Orica reveals ambitions to achieve net zero by 2050

Orica has set a target for its decarbonisation efforts, announcing its goal to reach net zero emissions by 2050, covering scope 1, 2 and 3 greenhouse gas (GHG) emissions sources.

The commitment extends on Orica’s previously established target to reduce scope 1 and 2 operational emissions by at least 40 per cent by 2030, which the company announced in November 2020.

Orica has outlined measures it is putting in place in pursuit of its net zero emissions ambition.

The company will look to reduce its operational footprint, prioritising scope 1 and 2 operational emissions reductions through the deployment of tertiary catalyst abatement technology, sourcing renewable energy and optimising energy efficiency and industrial processes.

Orica will collaborate with its suppliers along the way, engaging proactively as new and emerging technologies arrive and become commercial.

Orica aims to partner with suppliers to source lower-emissions-intensity ammonium nitrate (AN) and ammonia for its products to reduce the company’s scope 3 emissions.

It is also important to Orica to report its progress along the way and transparently disclose performance in line with the taskforce recommendations on climate-related financial disclosure.

Orica managing director and chief executive officer Sanjeev Gandhi said the company’s commitment is an important extension of its initial 2030 emission-reduction goals.

“Our ambition of net zero emissions by 2050 shows our commitment to playing a part in achieving the goals of the Paris Agreement,” he said.

“This is a strong signal that the decarbonisation of Orica will, and must, continue beyond 2030 and requires a collaborative approach across all of our stakeholders.”

Gandhi said he is excited by the progress already made at Orica.

“We’re making solid progress having already achieved a 9 per cent emissions reduction in the 2020 financial year and further reductions this financial year,” he said.

“We’ve taken our 2030 medium-term target and extended our planning over the long term, developing a credible roadmap to support our ambition to achieve net zero emissions by 2050.”

However,  Gandhi said Orica must remain vigilant and is already putting the infrastructure in place to do so.

“Over the next decade, Orica is deploying tertiary catalyst abatement, prioritising renewable energy opportunities and supporting a trial of carbon capture utilisation and storage technology,” he said.

“Beyond 2030, how we achieve our ambition is dependent on effective global policy frameworks, supportive regulation and financial incentives, and access to new and emerging technologies operating at commercial scale.”

Source: Australian Mining