Breaking Down the New Climate-Related Financial Disclosures: A Simple Guide

Edge Utilities_Climate-Related Financial Disclosures

The way businesses approach climate change is becoming increasingly important, and new Climate-Related Financial Disclosures are being created to guide this. This process gained momentum in 2021 with the formation of a group called the International Sustainability Standards Board (ISSB).

The ISSB dedicated 18 months to consulting with different industries, aiming to formulate a comprehensive guideline that encourages companies to be more transparent about their sustainability efforts. In June, they introduced a set of guidelines called the IFRS Global Sustainability Standards, designed to instill confidence in the information companies share regarding their sustainable practices.

Following this, the government has drafted a paper that outlines expectations for large companies. These companies will be required to report on their plans, risks, and opportunities related to climate change. The reporting must align with international standards and show the companies’ readiness to achieve the objectives of the Climate Change Act 2022.

The implementation of these rules begins on July 1, 2024. Initially, they will apply to Australia’s biggest companies, as defined by their revenue, asset value, and employee count. However, by 2027, companies categorised as “Controlling Corporations” under NGERS may also have to comply, even if they don’t meet the initial criteria.

Companies will be mandated to disclose various information, including data on their emissions, plans to meet climate targets, and strategies to handle any climate-related risks. Non-compliance could lead to significant penalties.

While the government is soliciting feedback on these rules until July 21, 2023, it’s clear they’re set to become a permanent fixture. By the next financial year, many businesses will be required to adhere to these rules, and there will be no option to opt out. It’s crucial for businesses to start preparing now to be ready when the final version of the rules is officially enacted.

This is a summary article from Edge2020 – read the original article.

The team Edge Utilities are passionate about renewables and sustainability, we are energy brokers with an eye on the planet. We are committed to helping councils and business communities reach their net zero goals through renewable power purchasing agreements (PPAs) and smart portfolio management.
To discuss options and plans for your community contact us at save@edgeutilities.com.au  or call us on 1800 334 336 to discuss. 

Energy insights for SMEs – Australia’s energy transition

Small to medium-sized businesses (SMEs) in Australia, prepare for subtle yet significant changes in the energy sector that might impact your operational costs and sustainability efforts.

Firstly, good news for the near future as the revival of the Tallawarra B gas station is expected to ease the energy supply deficit by late 2024. However, potential delays in the commissioning of the Kurri-Kurri gas plant highlight the need for SMEs to explore diverse energy sources and contingency plans.

By 2025, the closure of Eraring, which contributes ~25% to the New South Wales’ (NSW) energy grid, could potentially escalate energy bills by increasing spot prices across the National Electricity Market (NEM). Further, potential delays in the ambitious Snowy 2.0 hydroelectric project could also contribute to energy contract price increases. These shifts underscore the significance of energy efficiency and renewable alternatives for SMEs.

Policy changes are also on the horizon with the possible introduction of a capacity mechanism, which could influence how you source your electricity, adding more stability and affordability.

For SMEs operating in South Australia and Victoria, the government’s new scheme promoting non-fossil fuel generation could have substantial implications for your energy sourcing and costs.

The growth of large-scale battery projects in South Australia and Victoria’s goal for a 95% renewable grid by 2035 presents intriguing opportunities. This transition could stimulate additional renewable initiatives, providing compelling prospects for SMEs in the renewable sector.

In summary, while the forthcoming Electricity Statement of Opportunities (ESOO) might bring some challenges, it also unveils opportunities for innovation. By staying informed and adaptable, your business can flourish in Australia’s transforming energy landscape. Keep an eye out for further legislative changes coming this September.

Edge Utilities offer market leading services for business and strata energy users. We help you navigate the ever-changing energy landscape, focus on renewables and save on your power bills through our Edge Utilities Power Portfolio. Reach out, we would love to assist you: info@edge2020.com.au or call on:1800 334 336

Is your business ready to be part of the Brisbane Olympics 2032?

Brisbane Olympics 2032 Precinct

Brisbane 2032 International Olympic Committee (IOC) have called for businesses to be “Brisbane Olympics 2032 Ready” but what does this mean for your Business Energy?

