Company disclosures (2)
Climate Transition Plan
This year marks a significant milestone in the evolution of QBE's climate strategy. Building on the foundations established through our actions to date, we developed our first Climate Transition Plan. This plan outlines our ambition to support the transition to a net-zero economy by taking action in our underwriting and investment portfolios, and to achieve net-zero emissions across our own operations by 2030.
During the year, the Board reviewed and approved QBE's Climate Transition Plan, including QBE's climate ambition and strategies across investments, operations and supply chain, and underwriting. In doing so, the Board considered trade-offs relating to feasibility, timing and potential financial impacts, recognising the need to balance climate objectives with commercial, regulatory and operational considerations, whilst continuing to support QBE's customers. The Board also received quarterly updates on progress against the metrics and targets in the Sustainability Scorecard, and approved the 2030 Sustainability Scorecard which included the targets forming part of the Transition Plan.
Climate Transition Action Plan
Santos Climate Transition Action Plan (CTAP): Santos has a Climate Transition Action Plan that will continue to evolve with time. The CTAP has made significant progress in 2025.
2025 Progress and Expenditure:
- CTAP expenditure: $136 million in 2025
- Key achievements: Achieved 2030 Scope 1 & 2 net equity emissions target in 2025
- CCS Progress: Moomba CCS project received 907,872 ACCUs, demonstrating commercial viability
Delivery Framework: Santos tracks CTAP delivery and outcomes as part of intellectual capability outcomes, with regular monitoring and reporting processes in place.
Evolution and Updates: The CTAP continues to evolve with time, adapting to changing market conditions, technology developments, and regulatory requirements while maintaining focus on decarbonisation goals.
Integration with Business Strategy: The transition plan is embedded within the Company's three strategic horizons:
- Backfill, sustain and decarbonise
- Build and grow
- Low carbon fuels development
Governance: CTAP progress is overseen by the Board through the Safety and Sustainability Committee, with regular updates on delivery and outcomes.