1. Progress Report 2021
    1. Welcome from Mark Dooley
    2. Year in review
      1. Impact and activity
      2. WHSES
      3. Spotlights
      4. Funds under management
    3. Macquarie Group
    4. Working in partnership
    5. Governance
      1. Governance overview
      2. GPC: Annual letter
      3. Commitment to net zero
    6. Green Impact
      1. Green impact overview
      2. Green impact statements
      3. Independent assurance report
    7. Keeping in touch
Transportation of wind turbine blade at dusk
Transportation of wind turbine blade at dusk

Corporate

Progress Report 2021

05 October 2021

Green impact statements

The green impact statements below indicate the principal quantifiable environmental benefits arising from our investments into projects that have reached FID.

The green impact of all of our projects – whether qualitative or quantitative – is measured by comparing the performance of the project to a defined baseline or ‘counterfactual’: i.e. what would happen in the absence of the project. We do not report green impact for projects into which we have only provided development funding at this stage, due to the relative uncertainty over potential future green impact. More information on GIG’s methodology can be found in GIG’s Green Impact Reporting Criteria 2020/21, a copy of which is published on GIG’s website.

Selected totals for data in the green impact statements in respect of the financial year 2020/21 have been independently assured by Deloitte in accordance with the Independent Assurance Report. The reporting period for the green impact statements is April 2020 to March 2021.

Lifetime green impact metrics

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  Additional lifetime green impact from investments made in 2020/21 Lifetime green impact from all investments made to date
Greenhouse gas emissions avoided (kt CO2e) 28,734 222,009
Renewable energy generated (GWh) 35,115 589,691
Energy demand reduced (GWh) 0 3,959
Materials recycled (kt) 4,402 40,188
Waste to landfill avoided (kt) 19,266 134,077

Reduction of greenhouse gas emissions

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Estimated lifetime GHG emissions reduction of new GIG investments in the reporting period year ended 31.03.21 kilotonnes CO2e year ended 31.03.20 kilotonnes CO2e
Offshore wind 0 32,925
Waste 13,974 2,172
Energy efficiency 0 0
Bioenergy 0 0
Onshore wind 13,546  593
Solar 1,214 1,422
Total 28,734  37,112
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Estimated lifetime GHG emissions reduction of all GIG investments to date year ended 31.03.21 kilotonnes CO2e year ended 31.03.20 kilotonnes CO2e
Offshore wind (note 4)  73,960 78,990
Waste 49,683 35,899
Energy efficiency 2,277 2,277
Bioenergy 67,302 67,302
Onshore wind 25,999  12,372
Solar 2,788 1,422
Total 222,009  198,262

Generation of renewable energy

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Estimated lifetime renewable energy generated by new GIG investments in the reporting period year ended 31.03.21
GWh		 year ended 31.03.20
GWh
Offshore wind 0 75,332
Waste 8,468 4,797
Energy efficiency 0 0
Bioenergy 0 0
Onshore wind 23,567 9,696
Solar 3,080 4,064
Total 35,115 93,889
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Estimated lifetime renewable energy generated by all GIG investments to date year ended 31.03.21
GWh		 year ended 31.03.20
GWh
Offshore wind (note 4) 168,433 182,462
Waste 74,486 66,617
Energy efficiency 1,265 1,265
Bioenergy 222,359 222,359
Onshore wind 115,554 91,571
Solar 7,584 4,064
Total 589,691 568,338

Energy demand reduction

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Estimated lifetime energy demand reduced by new GIG investments in the reporting period year ended 31.03.21
MWh		 year ended 31.03.20
MWh
Electricity 0 0
Heating fuels 0 0
Total 0 0
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Estimated lifetime energy demand reduced by all GIG investment to date year ended 31.03.21
MWh		 year ended 31.03.20
MWh
Electricity 1,800,459 1,800,459
Heating fuels 2,158,799 2,158,799
Total 3,959,258 3,959,258

