Steadfast has unveiled its carbon neutral transition plan, setting out how the business intends to reduce its emissions to neutral by 2030. 

“Our primary focus is to reduce in absolute terms emissions associated with our operations where commercially feasible, with the balance to be offset with carbon credits,” the Carbon Neutral Transition Plan says. 

The broking network is using financial year 2020/21 as its baseline, meaning 53 entities representing 65% of overall revenue are included in its emissions boundary. 

It plans to undertake green power procurement and transition to electric vehicles since most of its Scope 1 and 2 emissions arise predominantly from petrol consumption and electricity use. Scope 1 is a term that refers to direct emissions from company-owned and controlled resources and Scope 2 covers emissions released to the atmosphere from the indirect consumption of an energy commodity. 

“We think about the long-term success of our business from the perspectives of our shareholders, our people, customer advocacy, the environment and contributing to our communities,” the plan says. 

“Being a services-based business with operations in local communities, Steadfast has a relatively small environmental footprint.” 

Steadfast says climate change continues to be a global risk and a material issue for the insurance industry, including insurers, customers, and the whole economy. 

“The consequences of global climate change are increasingly apparent, from wildfires to devastating floods and drought,” the plan says. 

Steadfast says it will review the plan regularly to ensure it remains relevant and aligned to its strategy and the expectations of capital markets, regulators and external stakeholders. 

Progress on this transition will be updated through annual public disclosures starting at the close of the FY23 reporting period.