Climate-related targets

Index: 33–36 map to sections 13, 13.1 and 13.2 (pp.111–115).

Scope 1 and 2 targets (p.112). Targets are absolute and apply at consolidated entity level; emissions targets are gross unless referred to as net (p.111). FY19 baseline: 43.2 MtCO2e (Scope 1 42.7; Scope 2 0.5). Targets cover all greenhouse gas types in the NGER Scheme and the GHG Protocol.

FY26: 31.9% reduction (FY25: 29.1%), exceeding the 17% target. Targets were not derived using a sectoral decarbonization approach; Australian climate and energy policy and the Paris Agreement were considered (pp.112, 142).

Ambitions, not treated as targets under AASB S2 (pp.111–112). Scope 3 reduction of 60% following coal closure (FY26: 2.5%); Scope 1, 2 and 3 reduction of 90% and net zero by 2050.

Offsets (pp.110, 113). Not used for interim gross targets. AGL plans to offset residual emissions (<10% of FY19 Scope 1 and 2) where necessary, subject to commercially viable offsets; verification schemes will be considered at the relevant time; nature-based and technological removals may be considered.

Other targets (pp.113–114). 2.1 GW new renewable and firming capacity by FY27 (2,126 MW in FY26); at least 3 GW grid-scale batteries by FY30; 300 MW cumulative customer assets by FY27 (196 MW in FY26).

AMP seeks to minimise emissions from operational activities where practicable and offsets residual emissions by purchasing and retiring Australian Carbon Credit Units and Verified Carbon Standard offsets. Since 2013, we have offset our annual operational Scope 1 and 2 emissions, as well as Scope 3 emissions associated with business travel.

Definitions

• Target: a specific, measurable and short-medium term aim that Ampol is focused on achieving.
• Commitment: a dedication to pursue a particular course of action or achieve something.
• Goal: a broader, longer-term aspiration or achievement.
• Ambition: an overarching drive or desire for success and achievement.

As part of the release of the Future Energy and Decarbonisation Strategies in 2021, Ampol released its ambition to achieve net zero operational emissions (Scope 1 and 2) across its Australian operations by 2040, supported by short-term (2025) and medium-term (2030) emissions reduction targets for Convenience Retail and Fuels and Infrastructure business units in Australia. In New Zealand, prior to acquisition, Z Energy had set a 2030 target to reduce operational emissions (Scope 1 and 2 plus selected Scope 3 emissions) by 42% from 2020 levels; following acquisition, the same approach was applied after re-baselining Z Energy's inventory from FY20 to CY19, so the target is a 42% reduction in operational emissions from CY19 to 2029. None of Ampol's targets were derived using a sectoral decarbonisation approach.

Target 1a) Reduce operational emissions intensity (Scope 1 and 2 CO2e per kL of Total HVP) from 2021 levels

Target 1b) Reduce operational emissions intensity (Scope 1 and 2 CO2e per kL of Terminal Throughput) from 2021 levels

Target 1c) Reduce operational emissions (Scope 2) across stores owned/operated by Ampol in Australia from 2021 levels

Target 1d) Commit to percentage equivalent net renewable electricity for operational use in Australia

Target 1e) Reduce Z Energy operational emissions from 2019 levels

Ampol has not yet set a Scope 3 emissions reduction target for Australia (Z Energy includes selected Scope 3 categories in its operational emissions target), because most Scope 3 emissions relate to customers' use of sold products, which Ampol does not control; the energy transition was found to be one of Ampol's greatest strategic priorities in the Group's recent double materiality assessment. Ampol has commenced tracking the carbon intensity of the energy it sells to customers on a CO2e/GJ basis.

Target 1f) Operate and control at least 500 equivalent EV charging bays by 2027 in Australia

Target 2a) Reduce emissions intensity (Scope 1) tCO2e/kL of petroleum feedstocks (production variable) – legislated Safeguard Mechanism target

4.8.1 Target setting process and review approach

Ampol's climate-related targets were established as part of the 2021 Future Energy and Decarbonisation Strategies, approved by a Board Sub-committee (Board Chair, S&SC Chair and MD & CEO). Ampol conducts quarterly reviews of targets through the Decarbonisation PRB and S&SC using KPIs including GHG emissions intensity, renewable energy usage and energy efficiency improvements. No changes were made to previously set targets in this reporting period; however, Ampol commenced a review of the existing 2030 targets given approaching completion date of 2025 targets, current performance, further abatement opportunities, and the introduction of AASB S2. Considerations included: Convenience Retail surpassed its 2025 target with limited further cost-effective abatement; Fuels and Infrastructure (Terminals) surpassed both 2025 and 2030 targets but further abatement opportunities exist, particularly for the remaining 10 Australian terminals not currently in scope; Fuels and Infrastructure (Lytton) now subject to mandatory Safeguard Mechanism target; existing targets need to reflect the whole Group including New Zealand, Singapore and USA; and capital outlay for direct emissions reduction is increasing while delivering lower abatement. Proposed revisions were reviewed by the S&SC and approved by the Board in February 2026:

2040 Ambition (revised): Net zero operational emissions (Scope 1 and 2) across Ampol operations, maintaining the net zero ambition but extending the boundary to include all Ampol's operations globally.

2030 Interim Targets (revised, effective from 2026):

• Refining operations: Reduce operational emissions intensity for Lytton refinery to 0.11458 tCO2e/kL of production variable against a baseline of 0.1173 tCO2e/kL by 2030 (aligned to legislative baseline and decline rate set by the Safeguard Mechanism, assuming 1% baseline decline rate for 2026-2028 per the awarded TEBA application).
• Non-refining operations: 50% reduction in operational emissions (Scope 1 and 2) across Ampol non-refining operations (Distribution – Terminals, Depots, Pipelines; Lubricants manufacturing; Convenience Retail; New Zealand including Z Energy; and other International Offices – Singapore and USA); operate and control at least 1,000 equivalent EV charging bays across Australia and New Zealand combined.

4.8.2 Planned use of carbon credits

Ampol is committed to reducing its carbon footprint through direct abatement measures, with carbon credits playing a supportive role to meet emissions reduction targets and fulfil compliance obligations under the Safeguard Mechanism. As capital outlay for direct action increases and delivers lower abatement, Ampol is looking to re-align its use of offsets to help achieve its 2040 net zero operational emissions ambition. Except for the Lytton refinery target (mandated under the Safeguard Mechanism, where carbon credits are anticipated to play a significant role), Ampol's goal for all other current targets is to directly reduce gross GHG emissions. For proposed 2030 targets, where direct action alone is not financially viable, carbon credits will also be used; the extent of reliance is currently uncertain, but Ampol will continue to transparently report retirement of carbon credits annually. Ampol is also required to surrender carbon credits to cover sales of its Climate Active certified Carbon Offset Fuel product, an opt-in fuel product for B2B customers; offsets used are selected by the customer and include a mix of Australian and international credit units meeting Climate Active requirements. In 2025, the Ampol Petroleum Distribution fleet used the Carbon Offset Fuel product, though offsets were not considered a contribution to internal climate target performance; under the revised 2030 targets from 1 January 2026, use of offsets may contribute to achieving targets. Ampol only sources carbon credits verified by the ACCU Scheme or meeting the quality requirements of the Core Carbon Principles (CCP) created by the Integrity Council for the Voluntary Carbon Market (ICVCM); credits may represent underlying offsets from carbon removal or carbon reduction.

4.8.3 Emissions performance against 2025 targets for Australia

Ampol's 2025 target for Lytton refinery total emissions intensity was 0.1412 tCO2e/kL, with actual performance shown across 2020-2025 (baseline 0.1426 in 2020, reaching 0.1562 tCO2e/kL in 2025). The 2025 target for Terminals total emissions intensity was 0.0023 tCO2e/kL, with actual performance of 0.0019 tCO2e/kL in 2025 (baseline 0.0025 in 2020/2021). The 2025 target for Convenience Retail (tCO2e) was 76,782 tCO2e, with actual performance of 67,801 tCO2e in 2025 (baseline 102,376 in 2020). In 2025, Ampol continued to progress towards its target of 40% equivalent net renewable electricity for operational use, achieving 32% via grid decarbonisation, solar systems installed across 89 Convenience Retail sites, and continuing the PPA with Alinta Energy for Western Australia convenience retail locations. Ampol delivered 146 EV charging bays across 29 sites in Australia and 41 EV charging bays across 11 sites in New Zealand in the reporting period; as at 31 December 2025, there were 290 charging bays across 88 sites in Australia and 204 charging bays across 60 sites in New Zealand, totalling 494 bays. In 2025 Ampol made the strategic decision to slow the network rollout in New Zealand due to government policy change and low utilisation.

Targets (page 55). Both are Scope 1 and 2 equity emissions intensity targets for Beach as a whole, by equity share in operated and non-operated assets.

Beach states it is on track to meet both. The targets are consistent with the ambition of the Paris Agreement and the Australian government's emissions reduction target for 2030, as described in the Climate Change Act 2022. There are no milestones or interim targets. Beach's 2050 net zero Scope 1 and 2 emissions ambition is aligned with the intent of the Paris Agreement (page 40).

Method (page 37). Both were Board approved. The net target was disclosed in the FY22 Sustainability Report and has not been revised; the gross target is disclosed for the first time in this report. Neither target, nor the methodology for setting them, has been verified by a third party, and neither was derived using a sectoral decarbonization approach.

Offsets (page 55). 65% of the net reduction came through abatement (Moomba CCS and smaller-scale initiatives) and the remainder is offset, with NZUs in New Zealand and a mix of SMCs and ACCUs in Australia. ACCUs generated by Moomba CCS are technological and sufficient to meet Beach's needs through to FY30; additional purchased offsets are not currently required to meet the net target.

