Suncorp has brought forward its greenhouse gas emission net zero target by 20 years to 2030, stressing that urgent action is required to mitigate the worst effects of climate change and provide the best chance of limiting global temperatures.

The company says it will meet the target for Scope 1 and 2 emissions by decarbonising operations through purchasing renewable energy and transitioning fleet vehicles to electric and hybrid.

Through a partnership with Diamond Energy, Suncorp is buying electricity from Queensland-based renewable energy sources in the form of renewable energy certificates directly linked to Valdora Sunshine Coast Solar Farm.

Suncorp says it’s on track to source all the energy required to operate its buildings from renewables by 2025 and it plans to electrify the majority of its fleet by 2027.

Over the coming years the group will be focusing on measuring Scope 3 emissions, and setting targets on operations, supply chains and financed emissions, which includes lending, underwriting and investment portfolios.

“Measuring Scope 3 emissions comes with significant data availability challenges,” the company says.

“Suncorp supports improved consistency and transparency of climate risks and emissions through mandatory reporting and understands that small and medium businesses may require government support in helping them measure and reduce emissions.”