Thank you to our esteemed panelists, Alicia Maynard, General Manager of Sustainability and Technical Services at ISPT, Mary Delahunty, Head of Impact at HESTA, and Richard Fennell, Head of Strategy Development for JLL Australia and Australian Head of Property and Asset at JLL, and moderator Amanda Steele, Executive Managing Director at CBRE.

Key takeaways from the event were:

• Taking care of the planet is everyone’s responsibility, and everyone should be held accountable. The United Nations has stated that climate change is the defining issue of our time, and we are now at a critical tipping point. Action from all levels of society is required.
• ISPT, a $19.3b property company, fully funded by superannuation achieved carbon neutrality in Nov 2020 across their portfolio as certified by Climate Active. Further, by 2025 the company aims to be 100% powered by renewable energy (for electrical sources) and generate more carbon offsets than they use.
• Government has a very important role to play. However, where government doesn’t respond, the people and business do. Clear policy with aggressive commitments is required to provide direction for all levels of society.
• Is the need for shareholder returns compromised when making a commitment to decarbonise? No! There is no compromise; a climate commitment and the pursuit for shareholder returns are not mutually exclusive. The biggest risk to shareholder returns is the warming planet and non-action is becoming commercial suicide.
• What internal governance is required? Responsible investment must be valued by the board, but accountability at every level of the organisation is important to make real change and build a culture of commitment. Does your organisation have a climate committee?
• This is ultimately a community driven outcome, from both sides. Funds are accountable to investors and ultimately these are predominantly our super funds …. and unit holders expect and are beginning to demand – ESG outcomes. Similarly, the occupiers of commercial property are being influenced by employees who are equally seeking an environmentally conscious workplace and an employee committed to the same. These drivers are emerging from the bottom up – and responsibility and effect – rest with the individual.

Thank you again to our panelists, our sponsor UBS, and to everyone who attended online and in person. Click here to find more upcoming ULI Australia events.