Leading energy retailer says new approach could help drive critical investment in Australia’s energy transition.
Leading energy retailer Flow Power has raised the bar for corporate sustainability with the launch of its new carbon neutral strategy. The Melbourne-based business has departed from conventional carbon offsetting programs and is instead using the transformative potential of large-scale generation certificates (LGCs) to offset its emissions.
Working in collaboration with carbon consultancy Pathzero, Flow Power calculated its carbon footprint, covering scope 1 through 3 emissions. To offset these emissions, Flow Power surrendered the equivalent tonnes of CO2e in LGCs.
Traditional carbon offsetting programs allow organisations to compensate for their emissions by investing in projects that reduce, remove or capture emissions from the atmosphere, such as reforestation programs or avoiding deforestation. These programs also promote investment in renewable energy projects across the world however they currently do not support new projects here in Australia.
Instead, Flow Power’s innovative strategy leverages LGCs sourced from Australian renewable projects, which are readily accountable and measurable. In simple terms, every unit of carbon that Flow Power produces is counterbalanced with direct investment in local renewable projects that are driving Australia’s energy transition.
LGCs are not currently recognised as a certified carbon offsetting method in Australia, and Flow Power is calling on a change to the regulatory model to encourage other businesses to adopt their innovative approach.
Flow Power COO Byron Serjeantson said: “Since the business was founded in 1994, we have never been afraid to do things differently. Our vision is to drive the renewable transition in Australia, and as an organisation we want to address our emissions footprint in the way we believe is best aligned with this objective – driving additional investment in renewables projects for Australia, which will reduce the emissions and cost of our energy system.
“Current forecasting shows Australia will miss our 2030 emissions and renewables targets unless we fast-track and promote capital investment in renewable energy projects. Utilising LGCs as carbon offsets could help provide the critical investment boost Australia needs. This alternate approach will increase investment in renewable energy projects while offering companies additional, and highly tangible, ways to offset their emissions, resulting in benefits for the environment, the economy and the cost of living.”
John Grimes, CEO, Smart Energy Council commented: “It’s exciting to see innovative businesses like Flow Power do things differently and ask: ‘Is there a better approach out there?’ We applaud them for investing the time and resources to calculate their emissions and develop a new offsetting methodology that has the potential to support much-needed investment in Australian renewables to combat climate change. Flow Power’s approach could provide a catalyst for carbon reductions and enhanced capital flow at this critical time in Australia’s energy transition.”
To learn more about Flow Power’s carbon strategy visit www.flowpower.com.au/our-carbon-neutral-strategy.
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About Flow Power
Flow Power is an electricity, technology and engineering company reshaping energy for Australia. Since 2009, Flow Power has found new and better ways to deliver reliable, renewable energy that brings costs down and puts the power back in customers’ hands.
With a renewable energy portfolio encompassing wind, solar and storage, Flow Power is one of Australia’s fastest-growing energy retailers, serving some of our best-loved organisations including The Sydney Opera House, Snack Brands, Westpac, The City of Sydney, Asahi Beverages, Newcastle Airport and Pernod Ricard Winemakers.
Flow Power: creating Australia’s renewable energy future, together.
For more information go to: flowpower.com.au