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 2020/21Lifetime green impact from all investments made to date
Greenhouse gas emissions avoided (kt CO2e)28,734222,009
Renewable energy generated (GWh)35,115589,691
Energy demand reduced (GWh)03,959
Materials recycled (kt)4,40240,188
Waste to landfill avoided (kt)19,266134,077

Reduction of greenhouse gas emissions

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Estimated lifetime GHG emissions reduction of new GIG investments in the reporting periodyear ended 31.03.21 kilotonnes CO2eyear ended 31.03.20 kilotonnes CO2e
Offshore wind032,925
Waste13,9742,172
Energy efficiency00
Bioenergy00
Onshore wind13,546 593
Solar1,2141,422
Total28,734 37,112
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Estimated lifetime GHG emissions reduction of all GIG investments to dateyear ended 31.03.21 kilotonnes CO2eyear ended 31.03.20 kilotonnes CO2e
Offshore wind (note 4) 73,96078,990
Waste49,68335,899
Energy efficiency2,2772,277
Bioenergy67,30267,302
Onshore wind25,999 12,372
Solar2,7881,422
Total222,009 198,262

Generation of renewable energy

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Estimated lifetime renewable energy generated by new GIG investments in the reporting periodyear ended 31.03.21
GWh		year ended 31.03.20
GWh
Offshore wind075,332
Waste8,4684,797
Energy efficiency00
Bioenergy00
Onshore wind23,5679,696
Solar3,0804,064
Total35,11593,889
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Estimated lifetime renewable energy generated by all GIG investments to dateyear ended 31.03.21
GWh		year ended 31.03.20
GWh
Offshore wind (note 4)168,433182,462
Waste74,48666,617
Energy efficiency1,2651,265
Bioenergy222,359222,359
Onshore wind115,55491,571
Solar7,5844,064
Total589,691568,338

Energy demand reduction

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Estimated lifetime energy demand reduced by new GIG investments in the reporting periodyear ended 31.03.21
MWh		year ended 31.03.20
MWh
Electricity00
Heating fuels00
Total00
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Estimated lifetime energy demand reduced by all GIG investment to dateyear ended 31.03.21
MWh		year ended 31.03.20
MWh
Electricity1,800,4591,800,459
Heating fuels2,158,7992,158,799
Total3,959,2583,959,258

Recycling of materials

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Estimated lifetime materials consumption avoided through materials recycling by new GIG investments in the reporting periodyear ended 31.03.21
tonnes		year ended 31.03.20
tonnes
Compost00
Digestate (PAS 110)00
Compost-like output00
Plastics-mixed00
Ferrous metals253,200 94,500
Non-ferrous metals247,600199,500
Paper/card00
Glass00
Mineral aggregates3,900,7751,764,840
Waste electrical and electronic equipment (WEEE)00
Other00
Total4,401,5752,058,840
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Estimated lifetime materials consumption avoided through materials recycling by all GIG investments to dateyear ended 31.03.21
tonnes		year ended 31.03.20
tonnes
Compost987,642987,642
Digestate (PAS 110)7,466,1567,466,156
Compost-like output1,128,8091,128,809
Plastics-mixed704,050704,050
Ferrous metals1,536,9181,297,798
Non-ferrous metals811,432580,695
Paper/card654,299654,299
Glass9,4249,424
Mineral aggregates20,708,36517,039,461
Waste electrical and electronic equipment (WEEE)34,32834,328
Other6,146,3486,146,348
Total40,187,77136,049,010

Avoidance of waste to landfill

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Estimated lifetime waste to landfill avoided by new GIG investments in the reporting periodyear ended 31.03.21
tonnes		year ended 31.03.20
tonnes
Biodegradable waste14,927,1527,079,100
Non-biodegradable waste4,339,0733,099,060
Total19,266,22510,178,160
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Estimated lifetime waste to landfill avoided by all GIG investments to dateyear ended 31.03.21
tonnes		year ended 31.03.20
tonnes
Biodegradable waste90,463,80376,384,290
Non-biodegradable waste43,612,94539,687,791
Total134,076,748116,072,081

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 changesGHG emissions reduction
kilotonnes CO2e		Renewable energy generated
GWh		Energy demand reduced
MWh		Matericals recycled
tonnes		Waste to landfill avoided
tonnes
Year ended 31.03.20198,241568,2433,959,25836,007,402115,843,210
Revised 31.03.20 following non-material corrections (note 1) 198,262568,3383,959,25836,049,010116,072,081
New investments made in the period (note 2) 28,73435,11504,401,57519,226,225
Projects cancelled in the period00000
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)03,2590
Year ended 31.03.21222,009589,6913,959,25840,187,771134,076,748
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