LGS boosts green power
Thursday, 11 June 2009 12:10pm
The $4.6 billion NSW-based Local Government Super has become the first building owner in Australia to convert all of its tenants to 100 per cent GreenPower - making the building completely emission free.
LGS, which claims the move as an Australia-first, has brought all of its existing tenants in Local Government House, located at 28 Margaret St Sydney, over to strong energy efficiency programs and to 100 per cent zero emissions GreenPower, according to the Total Environment Centre.
The building is co-owned by the Local Government and Shires Associations of NSW.
LGS has achieved this through the implementation of its Sustainable Portfolio Program, which includes a responsible investment policy, an environmental management plan, a renewable energy investment strategy and a sustainable tenancy program.
The program has been aided by assistance from the Federal Government's $29.5 million Green Building Fund, which was developed to help commercial office buildings reduce their energy consumption and greenhouse gas emissions.
Under the Sustainable Portfolio Program, 100 per cent of base building energy is sourced from fully accredited renewable GreenPower, reducing building emissions by approximately 10,000 tonnes of carbon dioxide per annum.
The strategy requires new tenants to use 100 per cent GreenPower. Through the turnover and renewal of tenancies, LGS has converted all tenants of Local Government House and is working towards achieving this goal across its entire property portfolio.
"LGS is demonstrating to other institutional investors that improving the sustainability of existing buildings can achieve substantial environmental results, whilst also delivering positive returns for underlying investors," said Peter Lambert, chief executive at LGS.
LGS will now roll out a program across its entire direct property portfolio to convert the rest of its tenants to 100 per cent GreenPower, with the aim of having 70 per cent of all commercial and industrial tenants converted to GreenPower within the next 3 years.
Existing tenants at Local Government House, including Nanbaree child centre, a 42-place NSW State Public Sector employer-sponsored childcare centre, have voluntarily signed up to use 100 per cent GreenPower to support LGS' initiative.
Company release
This story was found at: http://www.financialstandard.com.au/news/view/25980
Printed: Wednesday, 8 September 2010 7:05am