Cromwell, a leading real estate investment firm, has reported significant progress in reducing emissions and outlined its net zero targets, reflecting its commitment to environmental sustainability. The company’s latest ESG data pack reveals that Scope 1 and Scope 2 emissions have fallen by 96% compared to the FY22 baseline, while Scope 3 emissions have increased due to the growth in its Phoenix Funds and the onboarding of the Industrial Portfolio.
Material actions and disclosures
Cromwell continues to strengthen its ESG data management and disclosure processes, aligning with the GHG Protocol. The company has improved its emissions reporting to accurately reflect renewable energy consumption. Cromwell is committed to maintaining net zero corporate operational emissions through a focus on emissions reduction initiatives and the purchase of carbon offsets for harder-to-abate emissions.
The company has also registered with the Science Based Targets initiative (SBTi) and aims to validate its net zero targets by the end of FY27. This validation will provide independent assurance that Cromwell’s emissions reduction targets are aligned with climate science and the global objective of limiting temperature increases to 1.5°C.
Cromwell’s pathway to net zero is underpinned by asset-level decarbonisation plans across its Australian managed portfolio. In FY26, the company continued implementing these plans through practical initiatives, including the installation of electric vehicle charging infrastructure at several locations and the electrification of heating systems at 700 Collins Street, Melbourne.
Forward commitments
Cromwell aims to achieve net zero emissions across its portfolio by FY45, with specific targets for Scope 1, 2, and 3 emissions intensity. The company also plans to maintain operationally controlled renewable electricity usage and increase solar PV capacity.
These forward commitments are part of Cromwell’s broader ESG strategy, which integrates climate-related targets into its remuneration framework and manages investments using internal ESG targets tailored for each asset and portfolio.
Cromwell’s approach to decarbonisation is supported by its accreditation under the ISO 14001 Environmental Management System, which reinforces its commitment to responsible environmental practices and continuous improvement.
Cromwell’s ESG Data Pack provides a detailed breakdown of the Group’s ESG performance, supporting the disclosures made in the Annual Report. The data is audited to ensure consistency and accountability in environmental reporting.
These initiatives and disclosures reflect Cromwell’s commitment to environmental sustainability and its proactive approach to managing climate-related risks and opportunities.