At Stockland, we have a longstanding commitment to managing climate change risk and reducing our carbon emissions. Since 2006 we have reduced our emissions intensity by over 57 per cent, and saved over $106 million through energy efficiency initiatives to deliver shared value for us and our stakeholders. We are as committed to transparency as we are to action. In 2018 we became an early adopter of the Task Force on Climate-related Financial Disclosures recommendations, demonstrating active management of climate risks and our ability to capitalise on climate opportunities.
Our leadership in carbon and energy was reinforced in September 2018, when we signed the World Green Building Council’s (WorldGBC) Net Zero Carbon Buildings Commitment – the first Australian listed property group to commit, and amongst the first 15 organisations globally. A net zero carbon building, as defined by the WorldGBC, is highly energy efficient and fully powered on-site or by off-site renewable energy sources. Our new net zero target commits us to achieving net zero carbon emissions by 2030 across our logistics centres, retirement living communities, and corporate head offices by installing 11MW of solar panels.
We are also focused on helping our residential customers enjoy the benefits of low carbon living, currently partnering with the Victorian Government on a two-year program to build Zero Net Carbon Homes. These commitments and projects present opportunities to not only reduce carbon emissions, but improve our operational efficiency in a cost-effective manner at our assets, whilst reinforcing the climate resilience of our portfolio.