Scope 3 emissions often constitute the largest portion of a company’s carbon footprint, typically surpassing its direct emissions (Scope 1 and 2).
Following this evaluation, it is unsurprising that the society’s carbon footprint has shown an increase.
Taryn Storey, acting chief executive of the society, said commissioning the report reflected the organisation’s commitment to transparency, innovation, collaboration and environmental responsibility.
“By addressing indirect emissions, we’re educating others and inspiring industry-wide change,” Storey said.
“Taking proactive action - well before it becomes mandatory - is a key part of our long-term strategy, demonstrating our leadership and values.”
Janine Monk, sustainability executive at the society, said, “I‘m incredibly proud to work for an organisation that has been tracking its carbon emissions since 2012, long before it was common practice. Now, with Scope 3 emissions still optional to report, we’ve taken a bold step to be fully transparent.”
The Climate-Related Disclosures (CRD) regime requires certain entities, such as insurers and publicly listed companies, to report their climate impacts and risks, including Scope 3 emissions, to ensure climate considerations are embedded in business and investment decisions.
A Scope 3 emissions report includes both mandatory emissions - those that can be reasonably measured, such as employee travel and freight - and more complex emissions, such as those from purchased goods and services from suppliers, which are harder to quantify and reduce.
Calculating these emissions can be a complex and time-consuming process, often requiring the assessment of thousands of sources.
To address this challenge, the society categorises expenses into broad groups, such as marketing, each carrying an emissions profile set by the New Zealand government.
More information about the society can be found on their website nznfs.co.nz.
