1 The Net Zero Carbon Emissions targets for QIC’s Real Estate investments, as set out in the QIC Real Estate Sustainability Report, apply to assets that are 100% owned and managed by QIC (making up the following percentages of each Fund's portfolio value at 30 June 2024 — QTCF: 90%, QPF: 88%, QARP: 100%, QACPF: 91%, QOF: 98%). These include short term carbon emissions reduction targets which rely on an increase in renewable energy consumption through onsite solar roll out and purchase of grid sourced renewable energy (QPF/QTCF: ~70%, QOF: ~60%, QARP: ~64%, QACPF: ~68%) and reduction in electricity consumption through efficiency upgrades (QPF/QTCF: ~25%, QOF: ~35% including efficiencies achieved to date (~26%), QARP: ~21%, QACPF: ~22%). Baselines: (QPF/QTCF: 2018, QOF: 2015, QARP: 2021, QACPF: 2021). Carbon offsets will be purchased for residual emissions from sources with no existing fossil fuel free alternatives. Progress is quantified and receives limited independent assurance annually, in accordance with the Australian Standard on Assurance Engagements (ASAE3000). QPF, QTCF, QACPF, QARP and QOF are signatories to the World Green Building Council's Net Zero Carbon Buildings Commitment which includes a commitment to achieving net zero in carbon operational emissions (scopes 1 and 2) by 2028, as well as a commitment to net zero in embodied carbon emissions (scope 3) in all new developments and major renovations from 2030 onwards. For more information on net zero carbon emissions targets for real estate and summaries of our current Net Zero Carbon Emissions Roadmaps, please see our latest QIC Real Estate ESG Report.
2 QIC Infrastructure’s net zero target, as set out in the QIC Infrastructure Sustainability Report, also includes a 50% reduction in scope 1 and 2 emissions by 2030 from a 2020 baseline, which applies to the equity share of emissions for assets in the QIC Infrastructure Portfolio (QIP) and QIC Global Infrastructure Fund I (QGIF I). Further, all new assets in QIC Infrastructure's second flagship fund are required to have approved science based targets within 18 months of acquisition. For infrastructure assets, the net zero pathway may incorporate four pillars: operational and design efficiencies; transition to low-carbon fuels and renewable electricity; leveraging emerging technologies; and if required, management of residual emissions through purchase of verified, efficient, measurable carbon credit units. Target modelling conducted internally by the QIC Infrastructure specialist team shows the most material drivers of decarbonisation relevant to the QIC infrastructure portfolio during the time period to likely include: 2021-2030: renewable energy and electrification, bio-based fuels and electric vehicles as well as some emerging hydrogen fuels; 2031-2040: renewable energy, renewable gas and hydrogen. This timing is estimated only, with actual trajectory likely to change over time dependent on the timing of adoption of new technology, operational improvements, growth or reduction in business activity and the potential new investment/divestment of businesses in the portfolio. If additional equity is acquired in either an existing or a new relevant business, the baseline will be adjusted accordingly for the 2030 target. Progress on our net zero emissions target will be quantified using regular scope 1 and 2 emissions tracking metrics, reported in QIC’s annual sustainability reporting. For more information on QIC’s Net Zero Emissions target for infrastructure, please see our latest QIC Infrastructure Sustainability Report.
3 As at 31 December 2025.
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