Company disclosures (7)
Climate-Related Transition Plans
GPT's Net Zero Plan serves as our climate-related transition plan, providing a framework for emissions reduction and resilience. The plan focuses on emissions sources under our direct control while also addressing resilience to climate-related transition and physical risks.
Key Assumptions and Dependencies
Our approach enables us to adapt as risks or opportunities materialise, including with regard to:
- Capital allocation considerations: Climate-related matters are considered in our investment proposal assessments
- Operational adaptation: We incorporate updated climate modelling and resilience standards into redevelopment cycles and day-to-day operations
- Responding to market preferences: We acknowledge and consider customer demand for low-carbon, energy efficient buildings
- Insurance and financial instruments: We monitor climate-related risks and opportunities which may impact insurance availability and premiums, and debt/pricing terms
External Dependencies
Our transition plan depends on various external factors:
- Technological advancements: Increased availability of lower-emissions energy and building materials
- Market conditions: The availability and quality of carbon and biodiversity offsets
- Policy support: Policy support and fluctuations in carbon and energy markets
- Supply chain: Collaboration with suppliers on sustainable sourcing and low-carbon materials
Actions to Achieve the Plan
Measure and Reduce Approach:
- Where possible, focus first on reducing and eliminating emissions through renewable electricity procurement, energy efficiency, electrification, and the use of low-carbon materials and processes
- To date, residual emissions have been addressed through offsets that meet our offset quality criteria
Offset Strategy:
- Preference offsets that meet key quality criteria, providing long-lasting carbon sequestration or emission avoidance
- GPT has secured a supply of offsets which includes offsets that meet the Australian regulatory scheme and are certified Verified Carbon Units, focusing on these offsets that facilitate renewable energy generation
- Proactively purchased carbon offsets through 'Restoring Country for Climate' partnership with Greenfleet since 2019
- Offsets have been purchased at an effective carbon price of approximately $30 per tonne through to 2027
Climate Transition Plan
This year marks a significant milestone in the evolution of QBE's climate strategy. Building on the foundations established through our actions to date, we developed our first Climate Transition Plan. This plan outlines our ambition to support the transition to a net-zero economy by taking action in our underwriting and investment portfolios, and to achieve net-zero emissions across our own operations by 2030.
During the year, the Board reviewed and approved QBE's Climate Transition Plan, including QBE's climate ambition and strategies across investments, operations and supply chain, and underwriting. In doing so, the Board considered trade-offs relating to feasibility, timing and potential financial impacts, recognising the need to balance climate objectives with commercial, regulatory and operational considerations, whilst continuing to support QBE's customers.
Transition plans
Climate Action Plan overview
Our updated 2025 CAP provides an overview of our climate change strategy, commitments, targets, and forward-looking plans. The 2025 CAP was approved by shareholders at our 2025 AGM and is integrated into our 2024 Annual Report. The climate change targets and commitments published in our 2025 CAP are unchanged.
Key assumptions and dependencies
Technology readiness: We have updated our capital expenditure guidance to principally reflect the slower pace of commercially viable technology development that we, our industry, and the world has experienced in hard-to-abate sectors. Pre-2030 abatement is therefore expected to be predominantly delivered through low-capital solutions and proven technologies.
Pacific Aluminium Operations dependency: Our pathway to a 50% reduction in our Scope 1 and 2 emissions by 2030 primarily relies on commercially available solutions such as renewable energy contracts and is contingent on advancing viable solutions for our Pacific Aluminium smelters (BSL and Tomago), where discussions are progressing but are finely balanced.
Government support requirements: Securing an economically viable future for BSL requires support from state and federal governments. We are continuing to actively engage with both, including on initiatives such as the A$2 billion Green Aluminium Production Credit scheme announced in January 2025.
Actions and external dependencies
Renewable energy pathway: Our 2030 pathway prioritises proven, cost-effective solutions such as power purchase agreements (PPAs) and other structural abatement measures, while using unbundled renewable energy certificates (RECs) as a transitional option in the short term.
