The multinational has outlined plans to reduce net operational emissions by at least 45% from 2019 levels over the next seven years, with short- and long-term targets reassessed in line with growing urgency to reduce emissions and develop a more environmentally sustainable operation
Confirming the shifting climate goals, Orica also reaffirmed its strong financial performance for FY2023, with the outlook anticipated at the start of the year on track given positive first-half results and strength of underlining business performance which is expected to continue in FY2024.
The bolstered environmental target for 2030 will see the company strive to reduce 2019's emission levels by at least 45% by 2030 across Scope 1 and 2 emission categories.
A short-term target strives to see Scope 1 and 2 emissions slashed by 30% by 2026. In the longer-term, Orica has set a 25% reduction target in Scope 3 emissions by 2035 from 2022's baseline and an aim to source 60% of its power from renewables by 2030 and 100% by 2040.
Looking ahead to 2050, the net zero ambition has been expanded to include material Scope 3 emissions from purchased goods and services, and the use of Orica's sold products, notably, its bulk explosive detonation solutions.
Orica's managing director and CEO explained, "Orica is taking action on climate change and expecting to deliver at least a 19 per cent emissions reduction by the end of FY2023.
"We are also accelerating our commitments and expanding the scope – building a credible pathway towards achieving our ambition of net zero emissions by latest 2050 while positioning our business for a lower carbon world."