Targets and goals are disclosed as "climate-related targets" to align with AASB S2; development considered the Paris Agreement goals (p. 77). Tables 6a to 6g (pp. 79–84):

None of the targets or their methodologies has been validated by a third party. 6a and 6d are gross reductions; 6b and 6e to 6g are net (pp. 79–84). For 6a, BHP will not use regulatory carbon credits and expects to meet it without voluntary credits, which it may use only for an unexpected shortfall (p. 79). For 6b, remaining CY2050 emissions of 3 to 5 MtCO2-e would be offset with carbon credits (p. 80). Targets are monitored annually (6a to 6d also six-monthly) and reviewed by management and the Board (pp. 78–81). The SGM is a target BHP is required to meet by law or regulation, not one it set (p. 84).

Targets (Table 2, p. 194). The 2030 targets together cover around 99 percent of Scope 1 and 2 emissions; the 2030 targets and the 2050 goal consider the six Kyoto Protocol GHGs and cover Scope 1 and 2.

FY2026 performance (pp. 194–195). Steelmaking emissions intensity is 16 percent below the FY2018 baseline (target 12 percent by 2030); non-steelmaking intensity has reduced 13 percent since FY2018; total Scope 1 and 2 emissions of 10,200 ktCO2-e are four percent lower than 2018. External validation was not formally obtained for the targets; the Board receives an annual update on whether there is a reasonable basis to view the 2050 goal as achievable in the stated timeframe; the 2030 steelmaking target will not be revised. The 2030 target was not derived using a sectoral decarbonization approach. No offsets were used or surrendered in FY2026 (p. 195).

Three climate-related targets, each set out with metric, objective, scope, period, baseline, milestones, absolute or intensity basis, alignment with the Paris Agreement, approach to setting and reviewing, validation, revisions and progress.

Validation (pp. 65–68): the FY30 Scope 1 and 2 target is validated by SBTi as aligned with a 1.5°C pathway; the 2050 net zero target is not separately validated; the FLAG and supplier engagement targets are validated by SBTi. Carbon credits (p. 64): none planned for the FY30 target; for 2050 they may neutralize residual emissions, with nature, quality and volume not yet determined.

Operational target (pp.116, 361). Cut Group Scope 1 and 2 (market-based) absolute emissions 75% by 2030 from a 2020 baseline of 21,601 tCO2-e, to mitigate climate change in line with science-based pathways (1.5°C, with reference to the Paris Agreement). Reviewed at least every five years. FY25 6,516 and FY26 6,078 tCO2-e against 5,400 for FY30 (72% below baseline).

Financed emissions (pp.99, 135). Ten goals and five targets cover 70% of total funded exposures. A target is backed by specific steps; a goal is a desired outcome shaped mainly by external factors, with no current commitment to change exposures. All are gross, with no planned use of carbon credits and no third-party validation (pp.361–363).

Heavy industry goals: steel 1.35 tCO2-e/t-steel, alumina 0.63 and aluminium 5.26 tCO2-e/t-aluminium, cement 0.55 tCO2-e/t-cement.

Target (p. 151). Reduce absolute Scope 1 and 2 greenhouse gas emissions by 42% by FY2030 against an FY2021 baseline. It is a gross market-based target validated by the Science Based Targets initiative (SBTi) and applies to the Operational Control boundary. The report says it takes into account the objectives of the Paris Agreement, and CSL intends to adhere to the latest international agreement on climate change (p. 152). Cross-industry standards were used because no decarbonization target standards or frameworks were identified for its sector. CSL is not relying on carbon offsets or carbon credits for the short term (2030), excluding renewable energy credits. Gases covered: CO2, CH4, N2O, HFCs, SF6 and PFCs.

Progress (p. 152), reviewed biannually by the ARMC against projections. The target was validated in FY25 and the FY21 baseline aligns to the updated and validated target baseline.

Five abatement levers support the target and CSL does not anticipate a linear reduction to 2030 (p. 151). The Scope 3 target is not set out in this report, which refers readers to the Healthier Environment section on p. 34 (p. 151).

Company index: 33(a)–(h), 34(a)–(d), 35, pp. 151–153; 36(a)–(d), pp. 154–155; 36(e), p. 151.

Initial target (p. 87). The report states: the initial targets are for Data#3 to commit to reduce scope 1 and 2 GHG emissions by 63% by 2035 from a 2025 baseline year, with decarbonization levers focused on the substitution of scope 2 fossil fuels for renewable electricity.

Related statements. The transition plan outlines the pathway to reach climate-related targets once set and, once finalized, will be substantiated by science-based targets in line with the framework from Science Based Targets Initiative (p. 87). The Sustainability Working Group recommends and develops metrics and targets and reviews progress (p. 80). Time horizons used for setting metrics and targets are short term (1 - 2 years), medium term (3 - 5 years) and long term (beyond 5 years) (p. 81).

Targets (p. 73)

Both cover Scope 1 and 2 (market-based) emissions and all greenhouse gases reported under the NGER framework (CO2, CH4, N2O, HFCs, PFCs, SF6 and NF3), against an FY20 baseline of 346,684 tCO2-e within Downer's operational control (restated in FY26). Both were developed with SBTi tools on a 1.5°C-aligned pathway, are not SBTi validated and were not derived using a sectoral decarbonization approach. The objective is mitigation, with regard to a 1.5°C-consistent pathway under the Paris Agreement, informed by Australia's commitment to net zero emissions by 2050. No formal interim milestones are set. The Zero Harm Committee reviews progress and target appropriateness annually.

Performance (pp. 69, 75). FY26 Scope 1 and 2 emissions of 249,017 tCO2-e were 28% below the FY20 baseline; Downer considers it is on track for its near-term target.

Offsets (p. 71). The residual 10% is to be covered by certified carbon removal or neutralizing offsets, which may be procured in the 2040s, with no bias towards nature-based or technological removal.

Other (p. 73). An emissions intensity target under the Sustainability Linked Loan set an FY26 target of 25.82 against an FY20 baseline of 31.68. No Scope 3 target is disclosed (relief C4(b)).

Two absolute targets (pp. 48–49), measured in tCO2e, both with base year F26 and no interim targets:

Setting and review (p. 48). Set as part of the Sustainability Strategy, informed by a materiality assessment; the methodology was not informed by a third party. The Strategy was formally reviewed by management and the Board in the period, with no target revisions since it was set.

Progress (p. 49). Measured against the reported emissions inventory and reported to the ELT and Board at least twice a year; the Group states it remained on track.

Carbon credits (p. 49). Residual emissions are expected to be offset with carbon credits; quantity and type are not yet determined, and credits are not currently used.

Targets (pp. 93 to 96). Each table gives the metric, objective, part of the business, period and absolute or intensity basis. All four cover CO2, CH4, N2O, SF6, HFC and PFC, cite the Paris Agreement to limit global warming to 1.5°C, were not derived using a sectoral decarbonization approach and have no third-party validation.

Progress, 2026 (pp. 93 to 95). Real Zero Target: Scope 1 and 2 emissions covered were 2.72 MtCO2-e (Scope 1 2.35, Scope 2 0.37). In MtCO2-e per Mt of ore shipped, steelmaking intensity was 1.33 against 1.35 in 2021 (baseline not directly comparable) and shipping intensity 0.019 against 0.022, 15% lower.

Required by regulation (pp. 96 to 97). Safeguard Mechanism baselines set by the Clean Energy Regulator cover seven facilities. The FY26 compliance requirement was approximately 0.3 MtCO2-e ACCUs/SMCs, which are not used for the Real Zero Target.

GPT monitors and reports on progress against its Net Zero Plan, including annual emissions and energy metrics at both the property and portfolio levels. Results are independently assured where possible. GPT's climate-related emissions reduction efforts are incorporated into its externally certified ISO14001 Environmental Management System, including annual asset-level objectives for energy intensity and portfolio-level medium-and long-term goals to guide procurement and offset strategies.

Energy and emissions reductions are tracked against a 2019 baseline year, which has been selected as a short-term comparison as it reflects current policy and pre-dates the impacts of the COVID-19 pandemic on business operations. As at 2025, GPT has reduced its net scope 1 and 2 (market-based) emissions intensity by 94 per cent and its energy intensity by 15 per cent since 2019. Year-on-year, emissions intensity decreased by 50 per cent and energy intensity decreased by 3 per cent from 2024 to 2025.

Climate: Tracking our actions

Target design and coverage

The base building emissions intensity and total emissions targets are expressed both 'with carbon offsets' and 'without carbon offsets' (net and gross), covering Scope 1 and 2 (market-based) emissions under GPT's operational control. Carbon neutral certification targets cover corporate operations, base building operations and development embodied carbon.

Approach to reviewing targets

Energy intensity goals are set annually. Additional goals are set annually. Several objectives (corporate operations carbon neutral certification, base building carbon neutral certification, and embodied carbon) will be reviewed or revised in 2026 as part of GPT's sustainability policy suite review and climate and offset strategy review.

Validation and assurance

Results are independently assured where possible. GHG emission calculations adhere to and are assured against the Greenhouse Gas (GHG) Protocol. Greenfleet provide third party assurance over project progress for the offset program.

Carbon credits / offsets used to meet targets

GPT has secured a supply of offsets which includes offsets that meet the Australian regulatory scheme and are certified Verified Carbon Units, focusing on offsets that facilitate renewable energy generation with consideration to offset quality criteria (including additionality, permanence, measurability). GPT has also proactively purchased carbon offsets through its 'Restoring Country for Climate' partnership with Greenfleet since 2019.

