Informed by the latest climate science, developer Mirvac has announced that it is taking proactive measures to continue to strengthen its ability to effectively navigate the future consequences of global warming.
Recently, the company released its fifth climate resilience report, which highlights Mirvac’s achievements so far and what its future focus will be.
This provides an update on Mirvac’s progress and plans; alongside an outline of the risks and opportunities the company may face in the future.
Key FY23 activities includes the work undertaken on progressing scenario planning, which helps Mirvac prepare for success under a range of future possible temperature increases, including new strategic targets on Scope 3 emissions – a roadmap to Mirvac’s Net Positive Carbon by 2030 target.
The roadmap will focus on materials and circularity which aims to address issues related to biodiversity and the loss of nature, by focusing on the circular economy, waste management and social equity.
In the third iteration of Mirvac’s ‘This Changes Everything sustainability’ strategy, the company aims to be net positive in Scope 1, 2, and 3 emissions (Scope 3 emissions are those we influence, but don’t control) by 2030, and to invest at least $50m in creating a strong sense of belonging in its communities by 2025.
The strategic direction of Mirvac is set by the Board of Directors, who also approve the company’s Group Risk Management Framework, defining its risk appetite.
Mirvac’s approach to addressing climate-related risks and opportunities is outlined in the strategy document and reflects its sustainability strategy, This Changes Everything, which was refreshed in 2022.
The Board oversees the implementation of this strategy by the ELT, approving sustainability targets and monitoring progress towards those targets.
