Our Movers and Shakers series is spotlighting Aotearoa's leading sustainability professionals transforming the way we design, build and operate our buildings and homes. These are the people leading the charge for a more sustainable built environment throughout Aotearoa.
Frankie L'Estrange
Frankie L’Estrange is at the cutting edge of green finance and is driving options and opportunities to propel lower carbon, climate resilient, energy smart buildings in Aotearoa. As Senior Manager Deal Team & ESG at ASB Property Finance in Tāmaki Makaurau he’s working across a dynamic portfolio of financial solutions which are greening-up our built environment and property sector.
You studied law then moved into banking – what drove your career pathway from the outset?
I’ve always been driven by a passion for problem-solving and a desire to understand how businesses and broader society function. Whilst studying law provided me with a pretty good foundation in critical thinking, analytical skills and a good understanding of the regulatory frameworks that govern our world, as I progressed through law school, I found myself drawn to the dynamic and fast-paced world of finance – and the power of financial markets to positively impact economies, businesses and individuals. I wanted to be a part of that world.
Have care of the environment and climate change always been on your personal radar?
Honestly, I wouldn't say the environment and climate change have necessarily always been front of mind for me. While I've always been aware of the importance of protecting our planet, it's only been in recent years I've come to truly appreciate the urgency of the climate crisis – and the significant impact we can make in the property sector.
For me it's been a journey of education and growing my own awareness. As I've learned more about the devastating consequences of climate change - some of which, like coastal and inland flooding, we’re now seeing play out in New Zealand - I've felt a sense of responsibility to take practical action utilising my skills, knowledge and networks across the commercial real estate and finance sectors.
What fuelled your transition into green finance and working in the ESG space?
ESG has long been an important consideration in risk assessment for banks – particularly in the property industry where we’ve faced all sorts of challenges over the last few decades. From contamination (asbestos) to flood risk and also seismic risk- all of these are environmental risks that directly impact the property businesses we work with, so it’s always been something we’ve had to be across and help our customers navigate.
In saying that I think New Zealand’s recent net zero commitments and our world first Climate-Related Disclosures legislation, that came into effect back in 2022, is what’s really changed the game and driven financial institutions to really ‘get under the hood’ of the risks and opportunities of climate change for our customers and ourselves. It’s off the back of this that we’ve seen sustainable finance emerge as a powerful tool to incentivise and support our customers in transitioning to a lower emissions future.
I think its these big changes that have led to the establishment of roles like mine across all the banks – dedicated resources to support the climate transition!
What excites you about your job on a daily basis?
I’m super passionate about working with our customers to drive ‘win-win’ sustainable outcomes across their property portfolios.
By ‘win-win’ I mean changes that don’t only lead to better carbon or social outcomes but also drive economic value. A good example of this is how to look at the risk/opportunity associated with operational carbon in our built environment - optimise energy usage, reduce energy costs and emit less carbon – it’s a win-win!
Looking through a big picture lens is our banking sector well-equipped to propel green building through sustainable business loans?
Absolutely. Whilst the banking sector will need to continue to adapt and innovate to support customers in transitioning their property portfolios to thrive in a lower emissions economy, we already know the benefits of sustainable finance are influencing customer decisions.
Be that the difference between a customer opting to design and build to a Green Star target or just retrofitting/optimising a building to meet Green Star Performance or NABERSNZ certifications - we now have the evidence to show sustainable finance is helping accelerate this trend.
What’s your advice to a developer who needs finance to deliver a sustainable outcome?
If nothing else, robustly measure and assess your embodied carbon footprint!
Embodied upfront carbon is a massive proportion of the built environment’s overall emissions and is something that can be influenced in those early stages of the design of a project. Tools like Green Star are awesome resources to guide you through this process and help ensure you achieve a sustainable result, with an internationally recognised certification to go along with it.
Just as important is to engage with your bank early. This is a quickly evolving industry and there is not always a one-size-fits-all approach to achieving a sustainable outcome.
What’s your favourite green building?
For me it’s hard to go past the 5 Star Green Star Design & Built rated PWC Tower at Commercial Bay – it’s shown how delivering low carbon outcomes can still lead to a beautiful building and at the same time it’s become a defining icon of Tāmaki Makaurau’s skyline.