Our sustainable development targets support New Zealand’s climate change response and aim to enhance the social and environmental outcomes of our work across the community.
We commit to annual review of our targets, and improvements where possible. Setting intermediate targets will be a focus in 2023.
Five-year targets (to 2025)
We have committed to eight sustainable development targets with a target end date of 2025. The targets relate to energy and emissions; climate change; community contribution; and biodiversity and environmental management.
Energy and emissions
- Complete electrification of compression facilities which is expected to avoid ~300,000 tonnes of CO2e throughout the life the compressors (estimate is for Todd’s Scope 1 emissions and based on 2021 production profile).
- Invest $2m in flare metering across Todd Energy NZ production facilities
- Develop and implement a fugitive methane emissions programme at Todd Energy NZ
Climate change
- Invest $120m in renewable energy over a five-year period to 2025, either directly or in aggregate with a partner
- Develop 100MW of solar energy capacity, either directly or with a partner
Biodiversity
- ~200% increase (30 ha) in biodiversity area planted and / or under management by 2025
Indigenous community development
- Double annual economic opportunity for local indigenous communities
- Introduce a training and development programme specific to tangata whenua working in local industry
Intermediate emissions reduction target
In 2023, Todd set an intermediate emissions reduction target, marking a significant milestone in our commitment to reducing emissions. Todd's intermediate target has been developed to align with New Zealand's commitment under the Paris Agreement and aims to reduce Todd's locally produced Scope 1, 2 and 3* emissions by 41% by 2030 from a 2020 base year. The target also aligns with Todd's pledge to achieve Net Zero status for Scope 1 and 2 emissions by 2045 and our commitment to be Net Zero for Scope 1, 2 and 3* by 2050.
Continued investment in natural gas assets will be required to meet the country’s natural gas and electricity needs as New Zealand transitions to a low-emissions economy. This means Todd’s pathway to meeting its emissions targets will not be a linear one, however, we are 100% committed to achieving them. Please see page 12 of our 2023 Sustainable Development Report for more information on our target.
* Category 11 - Use of sold products
Long-term emissions reduction target
Net-zero Scope 1 & 2 emissions by 2045
Todd Corporation has adopted a target of becoming a net-zero company by 2045 on our Scope 1 and 2 emissions.
Todd’s carbon footprint span Scopes 1, 2 and 3.
- Scope 1 emissions: direct emissions from fuel consumption and operational activity
- Scope 2 emissions: indirect emissions associated with purchased energy
- Scope 3 emissions: indirect emissions associated with the use of products that we sell, and supply chain emissions
Reducing Todd’s Scope 3 emissions will naturally occur as and when natural gas end-users reduce their reliance on natural gas and/or switch to renewable energy. However, to expedite renewable energy uptake Todd will continue to research, identify, and progress opportunities with customers in this space including our grid-scale solar developments.
Establishing a long-term emissions reduction target is consistent with New Zealand government policy and Todd’s commitment to supporting the transition to a low emissions economy at the lowest cost to New Zealanders
