The Todd Corporation Limited
Climate Impact & Sustainability Data (2023)
Reporting Period: 2023
Environmental Metrics
Total Carbon Emissions:4073 ktCO2e/year
Scope 1 Emissions:972 ktCO2e/year
Scope 2 Emissions:1 ktCO2e/year
Scope 3 Emissions:3100 ktCO2e/year
ESG Focus Areas
- Climate Change
- Community Engagement
- Biodiversity
- Health & Safety
- Diversity, Equity and Inclusion
Environmental Achievements
- Regenerated 11.5 ha of biodiversity in 2023, including planting 39,000 native plants.
- Reduced emissions across Todd Energy, Nova Energy, TEC and corporate office by 4% from 2022 to 2023 (4,073 ktCO2e in 2023).
Social Achievements
- Increased economic opportunity for local indigenous groups through targeted training, development, and direct employment pathways.
- Supported community initiatives promoting cultural and youth development, healthy homes, energy efficiency, circular economy, and environmental education.
- Reported no high-consequence injuries or process safety incidents at Tier 1 and Tier 2 levels in 2023.
Governance Achievements
- Introduced inaugural Diversity, Equity and Inclusion Policy in July 2023.
- Established a 2030 intermediate emissions target to reduce locally produced Scope 1, 2, and 3 emissions by 41% from a 2020 base year.
Climate Goals & Targets
Long-term Goals:
- Achieve Net Zero for Scope 1 and 2 emissions by 2045.
- Achieve Net Zero for Scope 1, 2 and 3 emissions by 2050.
Medium-term Goals:
- Reduce Todd’s locally produced Scope 1, 2, and 3 emissions by 41% by 2030 (from 2020 baseline).
- Develop 100 MW of solar energy capacity.
Short-term Goals:
- Complete electrification of remaining compression facilities.
- Implement fugitive methane emissions programme.
Environmental Challenges
- Environment Court Appeal against one of the Rangitāiki solar project’s resource consents delayed the project.
- Lack of a durable and coherent policy framework in New Zealand constraining the speed at which renewable generation can be brought to market.
- Increased difficulty in obtaining debt funding for fossil fuel-related investment.
Mitigation Strategies
- Advanced several workstreams for the Rangitāiki solar project while the appeal was ongoing.
- Engaging constructively with government agencies to share sector knowledge and input into strategies to support the transition to a Net Zero future.
- Investing in renewable energy opportunities and diversifying beyond the energy sector through Todd Capital.
Supply Chain Management
Supplier Audits: 162 suppliers screened in 2023
Responsible Procurement
- Supplier Code of Conduct
- Review of Tier 1 suppliers to understand ESG risks.
Climate-Related Risks & Opportunities
Physical Risks
- Extreme weather events
Transition Risks
- Cost of carbon pricing
- Lack of clear policy framework
- Declining gas demand
- Changing public concerns
Opportunities
- Investment in renewable energy
- Improved operational efficiency of existing assets
Reporting Standards
Frameworks Used: GRI Core, TCFD, NZ Climate Standards
Third-party Assurance: No external audit or assurance
UN Sustainable Development Goals
- SDG 7: Affordable and Clean Energy
- SDG 13: Climate Action
Todd's activities are particularly relevant to SDG 7 and SDG 13, as detailed throughout the report.
Sustainable Products & Innovation
- EV charging service
Awards & Recognition
- Taranaki Regional Council Environmental Leadership in Climate Action award (Kapuni Solar Plant)