Recycling of materials

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Estimated lifetime materials consumption avoided through materials recycling by new GIG investments in the reporting period year ended 31.03.21
tonnes		 year ended 31.03.20
tonnes
Compost 0 0
Digestate (PAS 110) 0 0
Compost-like output 0 0
Plastics-mixed 0 0
Ferrous metals 253,200  94,500
Non-ferrous metals 247,600 199,500
Paper/card 0 0
Glass 0 0
Mineral aggregates 3,900,775 1,764,840
Waste electrical and electronic equipment (WEEE) 0 0
Other 0 0
Total 4,401,575 2,058,840
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Estimated lifetime materials consumption avoided through materials recycling by all GIG investments to date year ended 31.03.21
tonnes		 year ended 31.03.20
tonnes
Compost 987,642 987,642
Digestate (PAS 110) 7,466,156 7,466,156
Compost-like output 1,128,809 1,128,809
Plastics-mixed 704,050 704,050
Ferrous metals 1,536,918 1,297,798
Non-ferrous metals 811,432 580,695
Paper/card 654,299 654,299
Glass 9,424 9,424
Mineral aggregates 20,708,365 17,039,461
Waste electrical and electronic equipment (WEEE) 34,328 34,328
Other 6,146,348 6,146,348
Total 40,187,771 36,049,010

Avoidance of waste to landfill

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Estimated lifetime waste to landfill avoided by new GIG investments in the reporting period year ended 31.03.21
tonnes		 year ended 31.03.20
tonnes
Biodegradable waste 14,927,152 7,079,100
Non-biodegradable waste 4,339,073 3,099,060
Total 19,266,225 10,178,160
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Estimated lifetime waste to landfill avoided by all GIG investments to date year ended 31.03.21
tonnes		 year ended 31.03.20
tonnes
Biodegradable waste 90,463,803 76,384,290
Non-biodegradable waste 43,612,945 39,687,791
Total 134,076,748 116,072,081

Notes on the statements

YEAR-ON-YEAR CHANGES TO ESTIMATED LIFETIME GREEN IMPACT

The table below shows how the lifetime green impact at the end of 2020/21 compares to that at the end of 2019/20, and provides a breakdown of the changes. In summary, these changes in lifetime green impact were caused by:

  1. Non-material corrections – during the process to quantify the 2020 performance of the Dublin energy from waste project a minor error in the modelled assumptions was identified, leading to a non-material correction to the actuals data in the periods 2018/19 and 2019/20. These data were corrected and reflected in the lifetime green impact metrics.
  2. New investments made in the period – GIG invested in and developed beyond FID, which is the milestone for securing the project’s financing prior to construction and the point at which projects are reported in the green impact statements, projects in solar, onshore wind and energy from waste sectors. These include portfolios of solar projects in the UK (with Amazon, Tesco and Anglian Water), solar projects in Spain (Bolotana A) and Japan (Matsukawa), onshore wind projects (Tysvaer, Norway; Lal Lal, Australia; Jozwin and Scieki, Poland) and energy from waste projects (Protos, UK; Avertas, Australia).
  3. Removal of estimated remaining lifetime of exited assets that were acquired as operational – in line with GIG’s Green Impact Reporting Criteria, when GIG acquired assets that were already operational, the remaining lifetime green impact of these is not included upon divestment. Remaining green impact from such assets divested prior to, during, and since the reporting period is not included in the 2020/21 figures.
  4. Existing projects’ variation of performance/reforecasts from last year forecasts
    -Where project performance varies >10 per cent from forecasts, GIG takes an average of past performance and, where relevant, pre-operational forecasts to estimate the remaining lifetime green impact.
    -Where GIG’s equity stake changes in assets that were acquired as operational, the change in remaining lifetime green impact, in line with GIG’s Green Impact Reporting Criteria, is reflected in this re-forecast. This was done on the East Anglia One project, where GIG’s equity stake went from 40% at the end of 2019/20 to 20% at the end of 2020/21.

EQUATOR PRINCIPLES

In the reporting period, GIG did not make any investments to which the Equator Principles apply. The Equator Principles are not applicable to equity investments. There is no change to applicability under Equator Principles 4.

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Estimated lifetime green impact of all GIG investments to date – year on year changes GHG emissions reduction
kilotonnes CO2e		 Renewable energy generated
GWh		 Energy demand reduced
MWh		 Matericals recycled
tonnes		 Waste to landfill avoided
tonnes
Year ended 31.03.20 198,241 568,243 3,959,258 36,007,402 115,843,210
Revised 31.03.20 following non-material corrections (note 1)  198,262 568,338 3,959,258 36,049,010 116,072,081
New investments made in the period (note 2)  28,734 35,115 0 4,401,575 19,226,225
Projects cancelled in the period 0 0 0 0 0
Removal of estimated remaining lifetime of assets exited in the period that were acquired as operational (note 3) (191) (479) 0 (266,073) (1,261,558)
Variation of forecast remaining lifetime and actuals from last year’s forecast (note 4) (4,796) (13,283) 0 3,259 0
Year ended 31.03.21 222,009 589,691 3,959,258 40,187,771 134,076,748
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