investors and analysts to explore our environmental data from FY17 onwards. We’ve also consolidated of our previous Task Force for Climate-related Financial Disclosures (TCFD) disclosures and how we are performing against our ambitious carbon targets.
Where to from here?
By FY2024, we’re aiming to deliver more than $8 billion in completed product annually from our $112 billion global development pipeline. Key to achieving this target are strong investment partnerships. And our commitment to green buildings, funded through sustainable financing, should go a long way in helping us continue to do business with like-minded strategic partners, as well as attracting new ones.