Australia continues to move closer and closer to its elimination of greenhouse gas emissions target. In a new declaration, one of the largest air and sea ports have sworn to cut off their emissions levels to a 100% by 2024-2030 by checking their individual assets pollutant secretion rates. This will also directly benefit super fund members.
Fund Manager, IFM investors, that partly or fully own Australia’s infrastructural assets on behalf of 7 million Australians part of the industry’s superannuation funds, announced that they have assets committed to reduce greenhouse gas emissions and also report their progress. As per the IFM, the collaborated effort should churn out effective results for the environment and members of the funds by cutting out emissions by 200,000 tons by 2030 akin to taking “70,000 cars off the road”.
Assets that have signed up include the Melbourne, Brisbane and Darwin airports, NSW Ports, the Port of Brisbane, NSW electricity distributor Ausgrid and Melbourne’s Southern Cross railway station. Individual assets have promised to cut emissions by between eight and 25 per cent by 2024, and 38 to 100 per cent by 2030.
Even with the efforts to devolve renewable energy projects and monitor carbon levels released in the air, Australian infrastructure related carbons sit at an astounding number. More than half of the country’s carbon release comes from infrastructure related issues, with power stations alone contributing more than 50% of this.
The Clean Energy Finance Corporation invested $150 million in 2018 to check the emissions from Australia’s major assets. The corporation’s chief executive Ian Learmonth said other major infrastructure owners and managers in Australia should follow suit. “Cutting carbon emissions can deliver a long-term dividend to the environment and in most cases an improved financial performance,” he said.