Port of Melbourne has signed a new renewable Power Purchase Agreement (PPA) as it looks to increase its usage of renewable energy.
The agreement with Iberdrola Australia commenced on 1 July 2024, enabling Port of Melbourne to obtain more than 60 per cent of its electricity needs from renewable sources, such as Victorian-generated solar and wind. The PPA will run until the end of June 2031.
This agreement contributes to the Port’s target of achieving net zero emissions for Scope 1 and 2 port operations by 2030, in support of the Victorian Government’s commitment to net-zero by 2050.
Port of Melbourne CEO, Saul Cannon, said, “With more than half our electricity soon to be sourced from renewable sources, we are continuing work to transition the remaining 40 per cent.”
Through short-term Green Power agreements, Port of Melbourne is looking to increase its usage of renewable energy, dedicating to source 100 per cent 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 said.
The PPA signing follows a series of sustainability milestones attained by the Port, including the completion of a $475 million sustainability linked loan. Port of Melbourne has also been ranked first among Australian and international ports in the 2023 Global Real Estate Sustainability Benchmark (GRESB) Infrastructure Asset Assessment.
Image: Port of Melbourne
