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AMP Capital Investors

PRI reporting framework 2019

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Property developments and major renovations

PR 11. Proportion of developments and refurbishments where ESG issues were considered

11.1. Indicate the proportion of active property developments and major renovations where ESG issues have been considered.

(by number of active property developments and refurbishments)

11.2. Indicate if the following ESG considerations are typically implemented and monitored in your property developments and major renovations.

11.3. Additional information. [Optional]

Developments and refurbishments will always include requirements to comply with ESG performance indicators and benchmarks. It is a core part of the AMP Capital Real Estate Head of Sustainability's job description to drive improvements in property sustainability performance in property developments and refurbishments. AMP Capital ESG drivers for development and refurbishment projects include: investor expectations (largely expressed through analysis and engagement regarding GRESB scores, but also through direct investor engagement); tenant and customer expectations about sustainable performance of the AMP Capital buildings they occupy or use; economic benefits associated with reduced operating costs (e.g. through energy, water and waste initiatives) as well as new income streams (e.g. access to renewable energy via embedded networks or through power purchase agreements); minimising downside risk relating to adverse effects of poor ESG performance on capital value & vacancy rates; and addressing current regulations and anticipating future regulatory requirements.

•    Energy & water efficiency. Targets for operational water and energy use are established in the design stage.

•    Hazardous materials. Sites developed or refurbished are remediated to remove or safely contain any hazardous materials.

•    Waste. Demolished materials are diverted from landfill where possible during development and refurbishment, while designs incorporate strategies for diverting operational waste from landfill. Construction waste is monitored and diversion from landfill targets are set for building contractors.

•    Construction materials. For refurbishment and development, we consider any applicable sustainable materials such as low VOC (volatile organic compound) products, recycled materials and reuse of existing on-site building components.

•    Health and safety. Workplace health and safety systems and procedures are a critical part of development and refurbishment design, both for construction workers and for the public.

•    Biodiversity. Our refurbishment and development works typically surround existing assets in suburban and CBD locations which do not impact the surrounding biodiversity. Opportunities to maintain or enhance existing biodiversity attributes are incorporated into landscape planning, where relevant e.g. shopping centre external landscaped areas.

•    Onsite renewable energy generation. Possibilities for solar and other renewable energy technologies are considered and where possible adopted.

•    Construction contractors. Construction contracts specify sustainability performance requirements to be met by construction contractors and sub-contractors, including processes for carrying out audits and verifying compliance.

•    Development Control Group. The development control group sets the governance framework by which the development is managed appropriately, including high level oversight of compliance with ESG objectives and targets.

•    Resilience. Consideration of resilience and climate change readiness are in the sustainability design brief, which is provided to the design team ensuring consideration early in the design stage.


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