Case studies

AMP Capital Wholesale Office Fund aims for net zero emissions by 2030

The $4.7 billion AMP Capital Wholesale Office Fund (AWOF) has committed to ambitious emissions reductions and efficiency targets in conjunction with a $100 million investment by the CEFC.

Under its investment agreement with the CEFC, AWOF will target cutting emissions from its property portfolio to zero in just 13 years, exceeding the goals of the internationally-recognised Science Based Targets program, which aims for a minimum 55 per cent reduction in property sector CO2-e emissions intensity by 2050.

AWOF will also aim for a portfolio-wide average NABERS Base Building Energy rating of 5.0 stars by 2020 and 5.5 stars by 2030. 

The CEFC agreement with AMP Capital includes a range of further initiatives consistent with encouraging lower emissions and greater energy efficiency, including:

  • greater knowledge sharing by AWOF across the property sector
  • wider access to property energy consumption data
  • publication of practical information on the implementation of science-based targets
  • sharing of information on regulatory and planning barriers to energy efficiency.

The AWOF portfolio includes redevelopment of the existing 50 Bridge Street property in Sydney, as well as Quay Quarter Tower and the wider Quay Quarter Sydney precinct incorporating the neighbouring Loftus and Young Streets mixed use development.

Other landmark properties are 200 George Street, Sydney and Melbourne's Collins Place and 700 Bourke Street. The 700 Bourke Street property is only the fourth in Australia to achieve the 6 Green Star performance rating from the Green Building Council of Australia, indicating world's best practice operational performance.