For personal use only

14 February 2022

Climate Disclosure Statement

The GPT Group ('GPT') provides its Climate Disclosure Statement which is authorised for release by The GPT Group Board.

-ENDS-

For more information, please contact:

INVESTORS AND MEDIA Penny Berger

Head of Investor Relations and Corporate Affairs +61 402 079 955

Level 51, 25 Martin Place, Sydney NSW 2000

www.gpt.com.au

For personal use only

Climate Disclosure Statement 2021

Prepared with reference to the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD)

Introduction

onlyThis Climate Disclosure Statement outlines the steps that GPT is taking to identify, assess and manage climate-related risks and opportunities. The Statement has been prepared with reference to the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

useThis Climate Disclosure Statement is applicable to the whole of The GPT Group including GPT Funds Management Limited in its capacity as r sponsible entity for the GPT Wholesale Office Fund (GWOF) and the GPT Wholesale Shopping Centre Fund (GWSCF). The metrics and targ ts outlined also apply to the operation of the funds.

Our Climate Disclosure Statement is approved by the Board and prepared in consultation with our cross-functional Sustainability Reference Group, which contributes to the identification of foreseeable climate risks and opportunities and assists in formulating and implementing our ongoing response to climate change.

Contents

1.

A message from our CEO and Managing Director

Memberships and commitments

2.

2021 Highlights

3.

Our Carbon Neutral Journey

4.

Governance

8.

Strategy

14.

Risk Management

16.

Metrics and Targets

21.

Next Steps

22.

Appendix A: Emissions Scenarios

23.

Appendix B: Risk Analysis and Mitigations

32.

Appendix C: Glossary

personal

Sustainability reporting

For

This Climate Disclosure Statement is part of the GPT corporate reporting suite for 2021. It should be read in conjunction with other reports, statements and resources including:

» Annual Report

» Environment

» Sustainability Report

» Sustainable

» GPT Website

An integrated report

Data Dashboard

A report guided by the

Debt Framework

Contains information

summarising the

Detailed environmental

GRI that details our

A framework outlining

about our enterprise

value created by

performance

performance, priorities and

how we intend to

policies, processes,

GPT's business

reporting guided by

progress in addressing

issue and manage

and sustainability

activities that

the Global Reporting

material sustainability

sustainable debt

initiatives

includes the annual

Initiative (GRI) and

matters. (To be released

instruments across GPT

financial statements

assured annually.

in April 2022.)

and its managed funds.

for the Group.

In addition to the reporting suite, GPT participates in environmental, social and governance (ESG) indices and benchmarks to measure our sustainability performance and provide transparency for our stakeholders.

GPT Climate Disclosure Statement 2021

BOB JOHNSTON
CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR
GPT's actions to address climate change align with our overarching commitment to sustainability which we believe delivers positive outcomes for our investors, our people, the environment, and the communities in which we operate.
The contribution of our employees to achieving these goals cannot be overstated and I commend their commitment and ongoing efforts.
We understand the importance of our leading contribution to global climate change mitigation efforts. As such, GPT is leading in its decarbonisation efforts with our emissions reduction targets tracking well ahead of Australia's commitments to the Paris Agreement.
This is GPT's third Climate Disclosure Statement prepared in alignment with the recommendations of the Task Force on Climaterelated Financial Disclosures (TCFD). It outlines the steps we are taking to identify, assess and manage climate-relatedrisks and opportunities.
Climate risk considerations inform key decision-makingacross the Group, both to minimise our emissions and to ensure the resilience of our assets to the changing environment. These range from resilience planning for a fast transition to a low carbon energy supply through to scenario modelling and adaptation planning for future physical impacts during asset acquisitions, major development projects and major lifecycle upgrades.
As the owner and manager of a $26.9 billion portfolio of office, logistics and retail properties across Australia, GPT recognises the importance of identifying, monitoring and transparently reporting the climate change risks and opportunities that could have a material impact on our assets and on the communities in which we operate.
We are on track to achieve our target of Climate Active Carbon Neutral for Buildings Certifications for all GPT owned and managed assets by the end of 2024. This is in addition to our carbon neutral organisation certification, which we have held for more than a decade.
The building sector is globally responsible for 35% of energy consumption and 38% of energy-relatedcarbon emissions, and the sector's total footprint is expected to double by 2060. 1
The outcome of COP26 highlights the importance of action in this decade to halve emissions by 2030 and have the best chance of keeping global temperature increases below 1.5 degrees Celsius.
Our approach has been effective by eliminating emissions through efficiencies and the use of renewables and only purchasing offsets for the residual emissions that can't currently be eliminated. Having achieved the world-leadingCarbon Neutral Certification of the GPT Wholesale Office Fund portfolio in 2020, our efforts to certify the broader portfolio continue.
The need for urgent global action to address climate change was never clearer or more widely accepted than during 2021, with rising momentum culminating in the COP26 United Nations Climate Change Conference.
BOB JOHNSTON
CEO AND MANAGING DIRECTOR
only" GPT's actions to address climate change align with our overarching commitment to sustainability which we believe delivers positive outcomes for our investors,
use our people, the environment, and the communities in which we operate."
personalFor
CEO and Managing Director
A message from our

INTRODUCTION

GOVERNANCE

STRATEGY

RISK MANAGEMENT

METRICS & TARGETS

NEXT STEPS

APPENDIX

1. Net Zero Carbon Buildings Commitment, Introduction: Businesses & Organisations, Sept 2021. page 6.

GPT Climate Disclosure Statement 2021

1

2021 Highlights

only

%

Issued $250 million inaugural Green Bond

for the GPT Wholesale Office Fund (GWOF)

82emissions intensity reduction since 2005

%

Achieved ISO Certification

of the GPT Environmental Management System

use

55energy intensity reduction since 2005

,

tC02e

Retained Carbon Neutral Certification

for the GWOF portfolio

210emissions avoided044in 2021

$

Developed our

Embodied Carbon Strategy

energy42and water.7mcosts savings in 2021

" In 2020 the GPT Wholesale Office Fund set the bar high by delivering the first

Carbon Neutral Certified prime property portfolio in the world. Green Building Council

of Australia applauds this accomplishment as a stand-out example of what can

be achieved as a signatory of the Net Zero Buildings Commitment and we thank

GPT for their ongoing leadership in this space."

DAVINA ROONEY

personalCEO, GREEN BUILDING COUNCIL OF AUSTRALIA

CHART 1: GPT EMISSIONS REDUCTIONS VS AUSTRALIA PARIS AGREEMENT

GPT's emissions reduction pathway tracks significantly ahead of Australia's commitments to the Paris Agreement, ensuring that we

c ntribute to attempts to keep global warming below 2 degrees Celsius and reduce the risk of dangerous climate change. This also

reduces GPT's exposure to transition risks and opens up opportunities to benefit from a low carbon future.

For

100

Australia Paris

Agreement

Australia 2021

80

projections

60

GWOF

Target:

carbon

GWSCF assets

40

neutral

Target: GPT

Target: GPT

20

managed assets

non-managed

0

assets

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

Australia Paris trajectory to minus 26% Target

GPT Total Emissions

GPT Intensity (Scope 1 & 2)

Australia's 2021 projections

2 GPT Climate Disclosure Statement 2021

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

The GPT Group published this content on 13 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 February 2022 22:51:01 UTC.