Incitec Pivot Limited releases Climate Change Report

Incitec Pivot Limited (IPL) has this month released its first stand-alone Climate Change Report. Aligned to the Task Force on Climate-Related Financial Disclosures (TCFD) guidelines, the Report outlines our Ambition to be Net Zero by 2050, or sooner if practicable.

The Report coincides with the release of IPL’s Full Year 2021 Results and provides the next step in disclosure of our approach to address the challenge of climate change.

IPL Managing Director & CEO Jeanne Johns said: “We owe it to future generations to show leadership on climate change. We will do our part – working with all our stakeholders – to take action to create a greener, more sustainable world. 

“We have an Ambition to be Net Zero by 2050, or sooner if practicable and our first stand-alone Climate Change Report provides information on what we have achieved to date, as well as our future strategy.”

The report includes a short term 5% by 2025 absolute greenhouse gas (GHG) reduction target, and a medium term 25% by 2030 absolute GHG reduction target, both against a 2020 baseline. 
 
Ms Johns said the risks and opportunities ahead, including the physical risks associated with climate change, have informed IPL’s climate change agenda.

“We are embedding our climate change agenda into our strategy so we can capitalise on commercial opportunities, as well as manage risks in a decarbonising world.

“Investigating new and emerging technologies will be a key part of our pathway to Net Zero and we are leveraging our world class ammonia expertise to investigate green ammonia commercial opportunities.”

Ms Johns said IPL had the right assets and the right partners to help drive down green ammonia costs, much sooner than current market consensus of 2040.

“We are committed to doing this as soon as practical and our assets and our partners put us in a unique position to take advantage of these opportunities. 

“Our brown-field Gibson Island site is seen as the most attractive near-term option in Australia to make green ammonia at industrial scale and we are partnering with Fortescue Future Industries to study whether this is feasible.

“We have also formed a strategic partnership with two of Singapore’s leading companies, Keppel Infrastructure and Temasek Holdings, to investigate the feasibility of producing green ammonia at two other sites in order to meet the rapidly growing demand for carbon-free energy across Asia,” Ms Johns said. 

Since 2018 IPL has increased disclosures against Task Force on Climate-Related Financial Disclosures (TCFD) guidelines. 

IPL will continue to share progress as we work with our customers and stakeholders to better care for our people, our communities and the environment.

“As we transition, our plan to decarbonise our manufacturing assets over time seeks to protect and sustain the employment opportunities we provide, along with the communities we work and operate in,” Ms Johns said. 
Read the Climate Change Report here.

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