At Arvida we recognise that the choices we make can have a profound effect on New Zealand’s environment, society and economy. We are committed to making good choices that will have a positive impact and support a more sustainable future for New Zealand.
We have embedded sustainability into our business strategy. Our sustainability framework sits underneath our four strategic pillars: Growing Well, Engaging Well, Living Well, and Nurturing Well.
Our sustainability framework
We have developed this framework to help us integrate environmental, social, and economic values across Arvida and its strategic pillars.
Since the adoption of the Sustainability Policy in 2020, we have worked collaboratively with our people and the Arvida board to identify how sustainability will shape the work we do at Arvida. This includes developing a Supplier Code of Conduct that we are working towards introducing across our supply chain.
Climate Related Disclosure Report
We published a Climate Related Disclosures Report in line with the recommendations from the Task Force on Climate-Related Financial Disclosures (TCFD) as part of our Annual Report.Download CRD Report
We are taking action on climate change by reducing our carbon footprint.
Arvida is responding to the challenge of climate change by committing to reduce our emissions, and mitigating and adapting against our exposure to climate-related risks. Our Climate Related Disclosures Report sets out the key physical and transition risks and opportunities we have identified and how we are adjusting to them.
From a 2020 base year, we target the following reductions in our primary emissions:
- 20% reduction by 2025 on a IFRS revenue intensity basis
- 50% reduction by 2030 on a IFRS revenue intensity basis
All our emissions reduction targets relate to Scope 1, 2 and 3 primary emissions. Scope 3 primary emissions are business travel, waste and transmissions and distribution losses. Our Annual Report includes a review of some of the initiatives implemented to reduce emissions.
To date, we have installed over 3,306 LED lights and 2 solar systems at our communities. We have also implemented a waste reduction target across our communities.
Our carbon footprint
Our greenhouse gas emissions inventory is prepared in accordance with the Greenhouse Gas Protocol and ISO14064-1:2018 and independently audited annually.
Ernst & Young completed a limited assurance engagement of Scope 1, 2 and 3 emissions for the year ended 31 March 2023. Toitū Envirocare provided an assurance over prior years' emissions reporting.
Tracking towards net zero
On an absolute basis, our primary emissions increased 1,036 tonnes when compared to 2022 and by 1,681 tonnes against the base year.
Scope 1 and 2 emissions increased mainly as a result of owning the Arena businesses for a full financial year. The acquisition, completed in November 2021, added 1,046 retirement units to our portfolio (representing a 24% increase in the portfolio by unit number). Other contributing factors included flood-related waste and ex- Covid resumption of business activity.
Maturing our emissions profile
During 2023 we reviewed the emissions associated with food using information about the kgs or litres of food purchased, and specific emissions factors based on ‘Healthy and Climate-Friendly Eating Patterns in the New Zealand Context’.
This change in methodology resulted in a 23,415 tonne increase to our prior year purchased goods and services. Other adjustments were made to the prior year inventory to reflect further refinement and additional information in the current year. A table showing all adjustments to the prior year has been included in our greenhouse gas emissions inventory report.
We have also added employee commuting and well-to-tank emissions. Now all emissions associated with our value chain are reported in accordance with the Greenhouse Gas Protocol.
Our emissions reduction plan
An emissions reduction model has been developed with the intention of obtaining improved visibility on the relative merits and impacts of alternative sustainability initiatives in reducing Scope 1 and 2 emissions. The model has allowed the most effective emission reduction targets to be identified.
The model indicated an investment of around $5.2m is currently required to achieve emissions reductions of 40%.