Suncorp accelerates net-zero ambition
Suncorp Group has brought forward its Scope 1 & 2 greenhouse gas emission (GHG) net-zero target by 20 years to 2030, as part of our focus on building a sustainable and climate resilient future for the business and its customers.
Supporting customers and communities in navigating the impact of climate change is a key priority for Suncorp.
Urgent action is required to mitigate the worst effects of climate change and provide the best chance of limiting global temperatures. Suncorp believes a coordinated effort between government, private sector and individuals can make this transition to net-zero possible.
Suncorp will meet this accelerated target to 2030 by decarbonising our own operations through purchasing renewable energy and transitioning corporate fleet vehicles to electric and hybrid. Through a partnership with Diamond Energy, Suncorp is purchasing our electricity from Queensland-based renewable energy sources in the form of renewable energy certificates directly linked to Valdora Sunshine Coast Solar Farm.
Two-thirds of the energy Suncorp purchases to operate its buildings today is sourced from renewable energy and the organisation is on track to reach 100% by 2025. Our target will be supported by a transition plan to electrify the majority of our fleet by 2027.
Over the coming years the Group will be focusing on measuring Scope 3 emissions and setting targets on operations, supply chain and financed emissions – which includes lending, underwriting and investment portfolios. Suncorp has recently joined the Partnership for Carbon Accounting Financials (PCAF) to support in the development of standardised accounting methodologies for financed emissions.
As a financial services company, Suncorp recognises that more than 90% of our emissions sit in our value chain as Scope 3 emissions. Suncorp is committed to supporting its customers, people, partners, and suppliers to reduce their own emissions and transition to a net-zero future.
However, measuring Scope 3 emissions comes with significant data availability challenges. Suncorp supports improved consistency and transparency of climate risks and emissions through mandatory reporting and understands that small and medium businesses may require government support in helping them measure and reduce emissions.
In addition to addressing climate change and transitioning to net zero, Suncorp will continue to advocate for ongoing investment in lessening the impact of extreme weather on households, businesses and communities. Suncorp’s four-point plan calls for an ongoing investment for a more resilient Australia. As well as grants to help build resilience in homes, Suncorp will continue to call for further investment in public infrastructure such as levees; improvements to planning laws, building codes and approval processes; and the removal of inefficient taxes and charges from insurance premiums.
Additional information on Suncorp’s revised Scope 1 & 2 GHG net-zero emissions by 2030 target:
- The revised target is based on an FY20 baseline. Our reduction pathway for Scope 1 & 2 emissions is in line with the Science Based Targets institute (SBTi) guidance that companies should achieve at least 90% emissions reduction through internal action, and to neutralise the residual emissions with high-quality carbon removal offsets.
- The target is a key deliverable under the Group’s Climate Change Action Plan, launched in September 2021.
- Suncorp will provide an annual update on our progress towards this target through our annual report.