Orica has taken a step towards achieving its net zero ambition by 2050, by announcing it will source 100 per cent renewable electricity by 2040.

Building on its target to reduce scope 1 and 2 GHG emissions by at least 40 per cent by 2030, this commitment signals Orica’s intent to further decarbonise its operations and enhance its competitiveness in a lower carbon economy.

Orica Chief Financial and Sustainability Officer, Christopher Davis said as part of Orica’s purpose to sustainably mobilise the earth’s resources, and their net zero ambition, Orica is transitioning their operations towards more renewable forms of energy.

“Over the coming years, Orica will pro-actively evolve its approach to energy procurement and secure renewable electricity partnerships to support this transition, prioritising offsite renewable generation projects to spur growth and jobs in the industry,” Christopher said.

“As renewable electricity supply, pricing, reliability, and networks improve, Orica is now well positioned to transition to higher proportions of renewable power use on commercial terms over the long term.

“Contracting renewable electricity through strategic long term power purchase agreements will allow us to mitigate exposure to volatile electricity markets, while supporting local communities and making a meaningful impact towards achieving our sustainability targets.

“We make this commitment to sourcing renewable electricity knowing the global economy continues to be in transition, and that many communities around the world still require access to affordable and reliable energy.”

Orica will continue to deploy onsite renewable infrastructure across its sites and offices globally, while partnering on new build renewable energy projects to amplify its contribution to sustainable global economic development.

IMAGE | Orica has taken a step towards achieving its net zero ambition by 2050.