Vicinity Centres has announced a Net Zero 2030 Target to achieve net zero Scope 1 and 2 GHG emissions from the common mall areas of its wholly-owned retail assets. The company aims to achieve this target primarily through operational abatement activities, with a focus on energy efficiency initiatives and the electrification of heating, ventilation, and air conditioning (HVAC) systems where feasible.
Material actions and disclosures
Vicinity Centres has already invested in energy efficiency initiatives and lifecycle replacement programs focusing on lighting, vertical transport, heating, and cooling. The company has also optimized building performance through standard building management systems, building tuning, and real-time monitoring. Additionally, Vicinity has reduced the use of high global warming potential refrigerants from its centers in line with Australian regulations.
Other actions include the installation of battery energy storage systems at 17 centers and the installation of 31.3 MW of solar capacity across 17 centers. The company has also increased the number of electric vehicle charging spaces to 110 across 29 centers and increased the waste diversion rate to 45% in FY26.
Forward commitments
Vicinity Centres plans to quarterly report performance to RCEC key performance indicators (KPIs) including absolute quarterly GHG emissions, energy use, and renewable energy generation. The company also aims to annually update the Net Zero 2030 Target to the Board and implement a three-year program of electrical audits to assess existing electrical infrastructure, identify resourcing requirements, and evaluate readiness for future electrification.
Furthermore, Vicinity Centres will continue monitoring water use through wireless water metering and smart water meters, and expand on-site renewable energy generation and battery energy storage across the portfolio. The company also plans to further decarbonize the national electricity grid to support the Net Zero 2030 Target and develop a carbon credit strategy if required to address residual GHG emissions.
These initiatives are resourced through Vicinity’s existing capital management framework and asset lifecycle programs, ensuring that climate-related initiatives are considered alongside other portfolio priorities and investment decisions.