As we countdown to the Brisbane 2032 Olympics, action towards creating Australia’s first net zero carbon region has commenced with the launch of the Brisbane 2033: Legacy Project. This project outlines a policy and framework of SMART goals across the key themes of Connected, Creative, Equitable and Enterprising with the goal to achieve a Climate Positive Games and positive legacy for the region.

“In 2032, the eyes of millions of people will be in our homes, what do we want them to see?” John Coates AC, President of Australian Olympic Committee.

The Queensland Government has indicated that all business intending to be a part of the Brisbane Olympics 2032 will be required to meet the net zero carbon goals and the Games’ procurement rules on zero emissions and zero waste.

So how can you become Brisbane 2032 Olympics Ready and be a part of Australia’s first net zero carbon region?

Our team of energy experts at Edge Utilities have outlined three key ways below.

3 ways to show your business’s commitment to a Climate Positive Games with Edge Utilities.

 

  1. Reduce your carbon emissions.

Taking action to reduce carbon emissions is a crucial step in preparing for the Brisbane 2032 Olympics. There are various effective approaches to achieve this goal. These include conducting equipment assessments, upgrading to energy-saving infrastructure, implementing solar panels, integrating smart technology, and adopting energy-efficient lighting solutions.

By implementing these strategies, businesses can make significant strides towards Brisbane 2032 Olympics readiness while actively contributing to a sustainable future.

  1. Purchase green energy.

Simply purchasing green energy is another great way to show your Climate Positive commitment to the Brisbane 2032 Olympics. Edge Utilities can work with you to secure cost effective energy procurement from renewable resources, such as solar, wind and hydro. We do the administrative work for you, ensuring reliable secure energy for your business whilst, managing cost and reducing your emissions through green purchasing.

As part of our comprehensive services, we can guide your business in exploring energy procurement and generation options, including energy carbon offsets, enabling you to make informed decisions towards sustainable and low-carbon operations. We are deeply committed with renewable energy, which play a critical role in preparing for a Climate Positive Olympics.

One of our key offerings is the facilitation of Power Purchase Agreements PPAs powered by Edge2020. Power Purchase Agreements allow businesses to procure energy from renewable sources such as solar, wind, and hydropower at fixed, predictable costs. This approach is particularly advantageous for small to medium-sized businesses, providing a cost-effective path to lower carbon emissions and fostering growth within the renewable energy sector.

Learn more about Power Purchase Agreements.

  1. Join a renewable energy portfolio.

A renewable energy portfolio can open a wealth of opportunities for your business and goes beyond simply securing renewable power. By joining a power portfolio, you will benefit from the power of bulk purchasing, yielding cost advantages not usually accessible to individual businesses and mitigating price fluctuations. Edge Utilities offers individual businesses the opportunity to apply for a renewable energy portfolio through our Edge Utilities Power Portfolio (EUPP).

When businesses join the Edge Utilities Power Portfolio, they gain access to the kind of purchasing power that is typically only available to larger portfolios. This opens the door to custom-made electricity contracts, providing an essential tool for businesses aiming to achieve net zero emissions. Edge Utilities Power Portfolio serves to remove obstacles for Australian businesses, making the goal of 100% renewable electricity within their contracts a more achievable reality. This not only supports environmental initiatives but also echoes the sustainable business strategies akin to the values championed by global events like the Brisbane 2032 Olympics.

Discover more about the Edge Utilities Power Portfolio.

Edge Utilities has a climate active registered consultant, and it’s powered by Edge2020. Gain access to tailored energy solutions, green energy experts, risk management and emission reduction strategies designed to secure your energy procurement, mitigate fluctuating energy prices, and go for green and gold!

 

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South West Renewable Energy Zone: A Step Towards a Greener Future in New South Wales

Street lights on road at night

The NSW government recently released their draft declaration for the South West Renewable Energy Zone (SW REZ) access scheme to the public as part of the NSW government’s Electricity Infrastructure Roadmap.

The government is paying particular attention to the number of projects that will be granted transmission in the zone looking to generate investment.

REZs are designed to coordinate the connection of new renewable energy projects to the electricity grid within a specific area. The NSW government hopes these zones will attract investment for renewable energy projects, thereby reducing greenhouse gas emissions and providing clean, sustainable energy.

