Sustainable growth
Our growth and success must be
sustainable and benefit our customers,
partners and communities.
Our efforts to grow sustainably are reflected in the sustainability work and programmes carried out across Suncorp Group, including managing climate risk, measuring greenhouse gas emissions, and building resilient communities.
Responding to Climate Change
The impacts of climate change are being felt by New Zealand families and businesses, affecting Vero and the communities we serve. As an insurer, we play a crucial role in supporting the resilience of our customers to climate-related disasters.
Our climate transition commitments
Net-zero targets
Reduce our Scope 1 & 2 emissions to net-zero by end FY30, from an FY20 Baseline by 20501 and source 100% renewable electricity from 1 July 20252.
Sensitive Sector Standard
In FY20, Suncorp Group introduced The Sensitive Sector Standard, which also applies to Vero. It aims to gradually reduce our underwriting and investment portfolio exposure to the fossil fuel industry. More detail on the Sensitive Sector Standard can be found in the Suncorp Group’s FY25 Climate‑related Disclosure Report.
Climate-related disclosures
As a large, licensed insurer, Vero Insurance New Zealand Limited (Vero) is a ‘climate reporting entity’ under the Financial Markets Conduct Act 2013. This means we must prepare annual climate statements. This report provides an opportunity to communicate the steps we are taking to consider the impact of the climate on our business, and how we are responding.
Download the Vero Insurance FY25 Climate-related Disclosures
Download the Vero Insurance FY24 Climate-related Disclosures
1 This target requires Vero to reduce absolute emissions by at least 90% with the residual emissions abated through high quality nature or technology-based carbon credits.
2 Our primary Electricity supplier Ecotricity cannot guarantee that customers only receive the renewable energy it purchases (because all electricity is supplied through the National Grid). However, it measures how much energy its customers are using and how much energy it needs to purchase from renewable sources on an annualised basis, so the net effect is that purchases by Ecotricity’s customers are equivalent to Ecotricity’s purchased renewable electricity.
More of our Principles
Responsible Financial Services
We put our customers at the heart of everything we do and help them make good choices.
Resilient People and Communities
We respect human rights and invest in the wellbeing and resilience of our people and communities.
Trust and Transparency
We are open and transparent in our dealings with our stakeholders and uphold a genuine commitment to delivering fair customer outcomes.
