22 Apr 2021
SYDNEY, 22 APRIL 2021
Frasers Property Australia has signed a seven-year renewable energy certificate purchase agreement with Origin Energy as part of its commitment to be carbon neutral across its business operations.
The agreement means Real Utilities, Frasers Property’s energy retailing business, will procure renewable certificates that underpin renewable energy supply that is equivalent to the energy demand of its customers and its own operations. In addition to Frasers Property Australia, Real Utilities also supplies carbon neutral energy solutions to Frasers Property Industrial, and the agreement covers residential, retail, commercial and industrial customers of both companies across Australia.
Under the Large-Scale Generation Certificate (LGC) agreement, Frasers Property will purchase 140,000 certificates per year from 2024 to 2030. It will cover 100% of Real Utilities customers’ projected electricity demands, totalling 140,000,000 kWh of energy per annum.
The LGC agreement complies with the Australian Government’s Climate Active Carbon Neutral Standard which provides assurance for electricity customers that their voluntary commitments are matched with renewable energy that is added to the grid on their behalf.
“With Real Utilities, Frasers Property’s energy retail business, we are able to deliver carbon neutral energy solutions, monitor the energy consumption in every building we have introduced Real Utilities and calculate the required off-site renewable energy requirement to neutralise our carbon footprint,” says Paolo Bevilacqua, General Manager at Real Utilities.
Real Utilities supplies energy for Frasers Property Australia’s residential communities and shopping centres, as well as Frasers Property Industrial’s assets in Australia, as well as looking to expand the company’s footprint to external partners The energy retailer installs and operates its own energy infrastructure, such as solar panels, batteries and biodiesel generators, enabling it to provide a combination of renewable energy, certified carbon offsets and certified renewable energy certificates to residents, tenants and businesses.
“By procuring certificates that underpin the development of clean energy generated from wind farms and solar farms through Origin Energy, we will be able to mitigate all our energy emissions in the seven-year period and make our customers’ electricity supply 100% offset as part of our goal to achieve carbon neutral and Real Utilities commitment to supply 100% renewable energy,” says Mr Bevilacqua.
As a real estate company, Frasers Property take a pragmatic approach to decarbonisation, and these certificates are one of many actions across the company which will contribute to the goal of being carbon neutral. With a focus on the typical hierarchy of de-carbonisation, Frasers Property create assets that produce less carbon in construction and operation through good passive design, energy efficiency initiatives and use of lower carbon-intensive construction practices. Beyond this, de-carbonisation is achieved through on-site renewable energy if and where possible, followed by the purchase of off-site renewable energy and carbon credits for any residual carbon emissions. Real Utilities is a key enabler of Frasers Property’s carbon neutral strategy.
Mr Bevilacqua says: “It is the most comprehensive way Frasers Property can approach our carbon neutral commitment, while recognising that additional lower carbon solutions will become available over time – solutions that we are not yet aware of today.”