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Property for Industry:
An Exemplar in Internalising Sustainability
PFI is an NZX-listed industrial property specialist. As well as being an influential player commercially, PFI is also demonstrating how to rapidly internalise sustainability management. The company's determined focus on sustainability is driven by a commitment to supporting tenants and fostering their long-term success, while also securing a sustainable future for all stakeholders. Proxima began working with PFI in 2019. It is an indicator of the success of our partnership that Proxima’s days supporting PFI are numbered.
A Progressive Trajectory
Proxima was engaged in 2019 to kick-start PFI’s sustainability voyage by facilitating the development of a sustainability strategy, greenhouse gas (GHG) inventory, and reporting framework. Within two years, PFI had (to name a few):
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Adopted a sustainability strategy grounded in materiality that engaged stakeholders from across the value chain
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Reported in accordance with the GRI Standards
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Integrated climate-related risk analysis in its due diligence processes and reported publicly in line with the recommendations of the Taskforce on Climate-related Disclosures, preparing the company for compliance with the Aotearoa New Zealand Climate Standards
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Measured its scope 1, 2 and 3 emissions in line with the GHG Protocol and overhauled HVAC systems across its portfolio to mitigate potent refrigerant gas emissions
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Created a dedicated Head of Sustainability position
A Step Change
In 2022, Proxima worked closely with PFI’s Head of Sustainability and Operations (Sarah Beale) and Risk and Governance Analyst (Emma Gibson) to review the company’s sustainability strategy and bring its reporting in line with the new GRI 2021 standards. PFI’s commitment to invest in its own capabilities and receptiveness to high standards enabled an approach that:
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Considered materiality in terms of PFI’s direct and indirect impacts to people and planet along the value chain,
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Went well beyond compliance and introduced aspirations through to 2030, and
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Was informed by the Future-Fit Business Benchmark’s properties of a Future-Fit society based on systems science:
PFI ultimately adopted and began implementing its Sustainability Strategy: 2030
Outcomes and impact
With capability building, technical support, and strategic guidance from Proxima, PFI is generating the kind of promising outcomes that set the foundation for a real impact. As of early 2024, PFI has:
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Reduced its scope 1 fugitive emissions by 53 tCO2e (or 56%) on a 2019 baseline
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Accelerated investment in Green Star certified new builds (within the next few years, 9% of PFI’s portfolio of 92 properties by market value are expected to be Green Star certified)
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Installed power metering at 20 properties, enabling accurate energy monitoring and scope 3 GHG reporting
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Introduced and begun implementing a sustainable refurbishment framework, which prioritises low-carbon materials and resource efficient design
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Embedded climate change risk in decision-making regarding acquisitions and divestments
With PFI rolling out the implementation of its strategy, preparing its own GHG emissions inventory, drafting its reports in accordance with GRI Standards, and sharpening its climate-related risk management processes, Proxima increasingly supports Sarah and the team passively as a critical friend. Proxima is proud to see PFI emerging as a sustainability leader that stands firmly on its own two feet.
“Proxima’s combination of expertise, bold challenges, and commitment to our capabilities has been a cornerstone of our progress.”
Sarah Beale, Head of Sustainability and Operations