Working with QIC to achieve net zero
Driving down emissions in the infrastructure sector
The CEFC is working with QIC to drive further emissions reduction in the difficult-to-abate infrastructure sector, investing in QIC Global Infrastructure Fund (QGIF) as part of its plans to reach net zero emissions.
capital raise investment
scope 1 and 2 emissions by 2030
Climate resilience and net zero pathways are key ESG pillars for QIC Global Infrastructure. This investment with the CEFC represents an important opportunity for us to further enhance how we actively manage the QGIF portfolio to integrate sustainability, drive resilience and enhance value of assets over the long term.Ross IsraelHead of Global Infrastructure, QIC
The CEFC is investing $72 million into a $1 billion capital raising by the QIC Global Infrastructure Fund (QGIF) as part of its plans to accelerate its trajectory to net zero emissions.
The CEFC investment, on behalf of the Australian Government, brings total investment in QGIF to almost $3.4 billion. The scale and diversity of the QGIF portfolio allows it to benefit from the deployment of a broad range of clean energy technologies across its 11 core and core-plus infrastructure assets.
The CEFC has invested more than $472 million in infrastructure funds, influencing the emissions profile of 42 key infrastructure assets Australia-wide. This includes nine airport facilities, major ports, rail, transmission and distribution assets, energy services, healthcare, water services and waste management services.
Some 70 per cent of Australia’s emissions are associated with infrastructure projects. Infrastructure assets built today are expected to be operating in 2050 and beyond, underscoring their potential long-term impact on national emissions.
QGIF will lift its emissions reduction ambitions across its portfolio, with the capital raising supporting investment in bolt-on emissions reduction opportunities at existing assets, as well as the acquisition of new assets, including those with a focus on reducing carbon emissions.
As a part of its work towards integrating ESG across its investment process, QIC has committed to halve its scope 1 and 2 emissions by 2030 for QGIF (on a 2020 baseline) and is targeting net zero scope 1 and 2 emissions for the Fund by 2040. QIC has also committed to actively contribute to the broader industry net zero emissions ambitions for QGIF assets.