Newcastle Port's GRESB Rating Hits New High

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by KnowESG
KnowESG_Newcastle Port's GRESB Rating Hits New High
Image courtesy of Newcastle Port

The Port of Newcastle remains on its path of continual improvement, achieving its highest-ever Global Real Estate Sustainability Benchmark (GRESB) score and maintaining its prestigious 5-star GRESB rating for the third consecutive year.

GRESB, a renowned environmental, social, and governance (ESG) benchmarking tool, offers valuable insights into an organisation's ESG performance over time, enabling comparisons with industry peers, as noted by Craig Carmody, the CEO of the Port of Newcastle.

The remarkable progress from an initial GRESB score of 40 in 2019 to an impressive 96 in 2023 underscores the Port's unwavering commitment to embedding ESG principles as a fundamental part of its business and corporate culture.

This dedication is a reflection of the Port's ongoing efforts to diversify its operations and support a sustainable future. Notably, the creation of the Clean Energy Precinct positions the Port to be a leading hub for the production, storage, and export of sustainable, clean energy products, such as hydrogen and green ammonia.

Furthermore, the Port of Newcastle's increasing versatility is evident as it now handles over 25 different types of cargo. Even in challenging environmental conditions, the Port achieved robust trade volumes, including exports of wheat, meals, grains, and a growing roll-on-roll-off project cargo segment, which includes wind turbine components.

Nick Livesey, the Chief Financial Officer and ESG Strategy Lead at the Port of Newcastle, emphasises that the coveted 5-star GRESB rating is a recognition reserved for the top 20% of surveyed companies worldwide, signifying their leadership in sustainability within their respective industries.

This accolade acknowledges the Port's commitment to sustainability and its numerous accomplishments, such as expanding diversified trade and undertaking projects while also enhancing its environmental performance.

These achievements include extending its 100% renewable power purchase agreement, upgrading lighting across the entire Port for energy efficiency, renewing its EcoPorts certification, and transitioning its entire fleet to electric vehicles.

In addition to its environmental endeavours, Port of Newcastle has focused on creating a diverse and inclusive workplace, offering attractive employment opportunities in the region. This includes initiatives like the WORK180 endorsement, flexible work arrangements, and career development opportunities, which further underscore the Port's commitment to sustainability.

Over the past year, the Port of Newcastle has made significant strides in its ESG strategy. It has aligned its emissions reduction targets with the 1.5-degree climate science goals, joined the United Nations Global Compact, set ambitious Scope 3 targets, and gained recognition as a Mental Health First Aid-endorsed employer. The Port has also advanced diversification strategies, particularly in establishing the groundbreaking Clean Energy Precinct.

The ongoing sustainability initiatives and the GRESB assessment process serve as a critical gap analysis for the Port. This process helps identify opportunities for strengthening Environmental, Social, and Governance targets and actions, facilitating their implementation across the organisation.

Nick Livesey concludes that this achievement is a testament to the dedication, collaboration, and commitment of the teams working diligently to make ESG a fundamental aspect of the Port's business and corporate culture.

With an annual commitment to GRESB benchmarking, the Port of Newcastle's ESG Strategy outlines a clear path towards achieving Net Zero emissions by 2040. This dedication underscores the Port's recognition of the significance of ESG to its customers, shareholders, and staff, as it aims to deliver robust ESG outcomes while ensuring the sustainability and resilience of the Port for the future, thereby supporting local jobs and a thriving Hunter economy.

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Source: Port of Newcastle

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