Introduction and overview
About this report
Feedback We welcome feedback on our
This report provides an overview of our operations and performance during the FY24 financial year (1 July 2023 to 30 June 2024).
Corporate Report, including on what worked well, and what we could do better. Share your thoughts here: corporate@transurban.com impact materiality (Transurban’s impact on people, planet, and the economy) and the financial materiality (Transurban’s ability to create or lose value) of the material ESG topics. This provides a more comprehensive view on the complex interconnections between the forms of impact and value creation. For our double materiality assessment, we engaged with members of all six of our stakeholder groups (Customers, Government and Industry, Investors, Communities, Our People and Business Partners and Suppliers). This process was also supported by a third-party consultant. The results were reviewed and the revised materiality results are included in Figure 1: Double Materiality Matrix. Our double materiality assessment process and findings are informing the development of our new Sustainability Strategy. We will continue to review our material ESG topics annually to ensure they appropriately reflect what matters most to our stakeholders. The current context Throughout our double materiality assessment, our stakeholders consistently expressed increased interest in a range of ESG topics. These included cybersecurity and data privacy, customer safety and welfare, customer emissions, sustainable driving and mobility, climate change and nature. We will
People – make life better Planet – use resources wisely Places – build better transport Partnerships – lead and unite
In writing this report we have been guided by best-practice reporting standards, frameworks and guidelines including: • International Integrated Reporting Framework, which provides a clear, concise and comparable format for integrated reporting across strategy, governance, risk, performance and targets. • Global Reporting Initiative (GRI) which establishes standardised sustainability impact reporting across industries and sectors. • Taskforce on Climate-related Financial Disclosures (TCFD). • Sustainability Accounting Standards Board (SASB), Infrastructure – engineering and construction services sector. • United Nations Sustainable Development Goals (UN SDGs). We recognise the importance of best-practice sustainability reporting, and continue to engage with the broader industry to contribute to evolving standards. For example in FY24 we provided feedback on the GRI Topic Standard Project for Climate Change – Climate Change Exposure draft. Our approach to sustainability In FY24 we continued to be guided by our Sustainability Strategy, which is aligned with the UN SDGs most relevant to our business. Our Sustainability Strategy includes commitments to:
Our Sustainability Strategy guides how we identify, understand and respond to social and environmental issues and to create real and long-term benefits for all our stakeholders. Responsibility for this strategy and its associated work program is embedded across our business. Our specialist Environmental, Social and Governance (ESG) and Sustainability team drives this process, including by providing strategic advice and reporting on progress, trends and emerging themes to the Board and Executive Committee, who have oversight of these key issues. Reporting what matters Every year, for more than a decade, we have evaluated the ESG topics that we believe are material to our business. In FY24, in response to emerging best practice and the new IFRS ISSB S1 (General Sustainability Disclosures) standard, our Finance and ESG and Sustainability teams co-led a project to review our material ESG topics. Transurban has considered ISSB S1, along with GRI guidance on materiality, and followed a double materiality approach to align with emerging best practice. Using a double materiality approach, we assessed both
Figure 1: Double materiality matrix
Scope 3 emissions and materials Government and industry relationships Sustainable driving and mobility Nature, biodiversity and ecological impact Customer emissions
1
2
3
7
4
5
Customer safety and welfare Cyber security and data privacy
13
14
6
2
3 10 1 12
7
Community investment and partnerships ESG regulatory compliance and reporting Physical impacts of climate change Stakeholder engagement Scope 1 and 2 emissions Customer experience and satisfaction Sustainable supply chain First Nations engagement, partnerships and participation
5
8
6
8 9
11
9
4
10
11
15
12
13
14
15
Increasing financial/non-financial consequences
8
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