No targets (pp. 61, 74). "The consolidated entity has not adopted any targets related to climate-related risks and opportunities in FY26" and "will review this position annually" (p. 61). It "does not have formal climate-related targets, including emissions reduction targets" (p. 74).

Tracking and review (p. 74). The entity has "established processes for tracking emissions performance". Given that FY26 is the baseline year, the Working Group will from FY27 report on emissions performance and key climate-related initiatives four times per annum to the Executive Sustainability Committee, twice per annum to the Audit and Risk Committee and annually to the Board. The entity is "reviewing its position on the establishment of formal decarbonisation targets on an annual basis". It says this "remains an area of active consideration" and expects its position to evolve "as its emissions baseline, abatement pathway analysis, and transition planning mature". Progress against targets will be reported publicly through the annual sustainability report once formal targets have been established. Emissions reduction measures underway are detailed in section 3.2.2.

Iluka's North Capel operation is covered under the Australian Safeguard Mechanism requiring a 4.9% annual decline in the gross emissions baseline for the North Capel facility through to 2030. Pursuant to the requirements of AASB S2, the decline rate is considered to be a quantitative target for reporting purposes. Iluka has no other gross or net GHG reduction targets in addition to complying with the safeguard baseline rules. Iluka does not have specific emissions reduction targets and does not have a climate-related transition plan; it has an ambition to be net zero by 2050 where technology is viable, available and commercially feasible (not treated as a formal target).

Reliance on carbon credits, carbon credit type and planned use: 100% reliance on carbon credits until technology solutions become commercially available at scale and can be deployed economically. For the reporting period 1 July 2024 to 30 June 2025, Iluka submitted its emissions data to the Clean Energy Regulator and received its notification of position status; this information is expected to be made publicly available in April 2026 in accordance with the Clean Energy Regulator's publication schedule. For this period, 51% of ACCUs were sourced from nature-based projects and 49% were derived from landfill gas recovery projects. Since January 2025, Iluka has adopted a preference for nature-based ACCUs, specifically those generated through vegetation-based methods such as Human-Induced Regeneration (HIR), while excluding avoided deforestation credits. HIR ACCUs are government-issued and deliver co-benefits such as biodiversity and land stewardship. While operational abatement opportunities were explored through the 2025 Climate Change Work Program, they depend on technologies and alternative energy sources becoming commercially viable. This is being monitored through annual review of assumptions in Iluka's Marginal Cost of Abatement Cost Curves. These factors mean that Iluka expects it will continue to purchase and surrender carbon credit units to achieve compliance with the safeguard regime at least in the short-term.

Seven targets; all apply to the consolidated Group unless noted (pp. 39–41, 48).

Target 1 is net; its gross target is a 90% reduction from FY24, and FY26 is a 67% decrease (pp. 40, 48). Target 1 aligns with a 1.5°C pathway in line with the Paris Agreement. The emissions reduction targets and methodology are not third party validated; none used a sectoral decarbonization approach (p. 40). Carbon removal offsets are to cover residual emissions in FY30 (p. 39); Target 2 does not rely on offsets (p. 41); no carbon credits procured in 2026 (p. 47).

Target (pp. 72–73): net-zero direct scope 1 and scope 2 (market-based) emissions by 2030

Carbon credits (pp. 70, 72). Residual emissions, estimated at less than 2% of combined scope 1 and 2 emissions, are to be offset as a last resort, likely with Australian Carbon Credit Units (ACCUs); the category (nature based or technological carbon removals) will be determined closer to the time.

Performance (p. 71). Against FY2020, scope 1 is 834 t-CO2-e (up 197%, largely from the e&s acquisition in FY2025) and market-based scope 2 is 26,702 t-CO2-e (down 58%, from increased renewable electricity procurement and on-site solar).

In 2020 the Group set targets verified by the Science Based Targets initiative (SBTi) as aligned with the Paris Agreement goal aiming to limit warming to 1.5°C. The Absolute Zero by 2040 target has been validated by the SBTi as in line with a 1.5°C trajectory, and the Group's target was validated under the SBTi Corporate Sector pathway (p. 85). The Risk and Sustainability Committee and the Board review and approve the climate-related targets (p. 73), and progress is reported to the Committee quarterly (p. 85).

Performance (p. 85). The first milestone, Net Zero for Scope 1 and 2 by FY25, was achieved through decarbonization strategies in the transition plans. In FY26 the target was maintained by compensating for residual emissions, primarily through high-quality, nature-based removal offsets within the Australian Carbon Credit Unit Scheme. These offsets are supplied from a native regeneration project in South West Queensland and are verified and issued under the Emissions Reduction Fund (ERF), which administers Australian Carbon Credit Units (ACCUs). The 100 percent renewable electricity by 2030 goal was achieved 5 years ahead of timetable.

Targets (pp. 67–68). Net-zero Scope 1 and 2 GHG emissions by 2040 and two interim targets, both absolute quantitative, for operationally controlled business operations in Australia.

The net emissions target was derived using the Science-Based Targets (SBT) methodology and is Metcash's 2030 Scope 1 and 2 Science-Based Target. External consultants were engaged to support validating the baseline and 2030 and 2040 targets. The SSC reviews progress twice a year; no FY26 revisions.

Performance (p. 68). Against the 42% target: an 18.5% improvement versus the forecasted annual reduction; 22.7% reduction from FY25. The renewable electricity target was achieved. There are currently no gross targets for emissions reduction (p. 61).

Two net targets (pp. 90–91):

The Scope 1 and 2 target covers CO2, CH4, N2O and HFCs on an NGERS operational control boundary: market-based Scope 1 and 2 fell 88%, from 79,733 tCO2-e in FY19 to 9,237 tCO2-e in FY26. Both targets are informed by the Paris Agreement, reviewed annually and unchanged this period. Offsets are avoidance-based, stapled, nature carbon offsets bought through Greenfleet and registered under the Verra Verified Carbon Standard (p. 87). A separate science-based target validated by the SBTi (a 55% cut in Scope 3 emissions from capital goods per square meter of GFA delivered by FY30, against FY19) is regarded by Mirvac as an externally validated ambition; the report says market conditions do not yet provide a clear and credible pathway (p. 91).

No voluntary climate-related targets have been set (pages 103, 118). The target disclosed is the Safeguard Mechanism emissions reduction target for Bengalla Mine, required by law (page 127).

Performance and credits (pages 115, 128). 166,766 ACCUs were surrendered for the 2024/25 NGER reporting period, in respect of 166,766 tonnes of CO2-equivalent above the determined baseline; no Safeguard Mechanism Credits were surrendered. The Group relies on the ACCU Scheme as the third-party framework for the units, and ACCU use does not reduce reported absolute gross Scope 1 emissions.

Target (p. 82). In FY26 the Board approved a target to achieve net zero Scope 1 and Scope 2 greenhouse gas emissions by 2050.

Interim targets and carbon credits (pp. 82–83). The Climate Transition Plan, under development and expected to be finalized during FY27, includes development of interim targets and consideration of the potential role of carbon credits in addressing residual emissions. Separately, NEXTDC has participated in the Climate Active program, under which carbon neutrality is assessed including through eligible carbon offsets for residual emissions; this is separate from the target and is not used as a measure of progress against it (p. 83).

Oversight (p. 70). The ARC monitors and reviews the targets set by the Board. Progress will be monitored through ongoing ESG updates to the ARC and the development of the Climate Transition Plan.

Nickel Industries has publicly communicated longer-term climate targets that frame its strategic approach to greenhouse gas emissions. In 2023, Nickel Industries announced a commitment to reduce carbon intensity by 50% by 2035 compared to a historical base year and to achieve net-zero emissions by 2050.

Target 1a: Reduction of GHG intensity

• Metric: Reduce carbon intensity by 50% by 2035 based on a 2022 baseline, measured in tCO2-e/tNi.
• Objective: Mitigation of Scope 1 and 2 GHG emissions.
• Scope: Applies across the portfolio within the reporting entity.
• Period: 2025-2035.
• Base period: 2022.
• Milestones and interim targets: Nil.
• Target type: Intensity GHG target.
• Alignment with jurisdictional commitment: Not aligned with any jurisdictional commitment.
• Validation: The target and methodology have not been validated by a third party.
• Review process: Reviewed by the Risk Management and Sustainability Committee.
• Metrics for monitoring progress: Measure of tCO2-e/tNi (annually).
• Revision: No revisions have been made to the target in the current period.
• GHG covered: Carbon dioxide (CO2) from stationary and mobile fuel combustion; Methane (CH4) from coal mining, oil & gas, agriculture, waste; Nitrous oxide (N2O) from fertilisers, industrial processes, combustion; Hydrofluorocarbons (HFCs) from synthetic refrigerants; Perfluorocarbons (PFCs) from aluminium production, semiconductor manufacturing.
• Scope 1, 2 or 3 target: Scope 1 and 2.
• Gross or net GHG target: Gross.
• Sectoral decarbonisation approach: No.