Technology development dependencies: Looking ahead, we will continue working with partners and governments to advance and deploy transformational technologies and solutions. Major capital investment initially expected by 2030 for ELYSIS™, alumina process heat electrification, and self-generated renewable diesel expansion initiatives will be considered post-2030 when technology is available and can be commercially deployed.
Supply chain dependencies: Our decarbonisation through partnerships approach means direct capital expenditure does not necessarily correlate with emissions abatement. Our strategy leverages partnerships with energy developers, enabling a low-capex pathway through long-term PPAs. These commitments are expected to underwrite up to $8.5 billion in competitive greenfield energy projects, subject to final approvals and successful delivery.
Policy framework requirements: Delivering on our decarbonisation ambitions requires collaboration with governments, industry bodies and policy makers to ensure enabling pathways are available. Coordinated global action, supported by enabling policy frameworks, clean energy infrastructure, and technological innovation, is required to achieve a net zero future.
Hard-to-abate sector challenges: Our roadmap to achieve net zero operational emissions by 2050 reflects the need to replace long-established industrial processes with new technologies that are not yet proven or available at industrial scale. Addressing this challenge will require collaboration and supportive policy settings to enable the development and future deployment of low-emissions technologies.
Just transition integration: Our transition plan embeds just transition principles, recognising that we have a role to play in optimising the socio-economic opportunities associated with decarbonising our assets, while safeguarding the rights of workers and communities.
Santos has a Climate Transition Action Plan (CTAP) that will continue to evolve with time. The CTAP has made significant progress. Santos' approach is to balance disciplined, phased investment in growth projects that address global energy demand with investment in innovative solutions for the energy transition.
Transition plans
Net zero strategy
The Group's net zero strategy is guided by understanding the key contributors to the Group's emissions. This has informed the approach and strategic priorities.
Currently, of the total portfolio's scope 1 and 2 emissions, 94% are scope 2 emissions from the use of electricity, predominantly for air conditioning, lighting and vertical transport. The remaining 6% are scope 1 emissions and relate to the consumption of gas for heating, fuels for emergency back-up power generation and refrigerants in air conditioning units.
The net zero strategy has three principles, each of which has key dependencies, including market conditions, counterparty risk, and regulatory requirements.
1. Optimise centre efficiency
Operational teams are focused on increasing centre efficiency and reducing demand for energy.
Three initiatives support efficiency optimisation across the Group's destinations:
• Next Gen Building Analytics – A centralised Next Gen team analyses building management systems alongside other data sets, such as electricity and water use, from Westfield destinations to identify opportunities to optimise energy efficiency and drive continual plant and equipment improvements.
• Implementation of LED lighting across the portfolio – LED lighting is currently the most efficient lighting available globally. Installing LED lighting supports centre energy efficiency while also delivering operational maintenance savings. The Group is progressively completing LED upgrade projects across the portfolio.
• Replacing plant and equipment, including heating, ventilation and air conditioning, and building management systems, with newer more efficient technology achieves energy efficiency gains.
2. Generate and procure renewable energy certificates
Using renewable energy reduces scope 2 emissions.
There are on-site solar installations at nine Westfield destinations with a total solar generation capacity of 12.2MW.
Viable opportunities for on-site solar installations are continually assessed across the portfolio.
The following are key considerations: • electrical infrastructure to support solar connectivity (an active embedded network) • access to significant sunlight without shading • economic viability considering accessibility, materials costs, generation capacity and the cost of renewable energy certificates • council development and approval requirements.
The Group looks for opportunities to purchase renewable energy certificates across the portfolio.
Renewable energy certificates created by companies that generate renewable electricity through solar, wind and/or hydro projects are purchased to account for electricity use. One renewable energy certificate is created for every megawatt hour of eligible renewable electricity supplied to the grid.
To account for electricity emissions from Queensland, New South Wales, the Australian Capital Territory, Western Australia and Victorian Westfield destinations the Group has energy agreements to purchase Large-scale Generation Certificates (LGCs) verified by the Australian Government's Clean Energy Regulator. These LGCs will progressively account for more of the electricity emissions from Westfield destinations in these regions, supporting net zero scope 2 emissions by 2030.
