Business performance
Climate disclosure
Climate change directly influences our business, operations, supply chain and communities. With a weighted average concession life for our assets of over 28 years, we recognise the importance of preparing for and responding to these impacts.
FY24 has been a year of transition as we prepare the business for the new climate-first reporting requirements under ASRS, with a particular focus on climate risk and transition planning activity. At the same time, we continued to reduce scope 1 and 2 emissions and work towards achieving our long-term target of net-zero scope 1, 2 and 3 emissions by 2050, while implementing broader business resilience and adaptation measures across both assets and projects. Our near-term 2030 GHG emissions targets are validated by SBTi, 1 and our 2050 net zero target is aligned with SBTi methodology. 2
Our commitments, targets and initiatives are underpinned by our business-wide Sustainability Strategy (read more on page 8). While we prepare for future ASRS-aligned disclosure, we continue to structure our climate disclosure around the TCFD themes: • Climate governance (page 39) • Climate strategy (pages 40–44) • Climate risk management (pages 45–47) • Climate-related metrics and targets (FY24 Sustainability Data Pack, transurban.com/reporting)
More information on our progress against targets and a summary of our key activities undertaken in response to the TCFD recommendations can also be found in our FY24 Sustainability Data Pack. Our Climate Change Framework (Figure 9) guides our response to climate change, and this will continue to evolve in response to new and emerging disclosure requirements, the latest in climate science, and inter- dependencies with material topics identified via our materiality assessment (read more on page 8).
Figure 9: Climate Change Framework 2
Transition to net zero
Resilient infrastructure and operations
Low-carbon supply chain
Customer emissions
Roadside regeneration
Climate risk integration
Asset and business adaptation
TCFD alignment
Energy
Energy efficiency upgrades
Lower-carbon materials
Customer engagement on fuel and emissions reduction Support the uptake of electric vehicles
Improve vegetation and biodiversity within our alignments
Embed relevant climate projections and associated risks (threats and opportunities) within processes and systems
Scenario analysis
Climate risk impact assessments Integration with financial systems, processes and reporting Ongoing review, monitoring and reporting
Circular economy
Asset-specific Climate Change Adaptation Plans
Onsite renewables Renewable energy agreements
Partnerships and engagement
Green infrastructure
Our GHG emissions targets 2 Net-zero emissions by 2050 in scope 1, 2 and 3 50% absolute reduction scope 1 and 2 emissions by 2030 55% reduction scope 3 carbon intensity of our major projects by 2030 22% reduction scope 3 carbon intensity of purchased goods and services by 2030
Training and capacity building
Governance
Climate-related risk oversight by the Transurban Board
Dedicated updates provided to the Transurban Board’s ARC on climate-related aspects
Additional oversight, guidance and input provided by management governance bodies, including the Customer, Community and Sustainability Council and the Climate Change Governance Committee. ASRS Steering Committee formalised in FY24
1 N ear-term refers to our 2030 emissions reduction target as per SBTi methodology. Throughout our climate disclosure, “short term” is also used to refer to climate impacts and associated risks identified out to 2030, as defined by Transurban’s Climate Change Risk and Adaptation Guideline 2 A ll GHG targets are relative to a FY19 baseline. Scope 3 does not include customer emissions. For more information on Transurban’s reporting approach and boundaries, please see the Transurban GHG Basis of Preparation
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