Target 1b: Achieve net-zero emissions by 2050

• Metric: Portfolio-wide emissions (carbon dioxide, methane and nitrous oxide) reduction to net zero for Scope 1 and 2 emissions by 2050, measured in CO2-e.
• Objective: Mitigation of Scope 1 and 2 GHG emissions.
• Scope: Applies across the portfolio within the reporting entity.
• Period: 2022-2050.
• Base period: 2022.
• Milestones and interim targets: Nil.
• Target type: Absolute quantitative target.
• Carbon credits: The Group is committed to reducing its carbon footprint primarily through direct abatement measures, with carbon credits playing a limited and supportive role in the Group's overall emissions reduction strategy.
• Alignment with jurisdictional commitment: Not aligned with any jurisdictional commitment.
• Validation: Not validated.
• Review process: Reviewed quarterly by the Risk Management and Sustainability Committee, following the escalation process of the ESG targets set out in the Governance section.
• Metrics for monitoring progress: Nil.
• Revisions: Any revision to the target will be disclosed and explained in the annual climate-related report. No revisions have been made to the target in the current period.
• GHG covered: Carbon dioxide (CO2); Methane (CH4) from coal mining, oil & gas, agriculture, waste; Nitrous oxide (N2O) from fertilisers, industrial processes, combustion; Hydrofluorocarbons (HFCs) from synthetic refrigerants; Perfluorocarbons (PFCs) from aluminium production, semiconductor manufacturing.
• Scope 1, 2 or 3 target: Scope 1 and 2.
• Gross or net GHG target: Net target.
• Sectoral decarbonisation approach: No.

Voluntary 2030 targets (pp.179, 181). Both cover gross Scope 1, 2 and 3 equity emissions, including Australia Pacific LNG's equity share, from an FY19 baseline; objective: mitigation.

FY26 absolute emissions were down about 1 Mt CO2-e from FY25 and 17% below FY19 (p.181). Gases: CO2, CH4, N2O, HFCs, PFCs and SF6. Developed with regard to Paris Agreement goals and third-party 1.5°C scenarios; the Sectoral Decarbonisation Approach informed the intensity target. EY gave limited assurance over the intensity target-setting approach in 2022; targets are reviewed annually; no material adjustment in FY26. Carbon offsets are not currently used or regarded in tracking progress; credits are not in the projected pathway but may be considered for an unanticipated shortfall (p.179).

Required by law or regulation (pp.179–180). Safeguard Mechanism baselines for three Australia Pacific LNG facilities; federal and state certificate surrender obligations (about 10 million LGCs and STCs; about 9 million state certificates).

Net zero 2050 (p.182). An ambition Origin says is distinct from its targets (the voluntary medium term and legally required ones, p.179). Residual emissions are expected to be addressed with carbon removals and voluntary carbon credits.

Pepper Money has not set any targets in this reporting period. The Group has not set greenhouse gas emissions targets, as its operations have a low direct emissions profile. At this time, the Group has not established quantitative targets specifically in relation to physical climate risks. While climate-specific targets are not currently in place, the Board has approved other ESG-related metrics, detailed in the ESG Report 2025.

Targets (p. 24). All are Group-level targets. The emissions targets cover CO2, CH4, N2O and HFCs and are set on a net basis.

No quantified milestones beyond 2030, and Scope 3 is excluded from the pathway (pp. 24, 26). The pathway and targets are not externally validated; the report states they align with the 2024 Australian Government Aviation White Paper and IATA's 2024 Fly Net Zero Roadmaps. Reviewed at least annually; only the SAF target's expression was refined. CORSIA and Safeguard Mechanism targets are monitored (p. 25).

Progress (pp. 27, 30). Net Scope 1 and 2 emissions are 12% below 2019. SAF was 1.1% of jet fuel consumption in FY26 (FY25: 0.2%) against the 10.0% 2030 target.

Carbon credits (pp. 26, 33). The pathway shows credits as 30–40% of abatement by 2050. In 2025/26 all credits retired for the Safeguard Mechanism were nature-based removal ACCUs certified by the Clean Energy Regulator; others were certified under the ACCU Scheme, Verified Carbon Standard or Gold Standard.

Operations and supply chain targets

Selected Scope 3 emissions comprise those relating to fuel- and energy-related activities (Category 3) and business travel (Category 6). These targets have not been renewed beyond 2025 (energy use, renewable electricity). Renewable electricity target based on RE100 Climate Group's materiality threshold guidance. Baseline years were previously set at 2019 for Scope 1 and 2 emissions and 2022 for in-scope Scope 3 categories. Baseline year references have been removed for the net-zero target and have not been set for the associated gross target, reflecting a shift in how progress will be assessed, with a focus on reviewing total emissions against expectations based on planned initiatives rather than measuring reductions from a historical baseline. These targets exclude mobile combustion emissions from employee personal use of QBE's leased vehicles and, where applicable, associated upstream fuel and energy emissions. The energy use target also excludes purchased heating and cooling (electricity) centrally provided by landlords.

Approach to target-setting and monitoring: The Group's refreshed operational targets were determined through a structured process that considers the current emissions profile and the feasibility of emissions reduction initiatives across regions. Divisional management was engaged to assess the practicality of proposed initiatives, and targets were set based on their expected impact. The process also considered the materiality of emission sources to prioritise actions where reductions would be most meaningful. These targets have not been validated by an external third party. However, they are reviewed and endorsed internally by the Sustainability Steering Committee and the GEC E&S Subcommittee, and approved by the Board. Progress is monitored quarterly and reported to the GEC and the Board, with regular engagement between the Group Sustainability function and initiative owners to assess performance and identify corrective actions where required.

During the year, the Group also completed foundational work to set its supply chain target (70% of global strategic suppliers to have publicly defined emissions reduction targets by 2030), including confirming the scope of strategic suppliers, assessing feasibility, and finalising approvals through established sustainability governance processes. This target takes effect from 1 January 2026.

The Group's refreshed operational emissions targets are not derived using a sectoral decarbonisation approach, or informed by the latest international agreement on climate change. QBE's GHG emissions targets are calculated using the market-based method for Scope 2 emissions, reflecting emissions associated with contractual instruments such as GreenPower agreements and energy attribute certificates.

Investment targets (2025)

These targets applicable for 2025 will be superseded from 2026 by updated targets set out in the Transition Plan (invest $200 million in climate solutions annually through to 2030; limit Scope 1 & 2 WACI of the public corporate debt portfolio to 20% below the WACI of the market benchmark).

Approach to target-setting and monitoring: In 2025, QBE refreshed its investment targets as part of the Transition Plan, following the completion of interim 2025 targets and an updated assessment of market conditions, data availability and feasibility. While QBE exited the Net-Zero Asset Owner Alliance (NZAOA) in March 2025, its Target-Setting Protocol continued to serve as a reference point in shaping QBE's approach to target-setting and climate strategy. The updated investment targets reflect consideration of portfolio composition and market factors, complemented by peer benchmarking and reference to relevant external frameworks. QBE adopted recognised metrics and data sources, aligning measurement to the Partnership for Carbon Accounting Financials (PCAF) where practicable. While these targets have not been reviewed by an external third party, they have been internally endorsed and approved through governance processes consistent with those applied to operational and supply chain targets.

Performance against targets

Energy use: QBE achieved its energy use target in 2025, supported by continued optimisation of the property portfolio, including transition to more energy-efficient buildings in North America and the sale of office premises and relocation to smaller sites. Although no formal targets have been set beyond 2025, QBE will continue to identify and implement opportunities for reducing energy consumption, with energy use to be monitored as part of QBE's GHG emissions targets from 2026.

Renewable electricity use: Since 2021, QBE has met its renewable electricity commitment, with 100% of electricity use across its offices (excluding Bermuda and Pacific Islands) sourced from certified renewable sources, achieved through a combination of green energy contracts and unbundled energy attribute certificates. Following expiry of the commitment on 31 December 2025, QBE intends to continue sourcing renewable electricity in all countries where certified options are available.

Scope 1 and 2: In 2025, QBE continued to decarbonise its operations through property portfolio optimisation, fleet efficiency and renewable electricity sourcing, including phase-out of gas heating (a major leased office in the UK completed transition to a fully electric HVAC system) and evaluation of fleet efficiency strategies in North America.

Scope 3: For business travel, travel planning principles continued to be applied, including prioritisation of virtual collaboration and strategic selection of meeting locations. For energy-related activities, upstream emissions associated with purchased electricity and natural gas reflect energy efficiency initiatives and renewable electricity sourcing.

Investments – Engagement: QBE identified the 20 highest emitters in its investment grade corporate credit portfolio based on Scope 1 and 2 carbon intensity, and conducted targeted engagement with these issuers during the year. During 2025, QBE engaged with all external investment managers as part of the annual due diligence review process. QBE requested private fund managers to self-assess their funds' categorisation under the NZIF to establish a baseline across private fund investments, to inform 2026 engagement priorities.

Investments – Financing the transition: QBE met its climate solutions target of at least 5% of assets under management in 2024 and 2025. At 31 December 2025, climate solutions represented 7% of the Group's assets under management. From 2026, QBE will transition to a new target to invest $200 million in climate solutions annually through to 2030, representing a commitment of $1 billion over five years.

Investments – Carbon intensity: QBE met its carbon intensity target of 25% reduction in its developed market equity portfolio, achieving 57 tCO2e/$M, a 36% reduction against the 2019 baseline of 90 tCO2e/$M. The WACI of QBE's investment grade corporate credit portfolio was 17 tCO2e/$M sales at balance date, within the target range of 15 to <70 tCO2e/$M sales (low carbon risk rating). From 2026, this will be replaced by the updated WACI target.

GHG emissions target details

The operational net-zero ambition covers Scope 1, Scope 2 (market-based), and selected Scope 3 emissions related to fuel- and energy-related activities (Category 3) and business travel (Category 6). The net-zero target is expressed on a net basis, reflecting the intended use of carbon removals to offset residual emissions after the implementation of emissions reduction initiatives; a gross target of 16,900 tCO2e by 2030 is also disclosed. The defined inventory of Scope 3 emissions included in the Group's carbon neutrality commitment covers a broader range of emission sources than those included in the net-zero target. The revised target excludes Scope 3 emissions related to capital goods (Category 2), reflecting QBE's limited ability to influence emissions associated with producing these assets, and excludes mobile combustion emissions from employee personal use of QBE's leased vehicles and associated upstream fuel and energy emissions given QBE's limited influence over these sources. Externally hosted data centres have been reclassified to Category 1 (previously disclosed in Category 3) to align with relevant guidance following a review informed by AASB S2 considerations. The Group's refreshed operational emissions targets are not derived using a sectoral decarbonisation approach.

