Suncorp New Zealand on its way to meet net-zero emissions by 2050
27 August 2019
By Roschelle Marshall
Manager, Corporate Responsibility
This month Suncorp released its Responsible Business Report, which includes an update on our progress against our corporate responsibility commitments.
Over the past 12 months Suncorp New Zealand has made great strides in our corporate responsibility journey, from enhancing our customer service processes for customers experiencing vulnerability to strengthening conduct and increasing transparency.
However, it’s our environmental progress that I’m really proud of.
This year Suncorp became one of the first companies in New Zealand and Australia to set emission reduction targets using science-based methodologies, setting science-based targets for Scope 1 and Scope 21 greenhouse gas emissions.
At Suncorp New Zealand, we’ve worked hard to reduce our Scope 1 and Scope 21 combined emissions by 16%2 since July 2017. Our Scope 1 emissions, which includes emissions from the fuel used in our company cars, were reduced by 10% by initiatives such as the optimisation of our vehicle fleet. Our Scope 2 emissions, which includes electricity consumption, saw a 32% reduction through the consolidation our real estate footprint, among other initiatives. We’re on our way to meet a target of a 51% reduction in Scope 1 and Scope 2 emissions by 20303 and net-zero emissions by 2050.
We joined the Sustainable Business Council and Climate Leaders Coalition, which required a commitment to reducing greenhouse gas emissions to targets in line with the Paris Agreement and New Zealand’s proposed Zero Carbon Bill.
Suncorp also became a signatory to the United Nations Global Compact, a framework for sustainable business practice in the areas of human rights, labour, environment and anti-corruption.
Looking ahead to 2019-20, we’ll continue to explore opportunities to build natural hazard resilience and financial resilience for New Zealanders. We’ll also continue our focus on preparing for the impact of climate change on our customers and improving our own environmental performance.
1Scope 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).
2 Suncorp New Zealand, FY19.
3Target from a 2017-18 baseline, inclusive of New Zealand and Australian operations.
Media enquiries: Kimberley Cameron +64 27 208 1268
The information in this article has been compiled from various sources and is intended to be factual information only. It is not personal advice and any description of an insurance product or service is not a complete description of all the terms and conditions applicable to the particular insurance product or service. You should consult a qualified adviser for advice on whether the information in this article is suitable for your personal situation and needs. While we take reasonable steps to ensure that the information contained in this article is accurate and up-to-date, it is subject to change without notice. Suncorp New Zealand and its related companies does/do not accept any responsibility or liability in connection with your use of or reliance on this article.
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