Targeting 100% renewable energy by 2030
Renewable energy is derived from naturally replenished sources such as sunlight, wind, tides, and geothermal heat for conversion into electricity. Unlike conventional energy generation that depends on fossil fuels including coal, oil and natural gas, renewable energy generation does not emit any greenhouse gases (i.e. zero carbon emissions).
Dexus’s vision is to provide our customers with smart, sustainable workplaces while reducing carbon emissions to net zero by 2022. Managing electricity is a top priority, comprising over 75% of Dexus's emissions and our goal is to manage highly efficient buildings powered by renewable energy.
We live this vision by prioritising energy efficiency and increasing the uptake of renewable energy to power lifts, lighting and air conditioning in order to provide our customers with accessible, productive and vibrant working environments.
As a signal of our intent, Dexus has proudly committed to RE100, whose purpose is to accelerate change towards zero carbon grids at global scale.
By 2030, if not earlier, Dexus intends to source 100% of its electricity from renewable sources (including on-site solar power and off-site solar and wind power).
With our commitment to RE100, or 100% renewable energy, our journey has already begun.
Dexus has been actively supporting the renewable energy sector since 2008 through voluntary purchasing of accredited GreenPower - electricity that is certified as renewable and 100% emissions free.
Since 2018 we have integrated renewables within our standard energy supply agreements and made renewable energy purchasing business-as-usual. Across our NSW portfolio, Dexus has partnered with Red Energy to source up to 50% of base building electricity needs from wind and solar renewable projects and procure energy at attractive market rates. We have recently partnered with CleanCo across our QLD portfolio and Iberdrola Australia across our VIC portfolio to source 100% of base building electricity needs from wind and solar renewable projects and, similar with our NSW agreements, procure energy at attractive market rates.
We are progressing the rollout of on-site solar photovoltaics (PV) systems nationally to unlock the potential across our roof space to generate emission-free electricity. Solar panels mounted on car park shade sails are also being deployed across our retail centres to generate clean energy while providing valuable shading amenity to shoppers.
Through these strategic initiatives we are delivering operating cost savings to both Dexus and our customers through cheaper electricity or lower outgoings, and mitigating the impact of increasing price volatility for conventional energy.
Since 2008, Dexus has reduced its group office emissions intensity by over 56% and has saved over $180 million through enhanced portfolio energy efficiency. Over this time, Dexus has been able to reduce emissions even while increasing the size of its portfolio and growing distributions to its investor base, demonstrating the synergies between environmental stewardship and sustained value creation.
How our customers benefit from solar
100 Harris Street in Pyrmont has had an interesting history dating back to the late 1890s when it served as one of Sydney’s original woolsheds. The heritage building was redeveloped into high quality office space in 2017 and following Dexus’s acquisition of the property, the building has been taken to the next level through the installation of 606 rooftop solar photovoltaic (PV) panels.
When Dexus acquired the heritage building, it identified that the property was well suited for solar panels due to its distinctive sawtooth roof which was a typical design of manufacturing properties of its time.