Carbon credits: In 2025, QBE purchased and retired avoidance-based carbon offsets to maintain carbon neutrality across the defined inventory of operational emissions, including: South East Arnhem Land Fire Abatement Project (SEALFA) (Australian National Registry of Emissions Units – Clean Energy Regulator, project ERF101624, Australia, KACCU Indigenous Savanna Fire Management methodology); Bundled Wind Power Project by Giriraj Enterprises (Verra, VCS1669, India, Energy industries (renewable/non-renewable sources), ACM0002); Satara Wind Power Project in Maharashtra, India (Verra, VCS1519); 44MW Wind Bundle in Maharashtra by Enercon (India) Limited (Verra, VCS489); Berges Wind Power Project by Innores Elektrik Uretim A.S. (Gold Standard, GS5229, Turkey, Wind); CrowLake Wind Emissions Reduction Project (Verra, VCS756, United States of America, Energy industries (renewable/non-renewable sources) (Wind)). Business entity: Qantas Airways Limited (Qantas), an authorised representative (CAR 000261363) of TEM Financial Services Pty Ltd selling the offset (ABN 58 142 268 479, AFSL 430036). All avoidance-based carbon offsets are registered with third-party internationally recognised verification standards, including Gold Standard, Verra's Verified Carbon Standard (VCS), and Australian Carbon Credit Units (ACCUs). As part of QBE's broader decarbonisation strategy, QBE plans to procure carbon removals to cover emissions within the scope of QBE's 2030 net-zero operational target. Both nature-based and technology-based solutions will be considered, with a focus on projects that demonstrate durable carbon storage and climate benefits.

Scope 1 and 2 target

Target details: 2025 target: Reduce our net Scope 1 and 2 emissions by 15% by 2025 (relative to 2018 levels). 2030 target: Reduce our net Scope 1 and 2 emissions by 50% by 2030 (relative to 2018 levels). 2050 target: Net zero by 2050 (relative to 2018 levels).

Metric: Operational emissions: Scope 1 and 2 GHG emissions, adjusted equity basis. Objective: Mitigation of Scope 1 and 2 GHG emissions. Scope: Applies to our economic interest (equity share) of all operational emissions, standardised to current corporate and asset ownership in the 2018 base year (adjusted equity). Our targets cover more than 95% of our operational emissions. Scope 2 emissions are calculated using the market-based method. Base year: 2018. Target type: Percentage (2030), Absolute (2050). Influence of international climate agreements: Targets support the Paris Agreement objectives.

Third-party validation: In 2021, KPMG provided limited assurance over the alignment of our targets with efforts to limit warming to 1.5°C. Scope 1 and 2 GHG emissions are audited to reasonable assurance annually by third-party auditors which validates Rio Tinto's performance against target. In 2025, KPMG provided limited assurance over our 2025 progress reporting against our CAP in addition to its reasonable assurance of our Scope 1 and 2 emissions, and limited assurance of Scope 3 emissions.

Review process: Decarbonisation review sessions are held each year as part of the regular ExCo schedule to discuss the overall decarbonisation roadmap and abatement portfolio, including any future changes to targets or commitments.

Revisions to the target: Any revision to the target will be disclosed and explained in the Rio Tinto Annual Report. No revisions have been made to the target in the current period.

GHGs covered by the target: CO2, CH4, N2O, HFCs, PFCs, SF6 (NF3 not applicable). Gross vs net emissions target: Net emissions target: 50%; Gross emissions target: 40%. Sectoral decarbonisation approach: We concluded that our Scope 1 and 2 target for 2030 was aligned with efforts to limit warming to 1.5°C when we set it in 2021, but the target was not set using a sectoral decarbonisation approach as there was no sector-specific methodology then, and this remains the case today. Planned use of carbon credits: The use of carbon credits towards our target will be limited to 10% of our 2018 baseline. In 2025, our net emissions include the use of Australian Carbon Credit Units (ACCUs) by our Australian assets to comply with the Safeguard Mechanism in the calendar year 2025.

Performance against targets: Gross Scope 1 and 2 GHG emissions (adjusted equity basis, Mt CO2e): 2025: 31.5 | 2024: 31.7 | 2018: 36.7. Net: 2025: 30.4 | 2024: 30.7 | 2018: 36.7. As of 2025, our gross adjusted Scope 1 and 2 emissions are 14% below 2018 levels; after applying high-integrity offsets, net adjusted Scope 1 and 2 emissions are 17% below baseline.

Scope 3 value chain targets

We have not set an overall Scope 3 emissions target due to the limited direct influence we have on the decarbonisation activities of our customers, required maturation of technology adoption and grid decarbonisation in customers' host countries. Instead, we hold ourselves accountable on near-term, action-oriented, and measurable targets:

Steel decarbonisation targets:

• Support our customers' ambitions to reduce their carbon emissions from blast furnace–basic oxygen furnace (BF-BOF) process by 20–30% by 2035.
• Reduce our net Scope 3 emissions from IOC high-grade ores by 50% by 2035, relative to 2022 (subject to funding approval and technical feasibility).
• Commission a shaft furnace–direct reduced iron (DRI) + electric smelting furnace (ESF) pilot plant by 2028 (revised from 2026), in partnership with a steelmaker.
• Finalise study on a beneficiation pilot plant in the Pilbara by 2026.

Alumina decarbonisation targets:

• In 2025, partner with at least 2 bauxite customers with the goal of improving energy efficiency and reducing emissions, focusing on digestion improvement technology; controlling or removing organic compounds from the refining process; and technical options to reduce moisture content in our bauxite. (Met in 2025.)

Shipping decarbonisation targets:

• Reach net zero shipping by 2050 across our shipping footprint.
• Fulfil First Movers Coalition (FMC) pledge of 10% of time-chartered fleet to be running on low-carbon fuels by 2030 and progressing to 100% of time-chartered fleet by 2040.
• Reduce emissions intensity by 40% by 2025 (5 years ahead of the target set by the IMO), and deliver 50% intensity reduction by 2030 (relative to IMO's 2008 baseline).

Procurement decarbonisation targets:

• Engage with 50 of our highest-emitting suppliers on emissions reduction, focused on driving supplier accountability for setting and delivering against their decarbonisation targets.
• Implement decarbonisation evaluation criteria for new sourcing in high-emitting categories (raw materials, explosives, global equipment).

Performance against Scope 3 targets

Against the IMO's 2008 baseline year for emissions intensity, our 2025 shipping performance showed a 39% improvement, falling 1% short of our ambition to deliver a 40% reduction by 2025, largely due to weather impacts in the Pilbara region. We continue to progress towards our 2030 target of a 50% reduction in emissions intensity. In 2025, we met our alumina partnership targets. About 54% of our steel-producing customers by direct iron ore sales volume have set public targets to reach net zero or carbon neutrality by 2050; nearly 40% of our bauxite sales are to customers with net zero emissions targets, though only 22% are aiming for net zero by 2050.

The Board, supported by the Safety and Sustainability Committee, oversees the setting and monitoring of targets, including emissions reduction ambitions, targets and metrics related to climate-related risks and opportunities through the annual strategy-setting process. Reviewing and monitoring of targets is addressed at least annually through performance updates to the Safety and Sustainability Committee.

Targets table (summarised)

Quantitative targets are absolute metrics, except for 'Target to reduce Scope 1 and 2 emissions intensity by 40 per cent' and 'Achieve near-zero methane emissions', which are intensity targets. Santos’ targets have not been derived using a sectoral decarbonisation approach, as the Science Based Targets Initiative currently does not publish a sector decarbonisation approach for the oil and gas sector.

Santos is building an inventory of carbon credits through external acquisitions and internal generation. This includes externally-purchased ACCUs and SMCs, externally-purchased credits from internationally-recognised registries Santos currently works with, self-generated carbon credits through nature-based projects, and internally-generated SMCs and ACCUs, including those acquired through Moomba CCS. Santos uses carbon credits to reduce emissions in line with compliance obligations and to meet voluntary targets, once all feasible options to avoid and reduce these emissions have been achieved, including abatement through Moomba CCS. Santos remains compliant with its compliance obligations under the Safeguard Mechanism.

Methane emissions intensity metric calculation and target aligns with the OGCI’s ‘Aiming for Zero’ initiative, of which Santos is a signatory. Zero routine flaring aligns with the World Bank’s Zero Routine Flaring initiative, of which Santos is an endorser.

Building a commercial carbon storage business: Santos aims to build and operate a commercial carbon storage business, safely and permanently storing approximately 14 Mt (gross) of third-party CO2e per annum by 2040, equivalent to around 56% of Santos’ 2025 equity Scope 3 emissions from the combustion and use of products (categories 10 & 11). By 2030, target is 1.5 Mt of third-party CO2e per annum from the supply of low carbon fuels and carbon management services. Santos aspires longer-term to store more carbon than it emits (Scope 1, 2, and equivalent Scope 3 emissions).

Since 2018, Santos has published an annual Climate Report; the 2030 emissions target was reached in 2025 (42% reduction), ahead of schedule.