The South West REZ is anticipated to have a transfer capacity of 2.5 gigawatts (GW) and will connect to the existing electricity network via the Dinawan Substation. Due to its location, this zone will primarily focus on solar and wind energy projects, as offshore wind and extensive hydrogen investment opportunities are not as viable.

Several upgrades to the electricity network are planned to support these new projects, including the Project Energy Connect (PEC) interconnector, the HumeLink, and the proposed Victoria-NSW interconnector (VNI West). These enhancements aim to entice investors to fund renewable energy projects in the South West REZ.

To participate in this REZ, companies must meet specific requirements and adhere to the government’s guidelines. They need to demonstrate project feasibility, compliance with certain standards, and the ability to manage potential disruptions to the electricity system. Upon meeting these criteria, they will be granted access to the REZ and the benefits it offers, such as a stable and well-funded electricity network.

Public consultation for the South West Renewable Energy Zone (SW REZ) access scheme will conclude on May 15th, marking another step towards a greener future in New South Wales.

This is a summary article from Edge2020 – read the original article.

The team Edge Utilities are passionate about renewables and sustainability, we are energy brokers with an eye on the planet. We are committed to helping councils and business communities reach their net zero goals through renewable power purchasing agreements (PPAs) and smart portfolio management.
To discuss options and plans for your community contact us at save@edgeutilities.com.au  or call us on 1800 334 336 to discuss. 

What shade of green is your business?

  • Do you use a re-usable bag when you shop?
  • Do you recycle at home and work?
  • Do you conserve water where you can?
  • Do you turn off you lights when they aren’t being used?
  • Do you try and avoid single use plastics?

These are choices we all naturally make every day, and all contribute towards a healthier planet. So, why would you not incorporate this concept into your business behaviour?

Of course, it is more complex for a business, especially larger energy users such as hotels, supermarkets, manufacturers, data centres, cold storage warehouses etc.  where large amounts of energy are required, but that doesn’t mean it has to be avoided.

Here we have tried to pull back the curtain and show you how Edge Utilities can easily assist in helping your company achieve their climate goals. This will not only allow you to future-proof your organisation but assist in ensuring your employees to feel like they work for a purpose driven company.

Now, if you investigate net-zero and what it means, a minefield opens

Do you include Scope 1? (direct emissions from company activity) and Scope 2 emissions? (indirect emissions from the power you purchase to use).  Scope 3 is an option. What is a scope 3 emission? It’s indirect emmissions that occur in your value chain, but are not controlled by you.

What are your company’s abilities to be green? Would you like a project linked – Power Purchasing Agreement (PPA) or Carbon Offsetting? Does Green Power suit you more than a solar panel?

Corporate Emission Reduction Transparency (CERT)

With the Government’s Corporate Emission Reduction Transparency (CERT) report asking companies to describe how they will set and meet their targets, the UN are placing more pressure on companies to set and meet ambitious targets. Stakeholders and customers are increasingly demanding a green pledge from companies they use. So,  the time to act is now, but where do you start?

It doesn’t have to be this hard!

Let’s start at the beginning

What is Net Zero? Well don’t panic it isn’t eliminating all emissions. We are not trying to be moved back to cave men with stone tools and no internet (Hear the hooray from all 14 year-olds!).

Net Zero’s aim is to ensure any human-produced Carbon Dioxide (and other gasses such as Methane) are removed from the atmosphere, either by technological advances, reducing emissions or planting trees (they are pretty good at taking the CO2 out of the air and replacing it with oxygen, and I think we can all agree oxygen is a pretty handy gas to have about!)

So, what do you do as a company to get there?

Well first you define your emissions and boundaries. Not to put words in your mouth but with NGERs (National Greenhouse and Energy Reporting Scheme) reporting the answer for most companies we be “Well to Gate”(WtG)*. It also means you have your Scope 1, 2 and 3 emissions all easily accessible.

If you don’t have an NGERs report, you can set your own by using something like the WWF Ecological Footprint calculator. Alternatively, you can ask a Carbon Neutrality advisor such as Edge with an in-house Climate Active© Registered Consultant to define your carbon footprint.

So now you know your emissions to reduce. The big question then is, which is where we can end up in a quagmire: How green is your green?

