Mirvac Releases Sustainable Debt Framework

Mirvac has a long-standing commitment to sustainability, encompassed in its sustainability strategy, This Changes Everything. Its bold and ambitious approach has seen the Group achieve some big goals, such as reaching net positive in its scope 1 and 2 emissions nine years ahead of target, tripling its community investment three years early, and directing $42 million of its procurement spend to social enterprise, Indigenous businesses, B-Corps, and charities.

This year, the Group developed a Sustainable Finance Framework, which expands its sustainability philosophy into raising finance. The framework sets out how Mirvac will issue and manage sustainable finance instruments on an ongoing basis, with Mirvac committed to financing or refinancing eligible projects and assets, or by incentivising improved environmental and social outcomes.

Mirvac’s Chief Financial Officer, Courtenay Smith, commented: “Our Sustainable Finance Framework has been designed to align our financing with our sustainability performance. We have one of the most sustainable office portfolios in the country, operating assets powered by 100 per cent renewable energy, and high waste diversion rates across our operations and construction. We are also making good progress on our plans to reach net positive water and divert zero waste to landfill by 2030.

“Our Sustainable Finance Framework is another step in our sustainability journey. Since completing the framework, we’ve had one third of our total debt facilities certified as green loans, including our primary syndicated bank loan facility of $1.1bn, from eight major financial institutions. We expect to issue new sustainable debt into the market as our existing bonds mature.

“We look forward to seeing sustainable finance markets continue to evolve, and we expect that our approach will evolve along with them.”