Port of Melbourne will obtain more than 60 per cent of its electricity needs from renewable sources such as solar and wind under a new Power Purchase Agreement (PPA) with Iberdrola Australia.
The agreement commenced on 1 July 2024 and contributes to the Port’s target of achieving net zero emission for Scope 1 and 2 port operations by 2030, in support of the Victorian Government’s commitment to net zero by 2050.
Port of Melbourne CEO, Saul Cannon, said, “With more than half our electricity soon to be sourced from renewable sources, we are continuing work to transition the remaining 40 per cent.”
Port of Melbourne is looking to increase its usage of renewable energy through short-term Green Power agreements, dedicating to source 100 per cent of its business operations’ electricity needs from renewables by June 2029.
“We are also transitioning our corporate vehicle fleet and marine survey vessel to electric or zero-emissions fuel technologies,” Mr Cannon said.
The PPA signing follows the completion of a $475-million sustainability linked loan. Port of Melbourne has also been ranked first among Australian and international ports in the 2023 Global Real Estate Sustainability Benchmark (GRESB) Infrastructure Asset Assessment.
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