VECTOR ANNUAL REPORT 2021 /
Our climate and sustainability
Our climate and sustainability
Responsible Consumption and Production
As we invest in innovation and digital solutions, we are seeking to avoid an inefficient transition to a low-carbon world, which would ultimately lead to higher costs for our customers. We are keenly aware that if sustainable solutions are not affordable, inequality is likely to be exacerbated.
As a founding member of the Battery Industry Group we have been involved in creating a battery traceability
TASK FORCE FOR CLIMATE- RELATED FINANCIAL DISCLOSURE We are preparing our first report aligned with the Task Force on Climate- related Financial Disclosure (TCFD). This means the climate-related risks and opportunities we face will be disclosed in a manner which is consistent with others, and which will show how they are incorporated into our risk management and strategic planning processes. We believe this is important to empower markets to channel investment towards the solutions, opportunities, and business models needed for a new energy future. We intend to publish our first TCFD report soon. SUSTAINABLE DEVELOPMENT GOALS The United Nations’ Sustainable Development Goals (SDGs) provide our business with a global framework, while establishing the issues the world needs to address in order to become more sustainable. Over the past twelve months we have further refined our focus to five priority SDGs that we will actively contribute to in the short term. Each goal can be referenced back to our overarching focus on the challenges of climate change and the transition to a low-carbon economy.
Affordable and Clean Energy
platform to prepare the supply chain for an increased uptake of electric vehicles. The proposed product stewardship scheme for large batteries was delivered to the Ministry for the Environment in April 2021. To extend our responsibility beyond our own actions we have published a Supplier Code of Conduct on our website outlining our sustainability expectations from the suppliers we work with. This covers their social, environmental, and ethical responsibilities. We will be working with suppliers to meet expectations, including collecting more data to help us identify decarbonisation opportunities. Partnerships for the Goals organisations as a key foundation for achieving the SDGs. Vector is a founding member of the Climate Leaders Coalition, a partner of the Sustainable Finance Forum, and member of the Sustainable Business Council, which has underpinned our support for the Paris Agreement and the establishment of the Climate Change Commission. Our participation in these coalitions also signals our commitment to reducing our own carbon emissions to help with New Zealand’s transition to a low- carbon economy. Vector will continue to develop partnerships within New Zealand and globally to create a new energy future that aligns with the SDGs. One of our more recent examples is our strategic alliance with AWS (page 21). Our actions around climate and sustainability require collaboration with businesses, government and other
We are keenly aware that if sustainable solutions are not affordable, inequality is likely to be exacerbated. Within this,
and core to our Symphony strategy, we strongly advocate that decarbonisation cannot just work with more large-scale generation and transmission. Rather customers must be actively informed through demand-side technologies and platforms. We are engaging with customers and stakeholders including regulatory bodies, and policy makers, to share this view and work towards meeting future decarbonisation goals more efficiently. Our strategic alliance with AWS to build the New Energy Platform (page 21) will benefit our energy and utility customers, and ultimately, consumers, through more efficient and faster processing of data.
Sustainable Cities and Communities
We are proud of the contribution we will make to regenerating Auckland’s tree canopy through our
arrangement with Auckland Council on the Electricity Resilience Targeted Rate. This funds tree planting to compensate for canopy lost due to tree maintenance around power lines. Recognising our role in enabling the transition to sustainable transport, we have continued our EV Smart Charging trial (page 24) to help keep the decarbonisation of transport as affordable as possible.
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