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24 November 2008
Lend Lease working in partnership with the Clinton Climate Initiative to reduce environmental impact of existing buildings
Lend Lease today announced it has partnered with the Clinton Climate Initiative to work together on opportunities to significantly reduce the environmental impact of buildings by accelerating retrofits to maximise energy efficiency and reduce greenhouse gas emissions.
“If upstream emissions from heat and electricity are included, emissions from buildings total 40 per cent of the world’s greenhouse gas emissions; and when 80 per cent of the buildings that will exist in 2020 already exist today - we are naturally impressed that the Clinton Climate Initiative has had the great foresight to address the problem of greenhouse gas emissions and energy efficiency in existing buildings. We are honoured that the Clinton Climate Initiative has agreed to work in partnership with Lend Lease,” said Lend Lease Global Head of Sustainability, Maria Atkinson.
Former United States President, Bill Clinton launched the Clinton Climate Initiative (CCI) in August 2006 to make a difference in the fight against climate change in practical, measurable, and significant ways. In May 2007, Mr Clinton announced the establishment of CCI’s Energy Efficiency Building Retrofit Program. This program brings together many of the world's largest cities, real estate firms, financial institutions, and energy service companies in a landmark effort to reduce energy consumption in existing buildings across the municipal, private, commercial, educational, and public housing sectors.
Lend Lease has been working with the CCI’s Energy Efficiency Building Retrofit Program and one of the Lend Lease group’s businesses, Lend Lease Investment Management, throughout the year to explore potential opportunities. Lend Lease Investment Management’s Global CEO, Rod Leaver signed a memorandum of understanding (MoU) with the Clinton Climate Initiative in Boston last week.
Rod Leaver said: “The Clinton Climate Initiative has shown true global leadership with this program to drive the reduction of energy consumption in buildings in 40 cities around the world. We are proud to work with Clinton Climate Initiative to initiate and participate in activity that substantially reduces greenhouse gas emissions and improves the environmental impacts of operations across our funds, projects and communities. This MoU serves to reinforce Lend Lease’s commitment to sustainable property investment and management.”
"The Clinton Climate Initiative is pleased to be working with Lend Lease to implement building retrofit projects across its portfolio," said Ira Magaziner, Chairman of the Clinton Climate Initiative. "We hope and expect that Lend Lease will serve as a leader in reducing greenhouse gas emissions from buildings in the commercial sector globally."
The MoU creates a collaborative relationship between the parties, in which Lend Lease Investment Management will:
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 | Continue to evaluate opportunities for implementing energy efficiency building retrofits within its funds; |
| Seek to adopt, where not already adopted, recognised techniques for measurement of energy and greenhouse emission savings across its funds, ensuring wherever practical that actual results are measured; and |
| Work with CCI representatives and partners to pursue and, where appropriate, implement building retrofits within its funds. |
Lend Lease Investment Management intends to progressively and systematically develop and implement across its Funds specific sustainability strategies that will assist in the identification, analysis, design and implementation of improvement opportunities. Where appropriate, the Clinton Climate Initiative will extend the benefits of its partnerships with cities, energy services companies, financial institutions, and energy-efficient product suppliers in order to facilitate retrofit and refurbishment projects.
“Our new assets such as ‘The Gauge’ in Australia and ‘313@Somerset’ in Singapore, are leading examples of new green buildings, each achieving the highest certified environmental ratings in their respective regions.
“The real challenge however, is unlocking the potential of existing assets across the Lend Lease portfolio,” Rod Leaver said.
The building sector provides more potential for quick, deep and cost effective greenhouse gas mitigation than any other industry , according to analysis by a range of authorities including the IPCC, McKinsey and Vattenfall. Buildings can provide deep and rapid cuts in greenhouse gas emissions, and the potential of the entire property industry to deliver globally significant reductions from existing buildings is important and powerful.
