Climate Change

Suncorp believes climate change is a shared global challenge and we are committed to playing our part in reducing carbon emissions, as well as preparing for the physical impacts of climate change and the transition to an economy that achieves net-zero carbon emissions by 2050. 

We accept the international scientific consensus presented by the Intergovernmental Panel on Climate Change.

We support the ratification of the United Nations Framework Convention on Climate Change Paris Agreement by the governments of Australia and New Zealand, including their commitments to significantly reduce emissions below 2005 levels before the year 2030. 

Suncorp’s Climate Change Action Plan (CCAP) received Board approval and was published in April 2018. It forms the basis for maturing Suncorp’s assessment, management, and disclosure of climate change risks and opportunities using the framework published by the Financial Stability Board Task Force on Climate-related Financial Disclosures (TCFD). Suncorp is committed to meeting the recommendations of the TCFD and integrating climate change into governance, risk management and strategy processes. The CCAP also supports the implementation of Suncorp’s Responsible Investment Policy, which includes commitments to increase climate-related investment and apply a shadow carbon price to manage risk.

Our CCAP includes:

1. strengthening our governance processes including assessment of climate risk
2. reducing our environmental footprint
3. increasing community resilience
4. accelerating emerging opportunities and climate-related innovation
5. tracking and openly disclosing our climate-related performance.