Orica has another step towards achieving its net zero ambition by 2050 by announcing it will source 100 per cent renewable electricity by 2040.
Building on its target to reduce scope 1 and 2 GHG emissions by at least 40 per cent by 2030, Orica’s renewable electricity target will see the business powered by 100 per cent renewable electricity by 2040, with an interim step of 60 per cent by 2030.
Orica chief financial and sustainability officer Christopher Davis said, “As part of our purpose to sustainably mobilise the earth’s resources, and our net zero ambition, we are transitioning our operations towards more renewable forms of energy.
“Over the coming years, Orica will pro-actively evolve its approach to energy procurement and secure renewable electricity partnerships to support this transition, prioritising offsite renewable generation projects to spur growth and jobs in the industry.”
David added that Orica is now well positioned to confidently transition to higher proportions of renewable power use on commercial terms over the long term.
“Contracting renewable electricity through strategic long-term power purchase agreements will allow us to mitigate exposure to volatile electricity markets, while supporting local communities and making a meaningful impact towards achieving our sustainability targets.”
Fundamental to achieving its renewable electricity target, Orica will continue to deploy onsite renewable infrastructure across its sites and offices globally, while partnering on new build renewable energy projects to amplify its contribution to sustainable global economic development.
To accelerate its journey towards 100 per cent renewable electricity, Orica has entered into a Power Purchase Agreement (PPA) with Lightsource bp for renewable electricity generated by its Wellington North solar farm.
As part of the PPA, the Wellington North solar farm will supply around 50 per cent of Orica’s Australian electricity needs, reducing Orica’s global Scope 2 emissions by over 60,000 metric tonnes of carbon emissions annually, which is the equivalent of powering 19,000 NSW residences every year .
To find out more about Orica’s recent actions towards climate change, visit here.