“Lend Lease Investment Management understands the cost and benefit of sustainability goes beyond simple financial equations and our Sustainable Responsible Investment Policy plays a key part in our investment decision making process. Long term value, including the ability to attract and retain tenants, are key considerations when determining the value proposition of sustainable property investment for our Investors,” Rod Leaver said.
“Rod and his team are to be congratulated for the energy and enthusiasm they have brought as the first in the Lend Lease Group to sign the MoU. We expect a number of Lend Lease businesses will participate in Clinton Climate Initiative building retrofit projects,” Maria Atkinson said.
For more information contact:
Rachel Endean
Global Corporate Affairs Manager, Lend Lease
+61 2 9277 2525
+61 0 434 604 590
www.lendlease.com/sustainability
Notes to Editors
About Lend Lease
Lend Lease is a leading property group with broad skills across the property value chain. Headquartered in Australia, we operate three core businesses: project management and construction, property investment management and property development.
Our development business focuses on three key competencies – retail, communities and public private partnerships. Our key markets are Asia Pacific, the Americas, the United Kingdom, Europe and the Middle East. We operate an integrated business model and our earnings are well diversified by both market sector and geography.
Lend Lease is committed to delivering the best possible outcomes for all our stakeholders that are consistent with our behaviours of respect, integrity, innovation, collaboration and excellence.
Sustainability has been an integral part of our culture for 50 years and our employees insist that people, safety and environmental impact must be central to our business strategy.
Our sustainability performance is rated by independent agencies including the Carbon Disclosure Project report, undertaken on behalf of institutional investors representing over US$57 trillion of assets under management; and Dow Jones Sustainability World Index (DJSI World), which is used to manage funds and other financial products worth almost US$6 billion. Lend Lease was the first Australian property company to be included on DJSI World in 2001. Since then we have been included on the index each year from 2002–2004 and 2006–2008.
About Lend Lease Investment Management
Lend Lease Investment Management has an investment platform spanning key geographies including Asia, Australia and the UK, and has the ability to leverage the strong internal product creation skills provided by Lend Lease. Investing on behalf of international and domestic insurance companies, investment managers, sovereign funds and pension funds, Lend Lease Investment Management offers its investment partners access to high quality property assets across the risk/return spectrum.
In addition to active participation in traditional real estate sectors and funds, our Private Finance Initiatives (PFI) in the UK provided by Catalyst Lend Lease focus on projects in the public sector related to Education, Health, Waste and Government Office Accommodation markets. Catalyst Lend Lease finances, designs, constructs and manages completed projects.
In the USA, our presence through Actus Lend Lease creates high quality communities and homes using proven private sector design, construction, financing, sustainable environmental practices and asset management processes. Actus Lend Lease is the largest family housing privatisation partner for the military with approximately 40,000 homes under management.
In 2007, the Lend Lease Investment Management Trustee Board endorsed a Sustainable Responsible Investment Policy. The Policy can be viewed at: http://www.lendleaseinvestmentmanagement.com.au/llweb/invmgt/main.nsf/all/au_sust_oc
Lend Lease Investment Management was the first global specialist property investment management group to become signatory to the United Nations Principles for Responsible Investment (UNPRI) in November 2007.
About the Clinton Climate Initiative
President Clinton launched the Clinton Climate Initiative in August 2006 to make a difference in the fight against climate change in practical, measurable and significant ways (www.clintonfoundation.org).
In its first phase, CCI serves as the exclusive implementing partner of the C40 Large Cities Climate Leadership Group, an association of large cities around the world that have pledged to accelerate their efforts to reduce greenhouse gas emissions. In response to growing demand, CCI is expanding the benefits of its programs and purchasing assistance to additional cities, building owners, and institutions around the world, to develop and implement large scale projects resulting in substantial reductions in greenhouse gas emissions.
These programs include an Energy Efficiency Building Retrofit Program, which brings together many of the world's largest cities, real estate firms, financial institutions, and energy service companies in a landmark effort to reduce energy consumption in existing buildings across the municipal, private, commercial, educational, and public housing sectors.stock exchange
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