The Group's electricity supply agreement in New Zealand provides New Zealand Electricity Certificates that account for 100% of the electricity emissions from New Zealand Westfield destinations. This has been in place since 2022.
Opportunities to purchase renewable energy certificates for remaining Westfield destinations continue to be explored.
3. Address residual emissions
There will be residual scope 1 emissions remaining even after abatement efforts and efficiency optimisation initiatives have been implemented.
These residual scope 1 emissions currently account for 6% of total portfolio scope 1 and 2 emissions.
Residual scope 1 emissions will be addressed through engaging construction contractors to use diesel alternative equipment and replacing of end-of-life equipment with low global warming alternatives.
Any scope 1 emissions remaining after efforts to reduce them through operational initiatives, will be monitored and additional measures will be considered. This may include the use of offsets, however at this stage no decision has been made regarding the types of offsets that may be used.
Key assumptions and dependencies
The net zero strategy has key dependencies, including: • market conditions • counterparty risk • regulatory requirements
External dependencies
The strategy depends on: • The availability and cost of renewable energy certificates • Technology evolution for equipment replacement • Government incentives and policy settings • Supply chain availability of low-carbon alternatives • Regulatory approval processes for infrastructure upgrades
Transition plan elements identified
The Group has various transition-related initiatives and decarbonisation strategies in place:
Key actions and investments
- Investment of $20 million in capital projects at the Geelong Refinery aimed at reducing emissions, expected to deliver 29 kt annual Scope 1 emissions reduction
- Development of low-carbon liquid fuels (LCLFs) manufacturing and supply chains
- Establishment of renewable hydrogen refuelling station with commercial EV charging
- EV charging infrastructure across retail network
- Electrification projects and energy efficiency improvements at Geelong Refinery
External dependencies mentioned
- Government grants to maximise capital investment for energy transition projects
- Government policy settings for low carbon fuel processing
- Future government policy settings and evolving customer demand will play a key role in shaping the growth trajectory of LCLFs
Manufacturing capabilities
Our Geelong Refinery is central to our LCLF manufacturing opportunity, with existing refining assets and operational expertise in fuel production providing a strong platform for LCLF production. In 2025, we piloted LCLF manufacture at the Geelong Refinery and established new supply chains for LCLFs across Australia.
Climate-related transition plans
Woodside published a Climate Transition Action Plan and 2023 progress report in February 2024. Progress against this plan relevant to 1 January to 31 December 2025 is outlined in this report.
Key assumptions and dependencies
Woodside's climate strategy contains two key elements: • reducing our net equity Scope 1 and 2 GHG emissions; and • investing in products and services for the energy transition.
Reducing net equity Scope 1 and 2 GHG emissions assumptions
Reducing our net equity Scope 1 and 2 GHG emissions is supported by three levers: avoiding emissions in design; reducing emissions in operations; and offsetting the remainder with carbon credits.
Asset decarbonisation plans assumptions: Our operated production assets identify opportunities to reduce GHG emissions via asset decarbonisation plans. As these opportunities are studied and matured, and if they are safe, technically viable and have an abatement cost of <US$80/t CO2-e they are considered for inclusion into business plans.
Carbon pricing assumptions: Woodside's assumption on carbon cost pricing include a long-term carbon price of US$80/t CO2-e of emissions (real terms 2024). For methane abatement assessment, we multiply our internal cost of carbon of US$80/t CO2-e (real terms 2024) by 84 representing the higher global warming potential of methane in the near-term. This results in an effective price for methane of US$6,720/t emitted.
Large scale abatement: Electrification, hydrogen fuelling and CCUS are all methods for reducing GHG emissions from our electrical and mechanical turbines, which for a typical LNG facility account for a range of 75–85% of facility GHG emissions. These opportunities are expensive to retrofit onto existing plant and equipment, with estimates in the range of US$200‑US$500/t CO2‑e.
External dependencies
The climate transition plan depends on several external factors including:
- Policy settings and regulatory frameworks in jurisdictions where Woodside operates
- Technology development and cost reduction for large-scale abatement options
- Carbon credit market integrity and availability
- Customer demand for lower-carbon products and services
- Joint venture partner approvals and third party activities
- Supply chain capabilities and infrastructure development