In FY22, we sought to better understand the makeup of our assets' physical waste and recycling streams to enable us to identify targeted actions we can take in future to increase the amount of waste we divert from landfill and into closed loop circular economy streams. Waste management specialists were engaged to undertake physical waste assessments at all our retail and office assets. The assessments identified the types and quantities of materials entering the landfill waste stream and highlighted opportunities to separate certain materials for reuse or recycling, with a focus on maximising the retained value of the recovered materials and avoiding downcycling.

Key recyclable materials identified in existing general (landfill) waste streams at our assets included food/organic materials, plastic film, dense plastics (that are generally suitable for disposal via state-based container deposit schemes) and paper/cardboard (that was incorrectly disposed).

The findings from the assessments and improvements in waste data capture and collation informed the establishment of FY23 waste diversion from landfill targets, and will support the development of future waste management targets. Waste targets for FY23 cover two aspects: total waste diversion from landfill, and 'A Grade' or closed-loop recycling rates.  The latter includes materials that may be used repeatedly, constantly being returned to the same production cycle, and can be recovered without any consequent hazardous material build-up in the environment e.g. cardboard, glass, metal, organics, etc.

Gaining a better understanding of our potable water use and developing water use improvement targets was also a focus in FY22. Our efforts in data capture and collation were enhanced by our transition to the Envizi sustainability data management platform in February 2022 and the commencement of a water meter upgrade program across our retail assets.

The water meter upgrade program includes the installation of digital water meters across our retail assets. The meters are being connected to our building optimisation platform (CIM PEAK) and are improving our ability to monitor the water use of key plant and equipment, identify and address leaks and abnormal usage spikes, and more accurately understand our common area water use separate from tenant usage. This upgrade program will continue throughout FY23.

The FY22 total waste diversion from landfill rate of 39% is a reduction of ~5% below the FY21 diversion rate. The total waste diversion from landfill rate is expected to improve as waste diversion initiatives identified through the physical waste assessments undertaken in FY22 are implemented throughout FY23 and in future years. 

Note: Waste and recycling data covers QIC Real Estate’s retail and office portfolios. QIC Real Estate does not provide waste management services for industrial or commercial assets held within the QIC Australia Core Plus Fund.

Water use during FY22 increased by ~14% compared to FY21. This increase was driven by a reduction in the number of days our assets were impacted by COVID-19 related lockdowns and improvements in data capture. 

Note: Water use data covers QIC Real Estate’s retail, office and industrial portfolios.