Sustainability Report 2020
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Sustainability Report 2020 Real Estate 1 January – 31 December 2020 Angel Place, Sydney Contents A message from Head of 3 A message from Head of Real Estate, Kylie O’Connor 4 About this report Real Estate, Kylie O’Connor 5 About AMP Capital Real Estate and our sustainability strategy 12 2020 highlights removing inherent risks in supply chains, our Real Estate team is committed to acting responsibly and with wide stakeholder engagement at all times. Environment Our 2030 Real Estate Sustainability Strategy, 16 Energy and carbon launched in 2019, established a clear roadmap for 26 Waste minimisation considering the ESG needs of all our stakeholders. 30 Water efficiency We are committed to complete transparency around the integration of ESG considerations throughout 32 Biodiversity and habitat the life cycle of the assets and more broadly the portfolios we own and manage on behalf of investors. Social In terms of how we’re tracking against our ESG goals, 34 Health and wellbeing I am pleased to report that we remain on target and there have been many highlights throughout 36 Equity and diversity 2020. Of particular note was the signing of our first 44 Culture and community 100% renewable electricity contract in December 49 Transport and mobility 2020, which enabled us to achieve zero net carbon for internally managed assets within our leading office fund from the 1st of January 2021. This was Governance I am proud to introduce our 2020 achieved nine years ahead of target and cost neutral, 50 Policies and processes Sustainability Report. a great outcome for everyone. We are working hard to replicate this achievement across our entire 51 Environmental regulation and performance managed portfolio. 52 Supply chain 2020 was defined by the disruption and dislocation Other highlights included: 54 Reporting and ratings of the global COVID-19 pandemic, which unfortunately in Australia, was preceded by the - The installation of technology that automatically 56 Memberships and associations devastating drought and bushfires that dominated analyses buildings’ ventilation, cooling and heating 57 GRI Index the summer of 2019/20. These two crises required a systems and makes control changes to optimise the balance between energy efficiency and 60 Appendices co-ordinated national, state and community-based effort, essential to managing the devastating impact occupant comfort across 38 assets in our portfolio. 60 Our portfolio of assets of bushfires and the significant public health crisis - The installation of smart waste compactors 61 Climate-related risks and opportunities: strategy, targets and metrics that COVID-19 presented. and encouraging retailers to use compostable 64 Materiality and Engagement – stakeholder mapping Despite the difficulties of operating in a restricted packaging as part of our focus on waste measures and largely remote environment last year, our in retail food courts. commitment to sustainability and delivering on our - The launch of our Innovate Reconciliation Action purpose to shape a better future remained strong. In Plan (RAP). fact, the crises of 2020 further reinforced our belief - The continuation of work to secure a site for a that the prioritisation of environmental and social biodiversity conservation reserve equal in size to issues within a clear framework of accountable and our real estate portfolio. transparent governance is fundamental to delivering sustainable outcomes for our clients, our customers, While 2020 presented its fair share of challenges, we our communities and the assets we manage. remained focused on environmental sustainability, social responsibility and transparent governance The future of dealing with climate change threats as key foundations of how we operate within Real and responsibly investing in sustainable practices Estate. I hope you enjoy reading about what we’ve will depend on the strength of the governance delivered and where our efforts are focused. around managing and reporting on sustainability metrics. We are looking at ways to adapt our These achievements couldn’t have happened managed assets to world-class standards, to without the support of our staff, customers, maximise resilience against the impacts of climate tenants and investors. Thank you to everyone change and minimise the environmental footprint of for continuing to support us in delivering on our operating these assets. commitment to sustainability and on our purpose to shape a better future. As well as prioritising environmental issues, we are also committed to acting in a socially responsible manner. We understand the nature of our responsibility and connection to the community and accept broader social accountability for the impact of our business