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Sustainability lies at the heart of creating a new energy future. Meeting the needs of current generations without compromising the ability of future generations to meet their needs is about striking the right balance between the environment, society and the economy.
Our approach to sustainability is to deliver innovative, long-term solutions for our shareholders, customers, partners and suppliers to build shared resilience, reduce our carbon footprint and enable New Zealand and global decarbonisation strategies.
Our Symphony strategy enables us to drive better environmental, social and economic business outcomes such as energy affordability, decarbonisation and a circular economy, aligned with the UN Sustainable Development Goals (SDGs) which remain our ultimate focus.
Science-based reduction targets
Vector is targeting a reduction of absolute Scope 1 & 2 GHG emissions (excluding electricity line losses) of 53.5% by FY2030 from a FY2020 base year. The targets are aligned with Science Based Target initiative methodology and consistent with reductions required to keep global warming to 1.5C.
Net carbon zero operations by 2030
As New Zealand’s biggest energy distributor, Vector believes that we have an obligation to lead the adoption of clean energy technology. That’s why Vector has committed to having net carbon zero operational emissions (Scope 1 and 2 excluding electricity line losses) by 2030.
Case Study: New Zealand's first floating solar farm
Floating solar delivers clean energy solutions
New Zealand’s first floating solar farm produces the same amount of electricity as would be needed to power approximately 10,000 homes. This goes a long way towards helping Watercare achieve its 2025 energy neutral goal for the Rosedale wastewater treatment plant.
The system is made of 2700 solar panels upon 3000 floating pontoons to create a 1MW system. It is the first MW solar system ever built in New Zealand.
Sustainable Development Goals
The United Nations Sustainable Development Goals provide our business with a global framework, while establishing the issues the world needs to address in order to become more sustainable. The business has identified five priority goals from the Sustainable Development Goals that we will actively contribute to in the short term. Each goal can be referenced back to our overarching priorities of climate change and transition to a low carbon economy; and/or inclusion and equality.
Holistic goal that aligns well to Auckland’s ambitions – resilience, energy efficiency and affordable housing.
Circular solutions reduce waste and carbon, create efficiencies and commercial opportunities, and organisations play a key role in investigating possible solutions. Procurement and supply chain risks & opportunities need to be monitored and managed. See our Supplier Code of Conduct.
The transition to a low carbon economy will require commitment from the energy sector. With an extensive network of assets the business is also exposed to the physical risks of climate change. Both of these require a business response.
Collaboration with other businesses, government and other organisations is a key foundation for achieving the goals. Vector will continue to develop partnerships within New Zealand and globally.
Vector key sustainability risks
For our part, we have already identified a number of key risks and correlated opportunities that will drive the sustainability agenda for our business and stakeholders in the short to medium term. See our full Sustainability Policy here.
Creating a new energy future
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