Our Private Equity business’ Australian asset manager and lender, La Trobe Financial (La Trobe), transitioned to 100% renewable electricity for all tenancy consumption in Sydney and Melbourne, effective January 1, 2024. This move is part of the company's carbon emission reduction strategy, and it has led to a 72% reduction in electricity-associated demand compared to 2023.

In 2023, electricity purchased from the grid was the largest contributor to its scope 2 carbon emissions. Transitioning to renewable energy enabled La Trobe to make substantial progress toward this goal. The estimated annual cost savings from this transition are approximately A$54,000 on electricity purchases and an additional A$22,000 saved from reduced carbon offset credits.

Renewable energy is sourced from wind energy projects and backed by Hydro Tasmania, a generator of renewable energy in Australia, allowing for a stable and continuous supply of renewable energy. The risk of interrupted electricity supply due to this transition is mitigated, as the current grid already includes a blend of energy sources. La Trobe's Corporate Power Purchase Agreement (CPPA) with Momentum Energy is audited annually by a third-party, seeking to certify that the company's energy consumption is derived from renewable sources.