Company disclosures (6)
Business Model and Value Chain Effects
GPT's business model creates value by owning, developing and managing Retail, Office, Logistics, and Living assets. We generate rental income from directly held properties and fee income from our funds management and investment platform, with development activity creating new places and improving asset quality.
As climate and nature can affect cash flows and asset resilience, we are focused on consumption efficiency, electrification and grid transition readiness, renewable energy, climate-resilient design and customer engagement to support occupancy and operating costs.
Upstream, we work with capital providers and key suppliers of materials, equipment, technology and essential services. In operations, we partner with facility and property managers and onsite service providers to run safe, efficient and customer-centric buildings. Downstream, we serve tenants, retailers, fund investors and joint-venture partners, and contribute to communities and governments through jobs, improving public spaces and delivering amenity.
Key climate-related risks and opportunities arise in development and operations, so we use design, procurement, leasing and day-to-day management practices to assist to reduce emissions, strengthen resilience and protect long-term asset quality and returns.
Effects on business model and value chain
Current and anticipated effects
Production growth in transition materials: Our portfolio is built around the materials essential for a low-carbon future. Copper, lithium, aluminium and iron ore are fundamental to renewable energy infrastructure, electric vehicles, and energy storage solutions. The energy transition will drive significant demand for these critical minerals and our ambition remains to grow their production.
Energy-intensive processing impacts: The transition to a low-carbon economy impacts the commodities we produce and how they are processed in our value chains – particularly for carbon-intensive steel and aluminium. Approximately 77% of our Scope 1 and 2 emissions originate from our Aluminium & Lithium business which is highly energy-intensive.
Value chain positioning: Our approach to emissions reduction prioritises direct abatement of emissions over the use of offsets and other non-direct abatement tools. We aim to reduce our net Scope 1 and 2 emissions by 50% by 2030, relative to a 2018 baseline.
Value chain concentration
Downstream processing: In 2025, our Scope 3 emissions were 575.7 Mt CO2e, approximately 18 times higher than our Scope 1 and 2 emissions. The majority of these emissions (95%) stem from our customers processing our products, particularly iron ore (69%) and bauxite and alumina (23%).
Geographic concentration: Many of our customers have set public targets for their Scope 1 and 2 emissions. About 54% of our steel-producing customers by direct iron ore sales volume have set public targets to reach net zero or carbon neutrality by 2050. Meanwhile, nearly 40% of our bauxite sales are to customers with net zero emissions targets.
Supply chain impacts: Upstream Scope 3 emissions from procurement were 19.1 Mt CO₂e in 2025. Due to the nature of our businesses, many of our purchased inputs are from hard-to-abate sectors, such as caustic, coke, pitch and steel.
Shipping and logistics: Our Scope 3 emissions from shipping and logistics are 10 Mt CO2e, with 5.7 Mt CO2e (57%) generated by our chartered fleet.
Opportunities in the value chain
The commodities we produce are essential to the global energy transition. As demand for these materials grows, so too does the importance of ensuring that climate-related risks and opportunities are appropriately addressed across our business. This creates opportunities to capture growth in markets prioritising decarbonisation while supporting customers in their own decarbonisation journeys.
Business model and value chain
The Group owns and operates 42 Westfield destinations in Australia and New Zealand.
Westfield destinations are uniquely located in close proximity to where 21 million people live and work. They are considered essential social infrastructure and are located on major transport hubs and close to existing and planned infrastructure.
They are places people visit for social connection and to access diverse retail experiences, products and services.
Each Westfield destination is tailored to its local community, offering varied and new retail experiences from Australia, New Zealand and around the world.
The portfolio connects 3,700 diverse businesses, encompassing 12,000 outlets, to Westfield customers. A continued focus on attracting more customers to Westfield destinations resulted in 540 million customer visits during the year and enabled business partners to achieve total annual sales of $30 billion in 2025.
As a vertically integrated owner, operator, manager and developer, the Group has the capabilities and expertise to design, construct, operate, manage, lease and market the platform of Westfield destinations.
Current and anticipated effects of CRROs on business model and value chain
The impacts of climate-related risks and opportunities (CRROs) are spread across the supply chain. The Group takes a whole‑of-business approach to considering, managing and mitigating these risks and opportunities.
Consideration of CRROs is embedded into planning and decision‑making processes, and mitigation and management measures are integrated into operations with relevant subject matter experts employed within relevant operational and support functions.
Value chain concentration
The Group's geographical diversity assists the Group's ability to withstand regionally concentrated factors such as extreme weather. Should a climate event occur, there may be potential impacts to the Group's operations. Mitigation plans are in place to reduce the potential impact to the Group.
Current effects on business model
During the current reporting period there was no material impact associated with these risks and opportunities on the Group's financial position, financial performance or cash flows.
Current and anticipated effects on business model and value chain
Business model impacts
Policy/legal transition risk: Increased compliance / operational costs, additional capital required for decarbonisation investments. Higher operating costs impacting the competitiveness of locally manufactured products. Whether the risk of any future government regulation or policy eventuates or is material to the business will depend on the nature and application of the regulations.
Market/technology transition risk: Financial – reduced sales of traditional fuels, resulting in reduced revenue, and potentially lower margin contribution and obsolete assets and infrastructure.
Low-carbon liquid fuels opportunity: Financial – increased sales of LCLFs, resulting in retaining and increasing revenue. Reputational – through manufacturing and distribution of LCLFs, we may have the opportunity to strengthen our reputation as a credible contributor to the energy transition and respond to growing stakeholder expectations for low-emissions fuel solutions.
Value chain concentration
Direct Operations for Energy & Infrastructure business (Geelong Refinery) are most affected by policy compliance costs and regulatory exposure.
Downstream operations for all business lines are affected by changing demand patterns for traditional vs low-carbon fuels.
Existing terminal and supply chain infrastructure: As LCLFs are a drop-in fuel replacement, they are highly compatible with existing terminal and supply chain infrastructure. Investment in establishing the supply of LCLFs has focused on small tank storage and reconditioning out-of-service tanks to provide new supply pathways. These investments help broaden how we utilise our existing assets and create opportunities to support their continued use into the future.
Climate change and the energy transition are a strategic risk and opportunity for Woodside. Energy markets and regulations will continue to evolve. We expect sustained demand for our core product, natural gas, as customers seek to maintain energy security and affordability alongside GHG emissions goals.
Woodside's climate strategy is integrated throughout our company strategy: our aspiration to thrive through the energy transition by developing a low-cost, lower-carbon, profitable, resilient and diversified portfolio.
Our climate strategy contains two key elements: • reducing our net equity Scope 1 and 2 GHG emissions; and • investing in products and services for the energy transition.
The Climate Scenario Analysis was undertaken during the 2023–2024 period. Further detail on this work, including the underlying methodology, assumptions and the full set of CRROs, is provided in the Sustainability Report.
Yancoal is subject to a range of sustainability risks, including climate-related, environmental and social risks. These include, but are not limited to, those related to: operational and coal production; health & safety; changes in government policy, legislation or regulation; regulatory approvals; mine closure; Aboriginal cultural heritage; Native Title and Aboriginal land rights; tenements; transition to a lower carbon economy; climate-related risks; technological change; fraud and misconduct; taxation; royalties; environment; litigation.