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Medibank recognises that the health of the environment has an impact on the health of our customers and the community. During the year we undertook our first greenhouse gas inventory to help us achieve carbon neutrality within our direct emissions and energy consumption by the end of 2018. We also fully transitioned to low carbon investments within our international equity investment portfolio.
We formed an environmental sustainability working group in October 2017 to support continuous improvement of Medibank’s sustainability practices and educate others on how to create a more sustainable workplace and home. The three strategic priorities of the group are carbon neutrality, recycling and waste management, and education and awareness.
Medibank remains committed to carbon neutrality within our direct emissions and energy consumption by the end of 2018. We also participated in the Carbon Disclosure Project for a second year.
We undertook Medibank’s first greenhouse gas inventory during the year to get a baseline measure of our greenhouse impact. We are using this to identify areas for improvement and to track our progress in reducing our carbon footprint. Medibank will publish the inventory each year to show the movement in our greenhouse impact.
Baseline greenhouse gas inventory 2018
|EMISSION||GREENHOUSE IMPACT (t CO2-e/year)*|
|Electricity (base building)^||2,940.2|
|Transport fuels (leased vehicles)||27.4|
* Calculation methodologies and emission factors derived from the National Greenhouse Accounts (NGA) Factors in accordance with ‘Method 1’ from the National Greenhouse and Energy Reporting (NGER) (Measurement) Determination 2008 and NGER (Measurement) Technical Guidelines. Where factors unavailable, we used best practice sources as per National Carbon Offset Standard guidelines.
^ Estimations based on NABERS ratings and size of tenancies (m2 ).
^^ Based on ~10% survey response with results scaled up to represent total workforce.
NABERS (National Australian Built Environment Rating System) is a national rating system that measures the environmental performance of Australian buildings, tenancies and homes. NABERS energy and water star ratings indicate a building’s environmental impact and performance on a scale of 6 (market leading) to 1 (poor).
NABERS star ratings at our major offices
|720 Bourke Street||Docklands||VIC||N/A||5.0||4.0||5.0|
|88 Phillip Street||Sydney||NSW||3.5||4.0||N/A||N/A|
|207 Pacific Highway||St Leonards||NSW||3.0||3.5||3.0||4.0|
|300 Queen Street||Brisbane||QLD||4.0||3.0||N/A||3.5|
|77 Market Street||Wollongong||NSW||N/A||N/A||N/A||4.0|
In line with Medibank’s commitment to the health of our customers and community, we announced our intention to move our international equity investments to a low carbon portfolio within 12 months in November 2017. Medibank completed this transition in March 2018. We are committed to a similar approach for our domestic equity investments and are on track to make the transition within the 2019 financial year.
As a health services company, Medibank recognises the science of climate change and its impacts on human health. As a result, environmental considerations including the UNPRI signatory status of our asset managers are incorporated in our decision making for our investment portfolio. Climate change risks are considered by our investment managers within our internally managed investments and factored into Medibank's investment strategy. We will continue to invest in green bonds which fund projects with positive environmental benefits.
Medibank held $24.5 million in green bonds within our investment portfolio at 30 June 2018
We engaged LOOP Global to upcycle 880kgs of old branded retail uniforms during the year. Many of the uniforms were upcycled into teddy bears by Westcare, which provides quality employment and training for West Australians with disabilities. Medibank purchased these bears to reward children for healthy choices as part of a trial at selected retail stores.
Medibank chose to support environmental groups Landcare and Climate Council of Australia during the year through awareness activities and fundraising. We also internally promoted events including Earth Day and Plastic Free July.