Suncorp New Zealand reduces gross CO2 emissions 49% in FY21

27 August 2021

Suncorp New Zealand has reported its carbon emissions for its 2021 financial year, achieving a 49% reduction in Scope 1 and 2 emissions compared to its baseline FY18 emissions. 

The reductions are ahead of targets to achieve 22% reductions of Scope 1 & 2 emissions for Suncorp New Zealand’s corporate operations by 2022, and are on track to its published target of a 51% reduction on Scopes 1 & 2 by 2030*.

Jimmy Higgins, Suncorp New Zealand CEO, says the company remains committed to continuing to reduce its environmental footprint, with a focus on key areas including emissions tracking, energy efficiency, renewable energy, sustainable mobility, responsible investment and underwriting and responsible supply chains. 

“Ongoing reduction in our own emissions is a key focus of our Climate Change Action Plan, so it’s good to see that we’re making strong progress,” says Higgins. 

“We are focused on transforming our business to a low-carbon and resource-efficient future and building a resilient and sustainable organisation that enhances customer, environmental and social outcomes.” 

Suncorp’s carbon emissions target is science-based and aligns with the reductions required to keep the global temperatures to well below 2 degrees above pre-industrial temperatures. 

The company’s FY21 emissions reductions were achieved through the introduction of 26 hybrid vehicles to the fleet, more flexible and work from home up take and other Covid-19 related reductions in employee travel, in addition to consolidation of the business operations office footprints.  

Because nearly 100% of Suncorp New Zealand’s electricity is certified within Meridian Energy’s renewable energy production, the company’s net Scope 2 electricity emissions in FY21 were near zero.  

Higgins says its participation in the renewable energy certification programme has effectively eliminated almost 94,000kg of CO2 emissions in the FY21 year.   

Taking this into account, the company has achieved a net 55% reduction in CO2 emissions for the FY21 year. 

“While FY21 was an extraordinary year and business CO2 emissions were impacted due to COVID–19, our considerable reductions this year continue the downwards trend of our overall corporate emissions over the past three years. Suncorp New Zealand is committed to maintaining this momentum and reaching our targets in relation to emissions reductions into 2022,” says Higgins.

Suncorp New Zealand is a member of the Climate Leaders Coalition, and is a signatory to the Climate Leaders Coalition 2019 Statement through which it publicly commits to measure and report its carbon footprint and assess and disclose climate change risks. 

*Scope 1 are direct emissions from sources owned or controlled by Suncorp (e.g. emissions from manufacturing, burning of diesel fuel in trucks and fleet vehicles). Scope 2 are indirect emissions from Suncorp’s consumption of purchased electricity or other sources of energy generated by another upstream organisation (e.g. electricity purchased from energy companies).

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