Melbourne Port Tops GRESB Infrastructure Assessment

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by KnowESG
KnowESG_Melbourne Port tops GRESB Infrastructure Assessment
Image courtesy of Melbourne Port

The Port of Melbourne (PoM) has achieved a remarkable feat by clinching the top spot in the 2023 Global Real Estate Sustainability Benchmark (GRESB) Infrastructure Asset Assessment, both in the Australian and international contexts.

This accomplishment is further bolstered by PoM's receipt of a prestigious 5-star GRESB rating for the second consecutive year, an impressive score of 99 out of 100.

GRESB's Infrastructure Asset Assessment stands as a paramount benchmark for evaluating environmental, social, and governance (ESG) aspects in infrastructure investments worldwide.

Saul Cannon, the CEO of PoM, expressed that this achievement underscores PoM's unwavering commitment to integrating sustainability into its core operations. It is a testament to PoM's collaborative ethos, working closely with its port supply chain and other stakeholders to advance sustainability initiatives.

PoM's pivotal role as a crucial freight hub for south-eastern Australia presents an exceptional opportunity not only to enhance its internal operations but also to spearhead and facilitate the reduction of carbon emissions within the entire supply chain.

Cannon noted, "We have identified both traditional and collaborative areas where we can add value and are adapting our approach to do so – be it emissions reduction, stakeholder engagement, exploring alternative fuels, or financing. This result highlights our comprehensive approach and our steadfast commitment to sustainability."

Cannon also highlighted that this accomplishment is just the latest in a series of sustainability milestones and activities at PoM. These include the endorsement of a net-zero target for Scope 1 & 2 emissions by 2030, with plans to achieve this through the sourcing of 100% renewable electricity, electrifying their vehicle fleet, and adopting sustainable practices for their marine survey vessel.

PoM also recently concluded a substantial $475 million sustainability-linked loan (SLL), which features a gateway target associated with engagement with port stakeholders to promote reductions in Scope 3 emissions. It is actively working to incorporate sustainability into its developments and operations, emphasising the reuse and recycling of materials in significant projects such as the Port Rail Transformation Project.

Cannon concluded by emphasising PoM's dedication to building a more sustainable port that not only benefits the Australian economy but also enhances the quality of life in Melbourne.

He stated, "Sustainability is essential to support the Port's efficient 24/7 operations and to ensure the Port can accommodate the growing trade requirements of south-eastern Australia."

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Source: Melbourne Port

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