Viva Energy Group, an Australian energy company, has set target for net zero by 2050 as part of its commitment to addressing climate change and transitioning to a lower-carbon economy and the company is taking steps to reduce its greenhouse gas (GHG) emissions across all scopes. It has an additional target of achieving Net zero by 2030 for non-refining operations. For the reporting period of FY22 under the National Greenhouse and Energy Reporting (NGER), the company disclosed Scope 1 emissions amounting to 1,095,453 tonnes CO2-e and Scope 2 emissions totaling 283,035 tonnes CO2-e. This was a 15% increase over the previous year, a result of increased production at Geelong Refinery to suffice increasing demand for fuel after COVID-19 lockdowns. The company also disclosed its total energy consumption, which amounted to 268,191,802 GJ during the same period.

To achieve its net-zero targets, Viva Energy Group has already taken several steps and has plans for future actions. The company has invested in projects aimed at decarbonizing heavy transport vehicles, such as the New Energies Service Station project, which received a grant from the Australian Renewable Energy Agency. Additionally, Viva Energy Group plans to establish a solar farm to generate renewable energy and meet a portion of its electricity needs.

Furthermore, the company envisions transitioning its Geelong refinery site to supply multiple sources of energy as part of the longer-term energy transition and move towards a lower-carbon economy. Viva Energy Group is also working closely with the Australian government to ensure fuel security and support the viability of domestic refineries.

In conclusion, Viva Energy Group is committed to achieving net-zero targets and reducing its GHG emissions. The company has already taken significant steps, including investing in renewable energy projects and collaborating with the government. By transitioning to a lower-carbon economy, Viva Energy Group aims to contribute to climate change mitigation and support Australia's energy security.

Premium Insights

From

The gold standard of business intelligence.

Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.

GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

GlobalData’s Company Filings Analytics uses machine learning to uncover key insights and track sentiment across millions of regulatory filings and other corporate disclosures for thousands of companies representing the world’s largest industries. This analysis is combined with crucial details on strategic and investment priorities, innovation strategies, and CXO insights to provide comprehensive company profiles.