Building industry makes progress on sustainability goals: report
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Master Builders Australia has released its first annual report tracking progress towards sustainability targets for the construction sector.
The report outlines advances made on the organisation’s Building and Construction Industry Sustainability Goals 2050.
These goals aim to identify factors likely to impact business performance and develop strategies to address risks and opportunities through an environmental, social and governance (ESG) framework.
Master Builders CEO Denita Wawn said the industry faced significant challenges over the past year.
“Over the last year the industry has grappled with high inflation, chronic labour shortages, higher than anticipated interest rates, compounding changes to industrial relations laws, and new building regulations,” Wawn said.
She noted these issues have led to reduced private investment, declining productivity and above-average insolvencies in the sector.
Despite these hurdles, Wawn said Master Builders is taking a measured approach to long-term industry transformation.
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“Mindful of the practicalities of what is happening in the industry, Master Builders is moving at a realistic pace, leading transformation for the long-term benefit of the industry and Australia’s built environment,” she said.
Key initiatives highlighted in the report include collaborating with government and suppliers on net-zero built environment goals, participating in building regulation reforms, and efforts to increase female participation in construction.
The organisation has also partnered with a technology platform to provide digital contract management and payment tools for the industry.
Additionally, Master Builders is working with the Office of the Federal Safety Commission to enhance safety outcomes on building sites.
The sustainability goals framework includes eight targets for 2050, each with a 2030 milestone and an initial three-year action plan.
This report comes as the construction industry faces pressure to meet growing demand, including the government’s commitment to build 1.2 million homes over the next five years.