Vicinity’s business strategy of creating market leading destinations is focused on unlocking the potential of our business through our core physical retail assets; adjacent products and services; Funds management and capital partnerships; and, Mixed use development pipeline.
Vicinity’s Sustainability Strategy is integrated into the Group strategy and contributes to delivering on the business’ strategic objectives. Managing the physical and transition risks associated with climate change is a central part of Vicinity’s Sustainability strategy.
Vicinity uses different climate change and decarbonisation scenarios to better understand the potential long-term financial implications of climate change to inform our long-term business and asset strategies.
Physical risk Scenario Modelling
Vicinity has conducted scenario analysis to quantify the potential climate-related physical impacts of climate change on our portfolio of assets. To learn more click here.
Transition risks Scenario Modelling - understanding our decarbonisation pathways
As part of our program to understand transition risks, in 2016 we completed modelling to identify various decarbonisation pathway options for our asset portfolio and better understand the external forces likely to influence the uptake of carbon reduction actions within both the government and private sector. The modelling considered a variety of risks including current and potential future legislation, market forces and the introduction of new energy efficiency/renewable energy technologies.
As a result, we set a Net Zero carbon emissions target by 2030 for our wholly owned retail assets and a related emissions reduction trajectory and roadmap for our managed asset portfolio over the short-, medium- and long-term against which to track our annual performance.
Vicinity’s Net Zero carbon target* and Integrated Energy Strategy map out a long-term program for managing energy use and reducing carbon emissions across our portfolio, including rapid roll out of onsite solar and a scaled up energy efficiency program.
*By 2030 for Vicinity’s common mall areas of wholly-owned retail assets