The CEFC invests in a broad range of clean energy opportunities that provide productivity, accessibility and liveability benefits for Australia’s 50 largest cities, through the Sustainable Cities Investment Program.
The Sustainable Cities Investment Program has exceeded its $1 billion target, with the CEFC committing almost $2.9 billion to some 5,000 Sustainable Cities opportunities at 30 June 2019. This represents total new investment commitments of almost $8.8 billion alongside the private sector.
Given the emissions opportunities in Australia’s cities, the CEFC expects to continue to invest in cities-related opportunities, including those focused on the property sector.
CEFC property investments target large-scale and long-term improvements to the emissions profile of landmark commercial developments. During 2018–19, we saw significant progress across several investments. Investa and Dexus both achieved accreditation for the Science Based Targets (SBT) in their respective real estate portfolios, where they are aiming to achieve net zero emissions. QIC’s flagship Australian Shopping Centre Fund successfully trialled a building tuning technology platform, achieving a 15 per cent reduction in energy consumption. And the EG Funds Management High Income Sustainable Office Trust progressed energy efficiency improvements on three refurbished properties – one in Brisbane and two in Canberra, including East Block which is home to the National Archives.
Figure 12: Sustainable Cities Investment Program
* refers to impact of CEFC direct finance only