The portfolio has achieved this by going above and beyond typical asset management commitments, offsetting 100% of the operational carbon emissions (Scope 1, 2 and 3 downstream) including the carbon footprints created by residents from day to day living in their homes. These efforts have been a part of Lendlease’s “efficiency first” approach, which is focused on investing in the development and operation of efficient, low carbon, healthy and sustainable multifamily assets that attract and retain residents by supporting social, environmental and economic outcomes for residents, and by doing so, improve the long-term value and performance of its investments. Additionally, the portfolio chose verified offsets from a US based renewable wind energy project which also provides social benefits: providing sustainability education, that is linked to research, and skills training programs aimed at supporting green jobs.
While achieving net zero carbon is certainly a major milestone for the portfolio, our efforts do not stop here: We are committed to Lendlease’s ambitious global target to be absolute zero carbon by 2040, which means eliminating all our emissions, Scope 1, 2 and 3, without the backup of carbon offsets. This will require the portfolio to phaseout diesel and gas from fossil fuels in our construction sites and asset operations, and to use 100% renewable electricity.
In support of these goals we are undertaking Life Cycle Analysis across our projects to assess emissions and identify design measures to low / no carbon alternatives. We recognize we cannot achieve this alone so we are working with suppliers and advocacy groups to address emissions in the built environment, such as through the SteelZero Initiative. Our partnership with ResponsibleSteel™ is one example of how we are working together with suppliers and manufacturers to reduce Scope 3 emissions across the supply chain.