Port of Melbourne to secure 60% of energy needs from renewable sources via newly signed PPA

Port of Melbourne to secure 60% of energy needs from renewable sources via newly signed PPA

The Port of Melbourne has signed a renewable power purchase agreement with Iberdrola Australia, effective from 1 July 2024. This agreement enables the Port to source more than 60 percent of its electricity needs from renewable sources, such as solar and wind energy generated in Victoria. The PPA is set to run until the end of June 2031.

This significant step contributes to the Port’s goal of achieving net-zero emissions for Scope 1 and 2 port operations by 2030, aligning with the Victorian Government’s commitment to net-zero emissions by 2050.

“With more than half our electricity soon to be sourced from renewable sources, we are continuing work to transition the remaining 40 percent,” said CEO Saul Cannon.

In addition to the PPA, the Port of Melbourne is working through short-term Green Power agreements to increase its usage of renewable energy. The Port aims to source 100 percent 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 added.

The signing of the PPA follows a series of sustainability milestones achieved by the Port, including the completion of a $475-million sustainability-linked loan. The Port of Melbourne has also been ranked first among Australian and international ports in the 2023 Global Real Estate Sustainability Benchmark Infrastructure Asset Assessment.

This agreement with Iberdrola Australia underscores the Port of Melbourne’s dedication to sustainability and its proactive approach to reducing carbon emissions, setting a strong example for other ports globally.

For more information visit www.portofmelbourne.com

9 July 2024