After months of development and research, Procore and the Property Council of Australia have released their report into how property and energy companies can collaborate to meet Australia’s climate objectives.
The release of the report comes at a time when Australian property companies are at a pivotal moment in the energy transition, facing a multitude of opportunities to create new value while grappling with significant challenges.
Power Play: Energising Opportunities for Property and Renewables explores how collaboration between property and energy companies can help Australia achieve the 82 per cent renewable energy target by 2030.
Click here to access the report.
According to the report, 92 per cent of property industry leaders prioritise renewable energy investments, focusing on battery storage, energy management systems and smart grid technologies.
It also identified revenue opportunities for the industry in renewables, including energy storage solutions, virtual power plants, community solar projects, peer-to-peer energy trading, and more.
The report also highlighted challenges, such as high initial capital costs, technology gaps, regulatory issues and grid limitations, which need to be addressed to accelerate the adoption of renewable energy.
“Despite these obstacles, our research suggests that the time to act is now,” said Procore’s APAC Industry Partnerships Manager Jeremie Henry.
“By forging strategic alliances, property and energy leaders can create shared value for businesses, tenants, and society.
“Government incentives, regulation, and building codes will play crucial roles in driving this integration.”
In addition to Procore and the Property Council of Australia, the report was facilitated by an industry working group which included representatives from Stockland, Frasers Property Group, Cundall, Green Peak Energy, Brookfield Properties and The APP Group.
For more information visit the Procore website.