Aussie air, seaports vow to cut 200,000 tons of carbon emissions by 2030

Source: Xinhua| 2019-08-26 10:57:01|Editor: Yurou
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SYDNEY, Aug. 26 (Xinhua) -- A number of Australia's largest air and seaports have promised to cut 200,000 tons of carbon emissions by 2030.

Announced on Monday by Australian superannuation fund manager IFM Investors - who have ownership stakes in a range of infrastructure assets such as Ausgrid, Melbourne Airport, Brisbane Airport, New South Wales Ports, the Port of Brisbane, Northern Territory Airports and Southern Cross Station in Melbourne - the firm said along with co-owners they would "commit to meaningful emissions reductions, while maintaining returns for its investors."

Made possible by a 150 million Australian (101 U.S. million) dollar of investment from the Clean Energy Finance Corporation (CEFC) last year, the reduction will be the equivalent of taking 70,000 cars off the road.

"IFM Investors is pleased to be taking an active role as a major infrastructure investor to work with the CEFC and our assets' management teams to set carbon abatement targets and commit to annual progress reporting," head of Australian infrastructure at IFM Investors Michael Hanna said.

"This exciting initiative represents a genuine commitment and start to aligning our assets to the Paris Agreement, and it makes perfect business sense by reducing costs, mitigating future business risks and contributing to outcomes that our customers value."

As part of the initiative, each air and seaport have vowed to reduce carbon emissions by 8-25 percent by 2024 with a further reduction of 38-100 percent before 2030.

According to IFM, this will be made possible by the uptake of alternate power sources, electric vehicles, LED lighting, large-scale rooftop solar projects, smart management systems and energy efficient office spaces.

"These infrastructure assets will operate for generations, with the targeted emissions reductions having the potential to make a material impact on cutting Australia's carbon footprint," CEFC chief executive Ian Learmonth said.

"This comprehensive program of activity sets an important example for other major infrastructure owners and managers in Australia."

"Cutting carbon emissions can deliver a long-term dividend to the environment and in most cases an improved financial performance."

Lessons learnt from the energy-saving initiative will also go on to inform other assets in IFM's global portfolio.