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Summary of the paper
Strategies to reduce emissions and manage the risks of climate change are becoming an increasingly integral part of any organisation’s overall business strategy.
Direction from the government and demand from consumers are driving fundamental changes. The winners in this environment will be businesses with the foundations in place to manage the demands of customers, regulators and their own staff, and that embrace a more climate-conscious approach to how they do business.
How to know what to target
1. Choose a framework
Using an accepted framework for setting emissions reduction targets will give you a clear structure to follow. It will also give you, your stakeholders and your customers confidence.
Two frameworks you could consider are Toitū Envirocare’s carbon certification programme and the Science Based Targets Initiative – see the full paper for examples. Find out about the Toitū carbon footprint assessment tool.
2. Identify reduction initiatives
Businesses achieve the best results when the whole organisation is involved, from senior management to the shop floor. When you’re thinking about where you can reduce emissions in your business, focus on the biggest opportunities first.
Consider:
- Which areas will make the most difference
- How easy or otherwise will it be to make reductions in each area.
3. Get buy-in
Businesses achieve the best results when the whole organisation is involved, from senior management to the shop floor.
4. Verification and ongoing review
You may choose to have your plans and results independently verified, usually through an annual audit. Verification gives assurance to your customers and stakeholders that any claims you make about your emissions reduction programme are accurate.
Annual audits are also opportunities to take stock, assess how you’re tracking against your targets and review them if necessary.
5. Report it
Most certification frameworks require emissions reduction targets to be published, along with progress against targets, as part of the certification process.
The verification and reporting process means you have a credible story to tell your customers, staff and stakeholders – and it’s an increasingly important one.
Key take-outs
- Companies don’t have to be perfect, but they do need to be authentic about what they have achieved.
- Setting targets and developing a plan allows companies to pace their actions and spread any necessary expenditure out over time.
- Remember, becoming more efficient and eliminating fossil fuels from your business can save you money!
- There is a clear market benefit from being able to make authentic claims about your carbon cutting efforts, so talk about them.
How to set and achieve emissions reduction targets
In this webinar recording, ANZ ESG Specialist Steve Dixon and Matt Whyte, Resero Group’s Sustainability Manager, share their approach to reducing carbon emissions and the benefits that can be gained. Also hear from Belinda Mathers of Toitū Envirocare, New Zealand’s leading carbon certification programme for environmental action.
Read the full paper
Read about experiences and learnings from some New Zealand businesses who have successfully set and achieved emissions reductions target, as well as frameworks for setting emissions reduction targets and how to focus your efforts.
Contact us
When you’re ready to talk about the next steps in your sustainability journey, we’re ready to help.
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Important information
This information has been prepared by ANZ Bank New Zealand Limited for informational purposes only. It is a necessarily brief and general summary of the subjects covered and does not constitute advice. You should seek professional advice relevant to your individual circumstances. While the information contained in this document is from sources perceived by ANZ to be reliable and accurate, ANZ cannot warrant its accuracy, completeness or suitability for intended use. ANZ shall not be obliged to update any such information after the date of this document. We don’t warrant the quality of the services provided by Toitū or Science Based Targets or the suitability for your particular circumstances. To the extent permitted by law, ANZ nor any other person involved in the preparation of this document accepts any responsibility or liability for any opinions or information (including the accuracy or completeness thereof) contained in it, or for any consequences flowing from its use or acquiring services provided by Toitū or Science Based Targets.