EXECUTIVE SUMMARY

Project aims

This project explores new ways to address the net zero challenge. Specifically, how can we develop institutional net zero strategies that more deeply engage community and business partnerships to deliver greater trust, legitimacy and social value?

The project involved three universities—University of Technology Sydney (UTS), Curtin University and Monash University. Each is at a different position on its journey towards net zero emissions. Monash has already adopted a net zero strategy, while Curtin is looking to build on existing emission reduction targets. The project was led by UTS, which has committed to developing a net zero strategy, to which the project has made substantial contributions.

Universities are well established public-benefit institutions deeply embedded within geographic, innovation and thought-leadership communities. As such, they should be seen as critical enablers for seeding a net zero economy through their core activities of research and education. While the focus of the project was on university-based precincts with strong links to energy innovation, the project outputs are also broadly applicable to other organisations.

Using the process and examples explored through this project, organisations can develop net zero strategies and solutions that deeply intersect with their organisational objectives and strengthen economic participation, stimulating a ‘Green Wave’ to deliver complementary social and environmental value beyond each organisation’s boundaries.

Understanding net zero

According to the special report on global warming by the Intergovernmental Panel on Climate Change (IPCC SR15), “Net zero emissions are achieved when anthropogenic emissions of greenhouse gases to the atmosphere are balanced by anthropogenic removals over a specified period.” (IPCC, 2018).

The background review for this project focussed on:

• developing a thorough understanding of the net zero challenge, including emissions scope, carbon offsets and mechanisms for purchasing renewable energy • reviewing and summarising the net zero policies of Australian universities • examining best practice guidelines for net zero strategies • summarising existing work on the conceptual foundations of the project in the interrelated areas of community wealth building, anchor institutions and living laboratories.

While there is much agreement on the urgent need to reduce greenhouse gas emissions, many climate emissions strategies are lacking in detail and transparency, making them difficult to compare. Adhering to standards and guidelines provided by organisations such as the Science Based Targets initiative (SBTi) and the Climate Active initiative can assist in this regard.

There are also strong similarities among the various net zero strategies examined. Many institutions face similar challenges, identify the same low-hanging fruit, and adopt similar strategies for addressing emissions. Purchased electricity, for example, is the largest single source of greenhouse gas (GHG) emissions for many institutions, including most Australian universities. Under common carbon accounting rules, this can largely be reduced and eventually eliminated through energy efficiency measures and shifting to 100% renewable energy,