Net zero scope 1 and 2 emissions target

The Group has a target to achieve net zero (scope 1 and 2) emissions across wholly-owned Westfield destinations by 2030, and an interim target to achieve a 50% reduction in scope 1 and 2 emissions by 2025 across wholly-owned destinations. Beyond 2030, the Group's goal is to maintain net zero emissions for all wholly-owned destinations.

When the Group set the target in 2020, consideration was given to industry examples of net zero targets, external research regarding energy policy, energy markets, access to renewable energy and internal financial modelling; however, a formal sectoral approach was not applied at the time. While the Paris Agreement did not inform the setting of the Group's net zero target, the Group aims to achieve its net zero target by 2030, 20 years ahead of the Paris Agreement's 2050 goal.

The Group's net zero target is a net GHG emissions target. Its objective is to minimise scope 1 and 2 emissions. Greenhouse Gas Protocol metrics are used to measure this absolute target, specifically carbon dioxide equivalent (CO2e) measured in tonnes of CO2e.

Scentre Group was established in 2014, which is the emissions reduction baseline. Since setting the baseline, the Group's portfolio has changed due to asset acquisitions and disposals; accordingly, the baseline has been adjusted to ensure a like-for-like comparison.

The Group's net zero target is supported by comprehensive internal processes and was endorsed by management and the Board of Directors. While the target has not been independently validated, the Group's progress towards the net zero target is validated by a third party each year. The net zero target and progress towards it are reviewed annually, in line with financial and operational reporting. There have been no changes to the net zero target since its disclosure in 2020.

In 2025, the Group announced the partial divestment of Westfield Chermside and Westfield Sydney. The completion of Westfield Chermside occurred within the reporting period, with the baseline adjusted to reflect the change. Westfield Sydney completed in February 2026 and is reflected as a wholly owned asset in the 2025 performance.

The Group's net zero target is measured using a market-based approach. The Group has not set a gross GHG emissions target. The net zero target has not been disclosed as derived using a sectoral decarbonisation approach. Any scope 1 emissions remaining after operational initiatives will be monitored and additional measures considered, which may include the use of offsets; however, no decision has been made regarding the types of offsets that may be used.

Progress towards net zero target

In 2025, the Group achieved a 57% reduction in scope 1 and 2 emissions across wholly-owned destinations, exceeding the Group's interim target to achieve a 50% reduction in scope 1 and 2 emissions for wholly-owned Westfield destinations since 2014. The reduction to date has been primarily achieved in scope 2 emissions, driven by the focus on operational efficiencies and the procurement of renewable energy certificates. The Group is on track to achieve its net zero target by 2030, with agreements in place to deliver net zero scope 2 emissions for all wholly-owned Westfield destinations. The total portfolio has achieved a 56% reduction in scope 1 and 2 emissions since 2014.

Reduction to baseline – wholly-owned

Reduction to baseline – total portfolio

2014, the year Scentre Group was established, represents the Group's emissions reduction baseline, excluding sold centres. The 2014 baseline emissions were reviewed for Australian destinations only (location-based), which have since been adjusted to reflect the divestment of sold centres. The 2014 wholly-owned baseline has been adjusted to exclude destinations in which the Group no longer holds 100% ownership.

Wholly-owned destinations achieved a 57% reduction in scope 1 and 2 emissions since 2014, with 43% of scope 1 and 2 emissions remaining (3% remaining scope 1 emissions, 40% remaining scope 2 emissions). Total portfolio achieved a 56% reduction since 2014, with 44% of scope 1 and 2 emissions remaining (3% remaining scope 1 emissions, 41% remaining scope 2 emissions).

Status (pp. 165–166, 184). In FY2026 Sonic commenced a reset of its GHG emissions target base year from FY2021 to FY2026. It is re-establishing its emissions and climate targets and says it "does not have active climate-related targets in place for performance monitoring under AASB S2 at this time". Reasons given include data integrity and FY2021 being materially affected by the COVID-19 pandemic (pp. 165–166). The Board is overseeing development of updated targets in line with science-based guidance and requires emissions targets to be science-aligned, consistent with a 1.5° C pathway under the Paris Agreement.

Previously stated targets (p. 184). Net zero greenhouse gas emissions by 2050; reduce scope 1 and 2 (market-based) emissions by 43% by 2030 against the FY2021 base year.

Progress against the previous interim commitment (p. 184). At 30 June 2026, scope 1 and 2 (market-based) emissions, calculated like-for-like excluding the LADR acquisition (completed on 1 July 2025), had reduced by 34.2% against the FY2021 base year and 11.1% against FY2025. The report says this excludes LADR and does not represent consolidated scope 1 and 2 emissions for FY2026.

Next steps (pp. 166, 184). The reset covers a revised baseline, scope coverage, and metrics and governance arrangements for monitoring. Sonic expects to reinstate its net zero by 2050 commitment and interim targets in its November 2026 Sustainability Impact Report.

The Group has set a climate-related target. Included in this target is the commitment to a reduction in net Scope 1 emissions in alignment with the requirements of the Safeguard Mechanism. The Safeguard Mechanism is legislated by the Australian government and applies to all of the Group's mining facilities and legislates an ongoing net reduction in GHG emissions. Stanmore has aligned its GHG reduction target with this requirement and will update its target with any changes to the legislation.

GHG Emission Target 1

Other Climate-related Targets

The Group has not established additional climate-related targets.

Target Setting Process and Review Approach

The Group's climate target and the methodologies have not been validated by a third party. Quarterly reviews of performance against the target are conducted and presented at each Sustainability Committee meeting and summarised for the Board.

Performance Against Climate-related Targets

The emission intensity at each operation is reviewed annually as part of the Safeguard Mechanism requirements. Below are the results for 2025 noting the appropriate surrender of carbon credits required to be completed in early 2026.

Planned Use of Carbon Credits to Achieve Targets

The Group's primary goal is to reduce operational GHG emissions through structural abatement measures, thereby reducing the use of carbon credits. Carbon credits will be required to achieve the target as part of the requirements of the Safeguard Mechanism. In line with those requirements only ACCUs and/or SMCs will be used in order to achieve the target. Each of a single ACCU and SMC represent 1 tonne of CO2-e avoided or removed and are permanently surrendered to the Australian Government. The Clean Energy Regulator acts as issuer of ACCUs and SMCs with each one verified by their processes prior to being issued. No other carbon credits are allowed, under the Safeguard Mechanism Rules, to be used to achieve the required reduction.

The target is a net target (Net Emission Intensity Target) covering Scope 1 GHG emissions. Carbon credits planned for use are ACCUs and/or SMCs, tied to the Safeguard Mechanism as the associated third-party scheme.

Stockland has net emissions targets and maintains no gross emissions targets (p. 190). Baseline year FY21; targets use the market-based method (p. 198).

Setting and review (p. 190). Set by management; the ESG Steering Committee reviews the baseline year and targets and the Board approves them after the Sustainability Committee considers them. Progress is communicated at least annually.

Offsets (pp. 190–191). Residual Scope 1 emissions are offset with ACCUs from human-induced regeneration projects in south-west Queensland, assessed against criteria including additionality, permanence, leakage and independent verification. The 2050 target may use credible offsets for residual emissions.

Scope 1 and 2 (p. 39). At least 90% absolute reduction from FY20, with residual emissions abated through carbon credits. No carbon credits are currently used; if used, limited to no more than 10% of FY20 baseline emissions. The target is informed by the Science Based Targets initiative, is not derived using a sectoral decarbonization approach and has not been independently validated. The FY20 baseline was restated from 13,078 tCO2-e. RE100 performance is internally verified and not endorsed by RE100.

Financed emissions (p. 40). Set with reference to the Net-Zero Asset Owner Alliance (NZAOA) protocol, which recommends targets consistent with a 1.5°C global temperature limit (40-60% reduction by 2030); the target is at the upper end of that range. Methodology and target have not been validated by a third party. No carbon offsets are intended.

Index (p. 215): Climate-related targets, p. 202.

The 2030 targets exclude Digicel Pacific, which is included in the 2050 net-zero commitment. Both 2030 targets and the 2050 commitment require absolute emissions reduction and are validated by the Science Based Targets Initiative (SBTi) as aligned with limiting global temperature increase to 1.5°C; they use SBTi's absolute contraction approach, not a sectoral decarbonization approach, and exceed the trajectory of Australia's Nationally Determined Contribution to the Paris Agreement. In FY24 the scope 1+2 target rose to 70% from 50% (p. 192). Net zero under SBTi requires minimum reductions from FY19 of 95% (scope 1+2) and 90% (scope 3), and any residual emissions may be offset using appropriate carbon credits; none are planned for 2030, and their use for 2050 may be revisited (pp. 201–202).

The Group has set the following science-based target:

Target: 42% absolute gross emission reduction target for Scope 1 and Scope 2 GHG emissions (market based) by 2030 from a 2021 base year

• Objective: Reduce the Group's direct emissions, mitigate transition risk and support the Group's strategy through decarbonisation.
• Scope: Applies to all operations across the whole Group and investees where it has operational control.
• Greenhouse gases: All relevant greenhouse gases covered, reported as tCO2-e. For Scope 1 and 2 emissions these are Carbon dioxide (CO2), Methane (CH4) and Nitrous oxide (N2O).
• Period: 2022–2030.
• Target type: Absolute target on gross emissions. No plans to use carbon credits or nature-based solutions to achieve target.
• Base period: 2021 baseline of 50,531 tCO2-e.
• Milestones or interim targets: Interim targets on Scope 1 and 2 emission intensity are set annually and form part of the STI scorecard.
• Alignment with jurisdictional commitments: Science-based target informed by the aims of the Paris Agreement.
• Target setting and validation: Validated by the Science Based Targets initiative and approved by the Board in 2024.
• Review process: Target progress is reviewed quarterly by the SASC.
• Metrics for monitoring progress: Total Scope 1 and 2 market-based emissions.
• Revisions: No revisions were made to the target in FY25.
• Progress in 2025: Status at FY25 year end is 22.4% reduction in Scope 1 and 2 (market-based) emissions from 2021, a 1.4% reduction from FY24, driven by an increase in Greenpower purchased for electricity and fleet initiatives.