Carbon credits

Some companies are happy to carbon offset their emissions using certificates bought from the wider market or a specific project. This can be through projects right here in Australia which create Australian Carbon Credit Units (ACCU’s) or abroad through other schemes. If you are offsetting 100 per cent of all your Greenhouse Gasses as a company, you can advertise you are 100% Carbon Neutral and have achieved Net Zero.

These certificates can usually only (currently) be bought on the open market for the current year. Therefore, Edge can assist in pairing you with a project and certificates for the length of your commitment.

What if this doesn’t sound like you though – What if you want your scope 2, or electricity usage, to come from another source, not be classified as carbon neutral . What if you wish for up to 100% of your electricity usage to be renewable green, using renewable electricity. You will still meet your ‘net zero’ target but you are classifying your electricity slightly differently.

Renewable Green

Well, have you ever driven past an Ikea or Bunning’s and seen the Solar on the roof? Some of these solar panel’s feed into the Governments GreenPower scheme where you can buy electricity which has come from a government accredited GreenPower source. If more than 10% of your electricity is from GreenPower you can utilise the GreenPower logo and marketing materials for your business to meet your social licence marketing materials.

Certificates aren’t your only option, however.

We can explore options to help your company offset its emissions by purchasing renewable energy credits or by investing in a wind or solar farm. One approach is to buy enough offtake from a renewable generator to ensure that all your company’s emissions are covered.

By doing this, your company can demonstrate its commitment to reducing its carbon footprint.  This can be a positive message as it shows that your company is taking concrete steps towards a more sustainable future. Imagine your CEO on a press release next to a Solar Panel – ok not that glamorous – but effective!

Wind and Solar are often touted as the main sources of green renewable electricity, but we have a vast number of options here in Australia, including Hydropower from both rivers and dams as well as an increasing number of Battery projects, Victoria is leading the way with 48% of current battery capacity but the rest of the east coast is hot on its heels, and Victoria will not hold this share for long.

Green generation

A final option is to install your own generation and use this for some of your usage. It can also be used for you to show you are physically investing in your company’s net zero pledge.

However, you want to get there, whichever green shade suits your business, we can help.

Edge will review your business’ requirements; all we need from you is a yes and we can help define the rest and paint your business with the right shade of green for you.

It really isn’t that hard. Pull back the curtain and join us. https://edgeutilities.com.au/edge-utilities-power-portfolio/ or contact Laura on 1800 334 336.

* Well-to-Gate (WtG) is a term used in the life cycle assessment (LCA) of a product or service to describe the environmental impacts associated with the production process up to the point where the product or service leaves the factory gate or production site.

Save money on business energy bills

Power Portfolio

Edge Utilities launch the Edge Utilities Power Portfolio to help Australian businesses save on energy costs

With energy prices at an all-time high and continuing to rise, the team at Edge Utilities are using the power of bulk purchasing to help Australian businesses of all sizes save on energy bills. We’ve developed the Edge Utilities Power Portfolio (EUPP) to give every Australian business access to the SAME savings as large energy users and shield them from rising energy prices.

Shield your business from rising energy costs:

By taking multiple energy users to market as one larger group, we can access bulk purchasing prices, saving on what you are currently paying for your energy. Joining the Edge Utilities Power Portfolio (EUPP) means you can access these savings AND have your energy portfolio managed by one of Australia’s leading energy management teams.

We do the hard work for you.

Through the EUPP you are joining a large power portfolio to which we apply portfolio optimisation analytics. You will be taking advantage of procurement strategies usually only available to really large users. We negotiate terms that you could never achieve on your own. With the right portfolio, we can even support your transition to renewable energy with minimal impact on your energy rates.

Who is Edge Utilities?

Under our parent company, Edge 2020, we have provided energy broker services for over 14 years, working with Australia’s largest energy users, including BHP, Glencore and SBS.

From the moment you join the EUPP, our energy team works for you. The sooner we start, the sooner you save. 

As a launch special, Edge Utilities is waiving the sign-up fee to join the EUPP. Even more savings for you.
For more information on the Edge Utilities Power Portfolio, visit: https://edgeutilities.com.au/edge-utilities-power-portfolio/