and investment decisions. On a range of topics from the rights and recognition of First Nations Kylie O’Connor Peoples, gender equality, improving accessibility and Head of Real Estate AMP Capital Real Estate Sustainability Report 2020 2 AMP Capital Real Estate Sustainability Report 2020 3 About AMP Capital Real Estate and our sustainability strategy As at 31 December 2020, AMP Capital is one of Our multi-disciplinary team of more than 5003 the largest unlisted real estate fund managers real estate professionals, led by an experienced in the Asia-Pacific region1 managing more than leadership team, has strong sector specialisation in A$28 billion2 on behalf of institutional and retail office, retail and logistics, as well as clear alignment investors via pooled funds and separate account of accountability across fund, investment, property mandates. AMP Capital is part of the AMP Group. and development management. With the support Our purpose is to shape a better future and we of platform functions such as risk and governance, deliver on this by realising value for clients through sustainability, research, technology and innovation, investment management, property management and finance and marketing and communications, the development of a portfolio of commercial real estate entire real estate team is able to work together assets that includes some of the most iconic retail across the value chain to deliver exceptional real centres, office buildings and logistics estates across estate experiences and sustainable investment Australia and New Zealand. outcomes for investors. There were no significant changes to our organisation or supply chain in 2020 that might affect our ESG disclosures. AMP Capital’s Real Estate Portfolio4 Office: 5 Retail: 5 Logistics: 3 NT Total: 13 QLD WA Office: 19 Artist’s impression of the Quay Retail: 9 Quarter Lanes development Office: 1 SA Logistics: 13 Retail: 4 Total: 41 Total: 5 NSW Retail: 1 Logistics: 1 ACT About this report Total: 2 VIC Office: 1 Office: 7 Total: 1 This annual Sustainability Report covers the Assets where AMP Capital does not have operational Retail: 3 sustainability activities of AMP Capital’s real estate control, including co-owned assets operated by business for the calendar year ending 31 December others have been excluded. The list of included Logistics: 5 TAS 2020. General disclosures relate to AMP Capital assets is provided in the appendix of this report. Total: 15 and its managed funds. Specific disclosures may Financial information contained in this report is be at the portfolio level or broken down by based on AMP Group’s Investor Report for the full asset class – Office & Logistics and Retail – with year to 31 December 2020 unless otherwise stated. environmental performance data broken down by Office: 7 asset class where appropriate. This report has been prepared in accordance with the GRI Standards: Core option and is available Retail: 6 AMP Capital’s sustainability reporting boundary to view in full at www.ampcapital.com/au/ Total: 13 extends to real estate assets owned and operated en/capabilities/real-estate/sustainability. For by AMP Capital and where we have environmental further details about our performance against GRI NZ data, that is energy, water, waste and emissions data, disclosures, please refer to the GRI index in the over the full 12 months of the year. When assets have appendix of this report. 1. Source: ANREV/IREV/NCREIF Fund Manager Survey, 2020 external co-owners but are operated by AMP Capital, 2. At 31 December 2020, including AMP Capital’s 24.9% share of PCCP’s NAV, equivalent to A$1.8b the total energy consumption, water consumption We welcome any feedback on our Sustainability Report 2020, directed to 3. The total number of regular employees is 540. This figure excludes fixed term employees and External Persons, such as facilities management and waste generation is included in calculations. personnel in our Office and Logistics assets. [email protected] 4. At 31 December 2020. Includes internally managed properties and AMP Capital funds’ share of ownership of externally managed properties. Excludes two US assets. For a list of the assets that meet the reporting criteria of this document, please refer to Appendix A. AMP Capital Real Estate Sustainability Report 2020 4 AMP Capital Real Estate Sustainability Report 2020 5 AMP Capital Real Estate Leadership Team (at 31 Dec 2020) Sustainability governance The Environment and Climate Change Working Sustainability governance begins with the Real Group (ECCWG) within AMP Group reports on AMP Estate Leadership Team and extends throughout Capital Real Estate’s compliance with environmental the entire business, to our asset teams and including laws, regulations, policies and voluntary compliance external contractors