Goal: Achieve a 51% intensity emissions reduction for Scope 3 GHG emissions from Purchased Goods and Services by 2030 from a 2021 base year

• Objective: Reduce the Group's indirect supply chain emissions to mitigate transition risk and support the Group's strategy through decarbonisation.
• Scope: Applies to 85% of the Group's Category 1 – Purchased Goods and Services in the 2021 base year inventory (and 67% of base year total Scope 3 emissions) in accordance with SBTi target setting methodology.
• Greenhouse gases: All greenhouse gases covered, reported as tCO2-e.
• Period: 2022–2030.
• Target type: Scope 3 intensity (GEVA). No plans to use carbon credits or nature-based solutions to achieve target.
• Base period: 2021 baseline Scope 3 intensity (GEVA) of 195.
• Milestones or interim goals: No milestones or interim targets.
• Alignment with jurisdictional commitments: Science based target methodology informed by the aims of the Paris Agreement.
• Target setting and validation: Validated by the Science Based Targets initiative and approved by the Board in 2024. Target not derived using a sectoral decarbonisation approach.
• Review process: Progress is reviewed at half-year and year-end by the SASC.
• Metrics for monitoring progress: Scope 3 intensity (GEVA).
• Revisions: No revisions were made to the goal in 2025.
• Progress in 2025: The Scope 3 intensity (GEVA) for 2025 was 176, representing a 9.6% reduction from 2021, due to a reduction in the estimated tonnes of CO2-e from the applicable portion of PG&S emissions and increased Value Added since 2021.

Goal: Net zero – 90% absolute gross GHG emissions reduction and net zero emissions for Scope 1, 2 and 3 GHG emissions by 2050

• Objective: Reduce the Group's direct and indirect value chain emissions, mitigate transition risk and support the Group's strategy through decarbonisation.
• Scope: Applies to the Group and its investees Scope 1, 2 and 3 inventory where it has operational control.
• Greenhouse gases: All greenhouse gases covered, reported as tCO2-e.
• Period: 2022–2050.
• Target type: Absolute target on net GHG emissions reduction.
• Base period: 2021 baseline of 662,290 tCO2-e.
• Carbon offsets: Credible offsets via carbon credits or nature-based solutions will be identified once a gross reduction of 90% total Scope 1, 2 and 3 GHG emissions has been achieved. This is not anticipated before 2045. The viability of offsets for the Group's transition plan will be considered in light of external frameworks and the regulatory and policy frameworks at the relevant point in time.
• Milestones or interim goals: No milestones or interim targets.
• Alignment with jurisdictional commitments: Science based target methodology informed by the aims of the Paris Agreement.
• Target setting and validation: Validated by the Science Based Targets initiative and approved by the Board in 2024.
• Review process: Progress is reviewed annually by the SASC.
• Metrics for monitoring progress: Total Scope 1, 2 and 3 emissions (market-based).
• Revisions: No revisions were made to the goal in FY25.
• Progress in 2025: Total Scope 1, 2 and 3 emissions (market-based) for 2025 was 822,105 tCO2-e, representing an increase of 24.1% from the 2021 baseline.

Each year, the Group reviews business changes to determine if the above target and goals should be updated. The CGSC and the SASC oversee climate goals and progress.

Climate-related targets

In 2021, the Company announced its commitment to reduce carbon emissions across its operations over the medium and long term, in relation to Scope 1 and 2 emissions. Voluntary climate related targets were set at that time, business unit specific, targeting net zero Scope 1 and 2 emissions across non-refining operations by 2030, and a 10% reduction in emissions intensity at the Geelong Refinery by 2030.

As part of a broader decarbonisation strategy review, the Company revised its climate targets in 2025 to ensure they remain aligned with strategy, business model and the evolving external environment. Our revised climate targets reflect two transition pathways: Scope 1 – the Geelong Refinery will deliver emissions reductions in line with Safeguard 2030 baseline reductions; Scope 2 – Viva Energy will procure 40% of its required electricity from renewable energy by 2030.

Scope 1 emissions target / SGM requirements

The Geelong Refinery will deliver emissions reductions in line with Safeguard 2030 baseline reductions. The Group is required to meet this target under law (the National Greenhouse and Energy Reporting Act 2007) and related regulation (National Greenhouse and Energy Reporting (Safeguard Mechanism) Rule 2015).

• Reduce refinery feedstock emissions intensity to 0.138 tCO2/kL feedstocks (approximately 95% of Refinery Scope 1 emissions). This is the expected Safeguard baseline for 2030, delivered through a combination of offsets and emission reduction investments at the refinery, representing a reduced emissions intensity of 14% compared to the FY2018-22 average (base period).
• Reduce electricity generation emissions intensity to 0.501 tCO2/MWh generated (approximately 5% of refinery Scope 1 emissions). This is the expected Safeguard baseline for 2030, representing a reduced emissions intensity of 42% vs FY2018-22 average.

The Geelong Refinery is the Group's largest source of GHG emissions, accounting for 98% of the Group's Scope 1 emissions in 2025. As a SGM facility, the Geelong Refinery's emissions reduction target is set by the scheme's mandated baseline decline, currently applying the Trade-Exposed Baseline Adjusted (TEBA) discounted baseline decline rate; the Geelong Refinery currently qualifies as a TEBA facility, but its baseline decline would increase if its TEBA eligibility changes in the future. Australia's net zero goal and emissions reduction commitments, including the SGM, form part of Australia's commitment to the Paris Agreement.

Pathways to achieving Scope 1 target

The Scope 1 target is a net GHG emissions target. To meet SGM obligations, ACCUs will be surrendered annually to address the gap between actual emissions intensity and the refinery's 2030 baseline target. In the year ended 30 June 2025, the Group's Scope 1 refinery emissions were 1,061,314 tCO2-e, resulting in a SGM liability of 106,587 tCO2-e for the period. To meet its 2025 SGM compliance obligations, the Group will retire 106,587 ACCUs in February 2026, at a cost of $3.5 million. The retirement of these ACCUs allowed the Group to meet refinery feedstocks emissions intensity of 0.149 tCO2-e/kL and refinery electricity generation emissions intensity of 0.785 tCO2-e/MWh generated.

We have begun investing in emissions reduction initiatives at the Geelong Refinery, including the Packinox project completed in 2023 ($17.8 million capital investment generating approximately 14,000 tonnes of emissions abatement). Energy efficiency projects totalling $13 million were also implemented during the 2025 RCCU turnaround and are expected to reduce annual Scope 1 emissions by 29kt. Performance against forecast abatement outcomes will be monitored and reported. Any future major emissions-reduction investments at the refinery are constrained by operational requirements and can only be implemented during the planned 2030 Turnaround, meaning associated abatement benefits would be realised only after 2030. The SGM is regulated and administered by the Clean Energy Regulator. Our progress against this target will be monitored internally and reported accordingly.

Scope 2 emissions target

Viva Energy will procure 40% of its annual required electricity from renewable energy by 2030. This is a voluntary, gross target (renewable-energy procurement target rather than an emissions-reduction target), reframed from the prior emissions-reduction formulation to take a more proactive and strategic approach to managing Scope 2 emissions. This target has not been validated by a third party. Progress against the target will be monitored internally using MWh data and reported accordingly.

Pathways to achieving Scope 2 target

To support its decarbonisation pathway and net zero ambitions, the Group purchases Large Generation Certificates (LGCs) to cover a portion of energy consumption, received monthly through a Power Purchase Agreement (PPA), with a further 20,000 LGCs secured annually under an external forward agreement. Renewable electricity is sourced from a range of suppliers, including through a 10-year PPA with renewable energy generator ACCIONA Energía, providing renewable electricity from the Mt Gellibrand Wind Farm near Colac, Victoria. In 2025, LGCs voluntarily surrendered by the Group for the Viva Energy Hub and EV charging infrastructure represented 621 MWh, or 0.1% of the Group's electricity usage. Remaining LGC holdings will be retained as inventory and surrendered progressively from 2028 to support achievement of the Scope 2 emissions target and ongoing compliance with the Renewable Energy Target (RET). LGCs will be surrendered at the end of each year.

2050 ambition

The Company's ambition is to achieve Net Zero Scope 1 and 2 emissions across all operations by 2050. Achievement will depend on several external factors, including the long-term planning and future of the Geelong Refinery, a framework that supports customers' own energy transitions, and supportive and stable government policy.

Carbon Credits

Elements of the Group's decarbonisation strategy and climate targets rely on the use of Australian Carbon Credit Units (ACCUs) and Safeguard Mechanism Credits (SMCs). While the Group does not currently hold any SMCs, these credits are expected to play a role in future compliance strategies as the SGM evolves. Both ACCUs and SMCs may be used to achieve the same regulatory compliance outcome (reduction or removal of one tonne of CO2-e upon surrender to the Clean Energy Regulator, subject to eligibility requirements). The Group intends to utilise ACCUs, alongside LGCs, as part of its broader decarbonisation pathway.

