Encourage an enhanced decarbonisation strategy, including Scope 3.

The outcome

In November, Orica published its 2023 Climate Action Report and announced three new and updated emissions reduction targets, including 30% scope 1 and 2 emissions reduction by FY2026 from FY2019 levels, at least 45% scope 1 and 2 emissions reduction by FY2030 from FY2019 levels (an increase from 40% last year), as well as a new 25% scope 3 emissions reduction by FY2035 from FY2022 levels. In addition, Orica provided greater detail on its decarbonisation initiatives and annual progress on operational and value chain emissions reduction. 


As a result of these improved targets and Orica’s consistent progress on climate-related issues, we decided to vote in favour of Orica’s Say on Climate resolution. For reference, Orica received a 92.1% vote in favour of its Say on Climate vote, the second-highest vote in favour for such a vote in Australia at the time.