GemLife has completed the conversion of its lending facility to a sustainability-linked loan, tying it to sector-first independent sustainability certification and significant carbon reduction benchmarks.
GemLife Director and CEO Adrian Puljich (pictured above) said that the loan is linked to ambitious sustainability targets, including external certification with the Urban Development Institute of Australia’s (UDIA) EnviroDevelopment program for all new traditional developments.
This is the first time this national rating tool has been tied to such a loan.
“We are proud to be the first land lease community developer to embed EnviroDevelopment certification within a Sustainability-Linked Loan, and one of the first to embed the rating tool within our sustainability goals,” Puljich said.
GemLife aims to reduce scope 1 and 2 carbon emissions by 48% by 2030, equivalent to a 7% annual reduction. These targets focus on direct emissions and electricity consumption across GemLife’s facilities and offices.
Additionally, GemLife plans to address scope 3 emissions (homeowner usage) by deploying substantial renewable energy and storage capacity across its communities.
“To reduce reliance on the grid, we are progressively rolling out our cutting-edge, award-winning energy storage solutions across our communities Australia-wide,” Puljich said.
The virtual power plants (VPPs) combine rooftop solar with community batteries to reduce energy costs, improve reliability, and significantly contribute to reduced emissions.
“With cost-of-living pressures continuing to be of major concern for Australians, the VPPs will shield residents from soaring electricity prices, offering bill consistency for our over-50s homeowners, many of whom are on fixed incomes,” Puljich said.
CBA Major Client Group QLD general manager Jon Coombes expressed pride in supporting GemLife’s sustainability journey.
“By providing low-cost and low-emission energy, GemLife’s sustainability strategy is a great example of a win-win for the environment and their residents,” Coombes said.
Taylor Hood, UDIA Queensland director of sustainability and research, commended GemLife for integrating EnviroDevelopment with its sustainability-linked loan.
“To have EnviroDevelopment embedded in GemLife’s sustainability goals speaks highly of the commitment they’re making at the project level,” Hood said.
Mark Langdon, CEO of Prospecta Utilities, praised GemLife’s ambitious sustainability commitments.
“This innovative sustainability-linked loan is a great example of how real estate developers like GemLife are making ambitious commitments towards a more sustainable future,” Langdon said.
Prospecta Utilities will also provide ongoing assistance with future reporting requirements.
GemLife’s virtual power plant renewable energy solution recently won the Property Council of Australia’s Best Sustainability in Retirement Living Award.
Get the hottest and freshest mortgage news delivered right into your inbox. Subscribe now to our FREE daily newsletter.