As at 31 December 2025, the Group holds a diversified portfolio of ACCUs comprising approximately 30% technology based units and 70% nature based units, with the balance comprising other eligible methodologies. These ACCUs include both emissions reduction and removal credits and are eligible for compliance use under the SGM, based on current CER guidance. The Group's ACCU inventory includes credits issued under two sunset methods, Human Induced Regeneration and Avoided Deforestation, both of which remain eligible for SGM compliance under current CER guidance. Non-generic technology-based projects, such as landfill gas, have also been evaluated and confirmed as suitable methods for future compliance use.

Divisional targets (pp. 81, 84–87), Scope 1 and 2 (market-based) unless stated

Targets are informed by the Paris Agreement goal of well below 2°C, were not derived using a sectoral decarbonization approach and have not been assessed or validated by a third party (p. 83). They are net targets; offsets are not currently expected for interim targets (p. 81). Regulatory target: the Safeguard Mechanism baseline for WesCEF's CSBP Kwinana facility declines 4.9% a year to 2030 (p. 85).

No voluntary climate or emissions reduction target has been set. The target is a net Scope 1 emissions intensity reduction of 32% by FY30 compared to FY23, determined to support Safeguard Mechanism obligations (page 91).

Intensity is t CO2-e per tonne of ROM coal.

No targets set (pp. 211–212). WiseTech is not required to meet any climate-related targets pursuant to laws or regulations, and the Group does not have targets related to climate-related risks and opportunities (p. 212). The Net Zero Carbon ambition is intended to provide strategic direction rather than represent a formal climate target (p. 211).

Feasibility assessment (p. 211). In the year ended 30 June 2026 a consultant-led assessment of the feasibility of establishing formal climate targets included emissions forecasting and abatement potential of decarbonization initiatives against commercial alignment; WiseTech concluded formal targets are not necessary at this stage. Emissions targets focused on data centers were considered, but the on-premises facility and the majority of co-location sites already procure 100% renewable electricity backed by certificates, limiting the operational benefits of targets. Scope 3 is recognized as the largest emission source, and Scope 3 targets were explored, but practical and commercial challenges in influencing supplier emissions were identified, together with recent revisions to previously announced climate targets by some technology companies.

Oversight (pp. 212–213). The Audit & Risk Committee (ARC) received updates on the business implications of having climate targets and receives annual updates on operational emissions; management proposes climate-related targets to the Board for consideration.

Woodside has set the following targets:

• To reduce our net equity Scope 1 and 2 GHG emissions by 15% (in 2025) and 30% (in 2030) below the starting base, which is representative of our gross annual average Scope 1 and 2 emissions over the 2016–2020 period. The 2025 target has now been successfully met.
• Two Scope 3 targets: the first is to invest US$5 billion in new energy products and lower-carbon services by year end 2030 (investment target); the second is to take FID on new energy products and lower-carbon services by year end 2030, with total abatement capacity of 5 Mtpa CO2-e (GHG emissions abatement target).

Net equity Scope 1 and 2 GHG emissions reduction targets and aspiration are relative to a starting base of 6.27 Mt CO2-e which is representative of the gross annual average equity Scope 1 and 2 GHG emissions over 2016–2020 and which may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. The starting base has been adjusted for the merger between Woodside and BHP Group's Petroleum business (completed on 1 June 2022) which increased the starting base from 3.59 Mt CO2-e to 6.32 Mt CO2-e, and for the divestment of the Greater Angostura assets (completed on 11 July 2025) which subsequently reduced it from 6.32 Mt CO2-e to 6.27 Mt CO2-e. Net equity GHG emissions include the utilisation of carbon credits as offsets, inclusive of those required to meet regulatory obligations.

Woodside also has a methane target: a five-year (to 2029) intensity target to maintain methane emissions intensity below 0.2% of production by volume at operated assets, based on a measurement-based reporting framework. Woodside's reported methane emissions are currently around 0.1%.

The Board and Sustainability Committee regularly review our progress towards these targets. We also consider the need to adjust these targets in response to our progress, our prospects of successfully meeting them, or in response to external developments.

Woodside's Australian facilities have obligations under the Safeguard Mechanism (SGM) which requires management of GHG emissions in excess of production-linked baselines, including the use of ACCUs, SGM Credit Units (SMCs) or other compliance options available under the scheme. There were 609 thousand ACCUs surrendered against Woodside's 2025 equity Scope 1 GHG emissions to meet SGM obligations. When offsets are surrendered against Woodside's equity Scope 1 GHG emissions to comply with regulatory obligations, those offsets also contribute to progress toward net equity Scope 1 and 2 emissions reduction targets.

The SGM is the Australian Government's policy for reducing GHG emissions at Australia's largest industrial facilities, aiming to help achieve Australia's GHG emission reduction targets of 43% below 2005 levels by 2030 and 62–70% by 2035 as set out in Australia's latest Nationally Determined Contribution (NDC) submitted under the Paris Agreement.

Woodside's net equity Scope 1 and Scope 2 GHG emissions targets are not accompanied by an associated gross equity GHG emissions target; however, Woodside routinely establishes an annual gross equity Scope 1 and Scope 2 GHG emissions target for internal management purposes, including to inform executive and employee remuneration.

Targets were not derived using the sector-specific absolute reduction method (also known as "sectoral decarbonisation approach"). Targets have not been validated by a third party.

Performance against targets

Woodside delivered its 2025 net equity Scope 1 and 2 GHG emissions reduction target. Net equity GHG emissions were 15% below the starting base for the 12-month period ending 31 December 2025. As a result of this strong underlying GHG emissions performance, use of carbon credits to offset GHG emissions was 5% lower in 2025 than in 2024 – a 65 kt CO2-e carbon credit reduction. In relation to 2025 equity Scope 1 and 2 GHG emissions, 1,283 kt CO2-e carbon credits were retired in order to meet the target of 5,334 kt CO2-e net equity Scope 1 and 2 GHG emissions. Cumulative expenditure against the Scope 3 investment target reached $2.6 billion at the end of 2025, up from $2.46 billion at the end of 2024.

Potential future targets

Some investors have asked Woodside if and when it will consider introducing a further target for Scope 1 and 2 GHG emissions, for example in the period to 2035. During late 2025 many national governments including Australia updated their NDCs to the Paris Agreement, to include targets for 2035 or later. These updated NDCs and associated policy implementation measures such as the Australian SGM are being reviewed by Woodside for their potential impact on its own climate plans, including whether any additional targets in excess of regulatory requirements are suitable. This review is expected to continue into 2026.

Some investors have asked Woodside to consider whether its "aspiration" to net zero Scope 1 and 2 equity GHG emissions by 2050 or sooner could be expressed more strongly as a "target", "aim" or "goal". Woodside's use of the phrase "aspiration" is intended to communicate that the company recognises that both it, and the world as a whole, face significant challenges in achieving net zero by 2050.

Some investors have asked Woodside to adopt a target to address Scope 3 GHG emissions. Woodside has a strategic intent to develop new energy products and lower carbon services, in addition to LNG, that can allow customers to use energy with fewer GHG emissions (Woodside Scope 3). Therefore Woodside has set targets that reflect its current contribution to developing them within its capital allocation framework, in respect of the level of capital investment it is targeting and the potential impact of such investments upon enabling customers to avoid or reduce their GHG emissions.

The targets apply to the Group in its entirety, with the Scope 3 target covering 80% of total supply chain emissions. All use an F23 base year and aim to reduce absolute emissions. They were validated by the Science Based Targets Initiative (SBTi) in F24, with no revisions since. The Group continues a long-standing commitment to contribute to a 1.5°C pathway (p. 75).

Metrics: Scope 1 and 2 emissions from operations; Scope 3 emissions from supply chain (tCO₂e). The FLAG target includes FLAG emissions and removals. The Group aims for net zero emissions across its supply chain by 2050 and may use high-quality carbon removal credits for residual emissions from 2050; Australian Carbon Credit Units are not part of near-term plans (p. 76). Targets are reviewed annually and the outcome is shared with the Sustainability Committee (p. 76). Scope 1 and 2 emissions show a 45% reduction compared to the F23 base year (p. 77). Scope 3 emissions have risen in line with business growth (p. 72); in F26 reported emissions changed due to business growth, product mix and updated emission factors (p. 76).

Targets (p. 53).

Targets apply to the Worley Group, were guided by the global goals of the Paris Agreement, are not based on a sectoral decarbonization approach and have not been externally validated. The Board approves them and management reviews them at least annually. The Scope 1 and Scope 2 targets were not revised in FY2026; the FY2020 energy productivity baseline was recalculated after a boundary update.

Carbon credits (pp. 46–47, 53). Worley expects to reduce emissions by at least 75% from the FY2020 baseline and to offset any remaining FY2030 emissions with carbon credits, expected from FY2029. Credits will be selected to meet recognized quality criteria, including additionality, permanence, and avoidance of leakage and double counting; formal criteria for credit types and verification or certification scheme(s) are still being developed.

Scope 3 (p. 53). Net zero is an aspiration, not a target, with no measurable milestones.

We remain focused on strengthening our understanding of climate-related risks and opportunities, and improving the quality and completeness of our emissions data.

We continue to work towards reducing Scope 1 and Scope 2 absolute emissions across our operations including, where technically and economically feasible, targeting fugitive and diesel consumption based emissions. We are working to map and define our Scope 3 emissions profile. ... While we have not set emissions reduction targets, we continue to manage Scope 1 emissions through operational controls, monitoring of fugitive emissions, and efficiency measures associated with fuel and energy use. This approach supports the ongoing management of emissions intensity over time in line with operational, regulatory and safety considerations.

From Appendix A: "Yancoal does not currently have set emission target(s). Emissions target(s) will be considered as part of our Sustainability Strategy."