Our sustainability targets
Our ambition is to live in a world warmed by no more than 1.5ºC and to be responsible for creating measured social value on the journey.
We are excited to launch these targets. They are our call to action and will be our measure of success as we begin the next chapter of our sustainability story. Our targets are highly ambitious and will only be achieved through collaboration. We look forward to working with and learning from our clients, partners, tenants and supply chain as we create the pathways towards achieving these targets and supporting industry transformation.
Create $250m of social value by 2025
Our Corporate Social Value Target is intended to demonstrate our corporate commitment to creating social value in the communities in which we operate, above and beyond what we are required to do at the project or asset level.
This target will account for our investment in our corporate led, shared value partnerships. It is based on achieving an average 1:5 social value return on investment, primarily via our Lendlease Foundation, but also through other key business initiatives such as FutureSteps.
Work is underway to deploy new metrics and data collection at the asset and project level to allow us to expand this target to include the social value we create at that level.
We have also commenced work with a number of social value evaluation experts to help develop industry accepted, simplified, yet robust, social value assessment methodologies to evolve the social sustainability narrative beyond philanthropic spend, to one of social value created and the multiplier of shared value partnerships.
Partnering to increase the value
Key to the success of our new social value target is the shared value partnerships, we will continue to establish and foster via investment from our Lendlease Foundation. Through our partnerships we have been able to both deliver and receive social value outcomes for our communities, as well as our own employees, who get to interact with our partners in various ways, including through volunteering.
It is incredibly rewarding to work with partners on important social agendas aligned to our Sustainability Framework and even more exciting when we can bring partners together to amplify impacts. An example of this approach was the use of Lendlease Foundation funding at the start of the COVID-19 lockdown to support The Pure Group, a social enterprise that runs our Barangaroo café. They were able to stay operational for a period, employing staff to use our facilities to prepare 4,000 meals that were then shared with another partner, OzHarvest,
What is ‘social value measurement’
While there is no universally accepted definition of ‘social value measurement,’ it is essentially a process to understand how much positive social change has occurred and can be attributed to the activities undertaken by an organisation. An assessment of ‘social value’ should account for the many facets of life that may affect an individual’s wellbeing, including but not limited to: economic circumstances, environmental issues, education, physical and mental health, and employment.