Emissions Reduction and Climate Risk
The journey to becoming a more socially and environmentally responsible enterprise.
Driving Change: Arena REIT's climate action journey - creating meaningful impact in the finance sector
Arena REIT (Arena) is an Australian Real Estate Investment Trust (REIT) listed on the ASX. Arena develops, owns and manages social infrastructure properties across Australia, with over 250 properties in its portfolio valued at over $AUD 1 billion. Arena is committed to developing strategies to address sustainability challenges and to identify opportunities to progress positive change.
Arena has an ambitious sustainability agenda and in 2022 engaged Ndevr Environmental to provide ongoing technical support and guidance to progress its climate action journey. This collaboration has achieved significant accomplishments to date and serves as an exemplar model for becoming a more socially and environmentally responsible enterprise.
- Measuring Emissions
Since FY22, Arena has progressively been measuring greenhouse gas (GHG) emissions from its operations to its full value chain.
- Operational Emissions & Carbon Neutrality. As of July 2022, Arena is a Climate Active-certified Carbon Neutral Organisation.
- Financed Emissions associated with Arena’s investments in line with the Partnership for Carbon Accounting Financials (PCAF) standard. Arena has been a pioneer in using the global best practice PCAF standard in Australia.
- Embodied Emissions to measure the emissions associated with the life cycle of Arena’s assets, in line with the Green Building Council of Australia’s methodology.
- Setting Targets & Taking Action
Developing a Climate Action Plan to explore its emissions trajectories and reduction pathways in line with climate science. During FY23 and FY24, this will be further enhanced by a detailed Emissions Reduction Roadmap based on site audits, to determine the feasibility of emissions reduction targets.
- Climate Risks and Opportunities
In FY22 Arena released its inaugural climate risk disclosures in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). This involved an initial gap analysis against the TCFD framework and identifying its climate-related risks and opportunities. Over FY23 and beyond this work will include a physical climate risk assessment, qualitative scenario analysis, and an initial assessment of the impact of climate risks and opportunities on Arena’s business.
Ndevr Environmental is proud to be partnering with Arena on its climate action journey. This ongoing partnership has enabled Arena to measure emissions, develop a deeper understanding of climate-related risks and opportunities and develop strategies for an emissions reduction pathway.
Arena’s ambition and initiatives demonstrate its leadership in the transition to a sustainable future and the positive impact that financial institutions can make.
“The work we have undertaken with Ndevr Environmental has assisted us in making informed decisions that will benefit our business and stakeholders now and in the future.“ Samantha Rist, Chief of Investor Relations and Sustainability, Arena REIT
More information: Sustainability Report.