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Dexus Finance Pty Limited, XS1961891220

Dexus Finance Pty Limited, XS1961891220

23.06.2020 - 08:10:39

Dexus Finance Pty Limited: Towards Climate Resilience report

Dexus (ASX:DXS)

ASX release

23 June 2020

Towards Climate Resilience report

Dexus today released its Towards Climate Resilience report, reinforcing its commitment to and focus on managing climate related issues.

Towards Climate Resilience describes actions that Dexus can take to support its resilience across a range of climate scenarios, aligning with the 2017 Recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

The report supports Dexus's global leadership according to corporate sustainability benchmarks, and explains how climate change may impact Dexus beyond the property level, following from the increasing awareness of climate change as a 'systemic' threat to financial stability.

Darren Steinberg, Dexus CEO said: "As a responsible owner and manager of high quality commercial property, this report outlines how our properties will minimise their impact on the environment while maintaining their attractiveness for customers and investors."

David Yates, Executive General Manager, Sustainability said: "Addressing climate change is central to our Sustainability Approach at Dexus which includes our net zero by 2030 target and our focus on portfolio resilience. The actions outlined in this report further our ambitions and demonstrate how Dexus can contribute to a global transition to a low carbon economy."

The report is available at www.dexus.com/towards-climate-resilience

Authorised by Brett Cameron, General Counsel and Company Secretary of Dexus Funds Management Limited.

For further information please contact:

Investors Jessica Johns Senior Manager, Investor Relations +61 2 9017 1368 +61 427 706 994 jessica.johns@dexus.com Media Louise Murray Senior Manager, Corporate Communications +61 2 9017 1446 +61 403 260 754 louise.murray@dexus.com      

 

Report summary

Dexus has been using scenario analysis to understand the impacts of climate change on the group's property portfolio for several years Recognising the systemic nature of climate impacts and the increasing momentum for decisive action this decade, in early 2020 we expanded our use of scenario analysis to consider climate-related risks and opportunities beyond property-level physical risks and emissions reductions The scenarios assume various degrees of warming by 2100 and include social, technological, economic and political developments considered plausible under each warming trajectory Scenario analysis enables us to examine possible impacts to Dexus related to these futures, so we can enhance our preparedness to outperform These scenarios are not intended to predict the future, but rather help us understand our resilience as a business (a central aim of the Task Force on Climate-related Financial Disclosures recommendations) and the activities we can take to enhance our preparedness The three scenarios developed to inform an enhanced climate action strategy for Dexus: Dedication and delivery - an orderly decarbonisation (limited to 1.50C warming by 2100) that reimagines the role of buildings in a low carbon economy Delay and disruption - a disorderly decarbonisation (around 20C warming by 2100) that incorporates policy shocks enacted after years of delay Division and deterioration - a failure to decarbonise (may exceed 30C warming by 2100) that illustrates how polarisation and protectionism may curb the low carbon transition Dexus has detailed the strategic directions arising from the scenario analysis focused on: Reducing our impact - Optimising resource efficiency through commitments, targets and strategic improvement plans that direct investment to opportunities which enhance economic and environmental benefit Adapting to climate changes - Leveraging enhanced research activities to integrate climate resilience into property operations, transactions and new developments. Influencing our value chain - Collaborating across our value chain to broaden our positive impact and enhance climate resilience more widely Dexus's corporate governance framework supports a culture that understands the importance of sustainability and ensures that climate-related issues are addressed appropriately at board and management levels. Climate-related issues are incorporated into the Dexus group operations through the consideration of climate change as a key risk and through the integration of the Dexus Sustainability Approach into the group strategy Climate-related risks are managed in accordance with the Dexus Risk Management Framework, which is aligned to the principles of ISO 31000:2018 and provides the foundation for employees to manage the risks inherent in achieving the group's strategy. Climate change is listed on the Dexus key risk register, which has resulted in the development of control measures and the detailed discussion of climate risk at leadership and Board levels Dexus sets measurable performance targets (annual and multi-year targets) to support the delivery of the Dexus Sustainability Approach. These include our net zero emissions by 2030 target. Dexus is one of only five Australian companies with an emissions reduction target certified by the Science Based Targets initiative, which has certified our net zero ambition as aligned with a global warming trajectory of under 1.5 C and commits us to reduce customer-related emissions by 25% by 2030. Dexus has pledged to support the World Green Building Council's Net Zero Carbon Buildings Commitment and is a member of The Climate Group's EP100 campaign, which recognises the importance of property energy efficiency in enhancing energy productivity, and this year has joined RE100, the global corporate leadership initiative of businesses committed to 100% renewable energy

Information and Explanation of the Issuer to this News:

About Dexus

Dexus is one of Australia's leading real estate groups, managing a high-quality Australian property portfolio valued at $33.8 billion. We believe that the strength and quality of our relationships is central to our success and are deeply committed to working with our customers to provide spaces that engage and inspire. We invest only in Australia and directly own $16.8 billion of properties, with a further $17.0 billion of properties managed on behalf of third-party clients. The group's $11.2 billion development pipeline provides the opportunity to grow both portfolios and enhance future returns. With 1.8 million square metres of office workspace across 55 properties, we are Australia's preferred office partner. Dexus is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange (trading code: DXS) and is supported by 27,000 investors from 20 countries. With 35 years of expertise in property investment, development and asset management, we have a proven track record in capital and risk management, providing service excellence to tenants and delivering superior risk-adjusted returns for investors. www.dexus.com

Dexus Funds Management Ltd ABN 24 060 920 783, AFSL 238163, as Responsible Entity for Dexus (ASX: DXS) Level 25, 264 George Street, Sydney NSW 2000

23-Jun-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

Language: English Company: Dexus Finance Pty Limited 264 George Street 2193 Sydney

Australia Phone: +61 2 9017 1100 Fax: +61 2 9017 1101 E-mail: ir@dexus.com Internet: www.dexus.com ISIN: XS1961891220 WKN: A2RZHG Listed: Regulated Unofficial Market in Frankfurt EQS News ID: 1076135   End of Announcement DGAP News Service

1076135  23-Jun-2020 CET/CEST

@ dgap.de