ZEN Energy has released its inaugural Environmental, Social & Governance (ESG) report, committing to have Net-Zero Scope 1 and 2 greenhouse gas emissions by the end of 2023 and voluntarily reducing Scope 3, sold electricity emissions, in line with the Science-Based Target initiative’s guidance for power utilities.
ZEN is pledging to drive change to benefit the environment and support its community with best practice governance.
ZEN has committed to taking meaningful steps toward reconciliation with Australia’s Indigenous peoples by committing to sharing a detailed Reconciliation Plan by the end of 2023. This is a key focus for ZEN as they continue to grow their investment in communities across Australia.
“When we reset the ZEN organisation in 2021, our aim was to become Australia’s first electricity retailer to have a near-term science-based emissions reduction target in line with limiting global warming by 1.5°C. With this commitment, we have achieved that. I am proud of the team and the work involved to get here and so excited about the opportunity to forge ahead, reducing our own emissions and working with our partners and like-minded organisations to build Australia into a renewable energy Superpower.” Said Anthony Garnaut, CEO ZEN Energy.
ZEN engaged one of Australia’s leading ESG report specialists, Currie Communications, to assess it, using the globally recognised Global ESG Monitor (GEM) methodology. GEM ranks organisations based on the clarity and relevance of their ESG reports. After being extensively assessed against a benchmark comprising the top 50 ASX companies (2019 reporting sample), ZEN Energy’s ESG report has ranked at the top, with a score of 50. When compared with the global benchmark sample groups from the EURO STOXX, DAX AND DOW Jones, ZEN’s report ranked third with only two points behind the global fashion juggernaut, Inditex, and one point behind one of the leading global banks, Santander.
“The GEM methodology is the gold standard for assessing organisations’ transparency on ESG. The benchmarking process is an important part of the assessment, as it allows organisations to see where they rank not only domestically, but on a global scale. We were impressed by the level of detail that ZEN Energy has included in their report and look forward to seeing the progress made on their commitments in their 2023 report.” Said Mark Paterson, Principal of Currie Communications.
In the report, ZEN has also committed to providing a platform for its team to reduce their personal emissions and provide service to their community by committing to offering discounted 100% renewable electricity for their home, incentives to switch to plug-in hybrid or battery electric vehicles through its leasing partner and providing community service leave on top of personal leave entitlements.
“People are at the centre of any change. By looking after our diverse team, engaging deeply with our customers and suppliers, and working closely with the energy market operators and participants, we are in the best position possible to succeed in our mission to lead communities into the zero-carbon world”. Said Raymond Spencer, Chair of ZEN Energy.