07 Aug 2023
BRISBANE, 7 AUGUST 2023
Frasers Hospitality, a strategic business unit of Frasers Property, proudly announces that its premium hospitality asset, Capri by Fraser, Brisbane, has been awarded the certification by the Australian government-backed Climate Active1 Carbon Neutral Standard for Buildings in the 2022-2023 reporting period. This marks the first hospitality property in Queensland, Australia to receive the Climate Active Carbon Neutral certification and is a testament to Frasers Hospitality’s commitment and progress to realise sustainable hospitality real estate.
Driving building efficiency in the Australian portfolio
As part of Frasers Hospitality’s sustainability roadmap towards achieving net-zero carbon by 2050 and contributing to green building certification goals which are in line with Frasers Property’s sustainability goals, the portfolio in Australia voluntarily participated in the National Australian Built Environment Rating System (NABERS) which measures the building efficiency of the properties.
The 239-unit Capri by Fraser, Brisbane, was identified to be eligible to pursue the Climate Active Carbon Neutral Certification and proceeded to implement decarbonisation initiatives which include a partial switch to a renewable energy supply. The switch successfully resulted in the reduction of more than half of the property’s total carbon emissions, which was further offset via the purchase of additional carbon credits to account for the residual emissions. The property endeavours to work towards a further reduction in the use of carbon offsets through continual improvements in energy efficiency.
The property, along with the remaining Australian portfolio, is also working towards attaining the globally recognised Green Star Performance Certification2 by the end of 2024. This is part of Frasers Hospitality’s commitment to reducing its carbon footprint and advancing its sustainability roadmap by embedding sustainability across the lifecycle of the hospitality assets.
Charting Frasers Hospitality’s net-zero carbon journey
Eu Chin Fen, Chief Executive Officer of Frasers Hospitality, said “We are cognisant of the substantial contribution the hospitality industry makes towards global emission levels due to its high energy consumption. Hence, it is of paramount importance that we remain steadfast in our sustainability journey and embed sustainable business practices within our strategy and business. In line with Frasers Property’s goal to be a net-zero carbon organisation, encompassing Scopes 1, 2 and 3 by 2050, we continue to explore innovative solutions to reduce our hospitality portfolio’s carbon footprint, and make further meaningful progress in our sustainability efforts.”
Frasers Hospitality is committed to the Science-Based Targets initiative (SBTi) and targets to reduce 46% of carbon emissions based on the 1.5°C trajectory by 2030. The target is currently in the process of being submitted for validation by SBTi. This is in line with the United Nations’ Sustainable Development Goals and the Paris Agreement to limit global temperature rise to 1.5°C. Concurrently, Frasers Hospitality is working towards attaining green building certifications and promoting the switch to renewable energy, where feasible, across the global portfolio.
1 Climate Active is an ongoing partnership between the Australian Government and Australian businesses to drive voluntary climate action. The brand represents Australia’s collective effort to measure, reduce, and offset carbon emissions to lessen our negative impact on the environment. For more information on Climate Active, please visit www.climateactive.org.au/what-climate-active/about-us.
2 Green Star is an internationally recognised rating system setting the standard for healthy, resilient, positive buildings and places founded by Green Building Council of Australia in 2003. For more information, please visit www.new.gbca.org.au/green-star/exploring-green-star.