Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

100% Renewable Energy Goals Within Reach For New Zealand Businesses

New Zealand companies aiming for 100% renewable energy can now use energy certificates to achieve their ambitions.

The global RE100 initiative now recognises the New Zealand Energy Certificate System (NZECS), meaning that New Zealand businesses can purchase energy certificates to meet their RE100 commitment of sourcing 100% renewable electricity.

“Investors and customers want to know that companies are operating responsibly”, says Tim Middlehurst, Chief Executive of Certified Energy, which manages the NZECS. “Energy certificates are the most popular way for businesses globally to reduce their carbon emissions, accounting for over 40% of renewable energy use by RE100 companies.

“Until now, New Zealand companies had very few ways to show they were sourcing renewable energy, apart from building their own energy generation on site. Now if they are part of the RE100 initiative, like businesses such as Suncorp, Pernod Ricard or Westpac, they can contribute to achieving that wider renewable energy commitment.”

Suncorp New Zealand is one New Zealand business that has adopted a Certified Renewable Energy product through Meridian Energy.

“We wanted to find an energy solution that aligned with our commitment to sustainable growth, and demonstrated our support of renewable electricity generation in New Zealand,” says Roschelle Marshall, Corporate Responsibility Manager at Suncorp New Zealand.

“Suncorp joined the RE100 initiative in June 2020, committing to source 100% of its electricity from renewable energy by 2025. Investing in NZECS certification enables our New Zealand business to report our Scope 2 electricity emissions as zero, five years ahead of our RE100 and Climate Leaders Coalition commitments."

“The RE100 initiative has high recognition among investors for credible renewable energy claims, and so New Zealand companies without an overseas presence can now join the initiative and compete on a level playing field”, says Tim Middlehurst.

“Those leading New Zealand companies who have set Science-Based Targets for reducing their emissions, such as Fisher & Paykel Healthcare, New Zealand Post and Toitū Envirocare, can now unlock the carbon reductions granted by energy certificates to achieve their target. And energy certificates can help companies reduce their Scope 2 emissions in line with GHG standards to meet corporate reporting requirements, as well as help with meeting the Climate Leaders Coalition pledge.”

“While over 80% of electricity generated in New Zealand is renewable, it is all supplied via the national grid, and so there has previously been no way for companies to report their electricity use as zero carbon. Using corporate buying power to support renewable energy will accelerate New Zealand’s transition to zero-carbon electricity.”
 

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


REINZ: Market Activity And Prices Continue To Ease, First Home Buyers Start To Return To The Market

New Zealand’s winter property market continues its recent trend, slowing from the pace of sales and price rises of last year — properties stay on the market longer and median prices dip... More>>

FMA: Cigna Admits Making False And Misleading Representations
Cigna Life Insurance New Zealand Limited has admitted to making false and/or misleading representations to customers in proceedings brought by the Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko... More>>


Statistics: Retail Card Spending Down 0.2 Percent In July
Retail card spending fell $11 million (0.2 percent) between June 2022 and July 2022, when adjusted for seasonal effects, Stats NZ said today... More>>



ASB: Full Year Results: Building Resilience Today And For Our Future

In its 175th year, ASB has reported a cash net profit after tax of $1,418 million for the 12 months to 30 June 2022, an increase of $122 million or 9% on the prior year... More>>


Commerce Commission: Draft Determination On News Publishers’ Association’s Collective Bargaining Application
The Commerce Commission (Commission) has reached a preliminary view that it should allow the News Publishers’ Association of New Zealand (NPA) to collectively negotiate with Meta and Google... More>>


Heartland: Retirees Facing Pressure From Higher Cost Of Living And Increasing Debt In Retirement

Heartland has seen a significant increase in Reverse Mortgages being used to repay debt. Among the most affected by the increasing living costs are retirees, many of whom are trying to get by on NZ Super alone... More>>