Climate Change Policy

Global warming and related physical climate-related impacts are occurring and at a pace that is untenable. Without collective ambition and effort to act now, we risk degrading our environment and future opportunities.

Demand for resources is outstripping availability at a time when organisations are also seeking ways to reduce their Greenhouse Gas (GHG) emissions. 

Based on the recommendations of the Intergovernmental Panel on Climate Change (IPCC) and to meet the goals of the Paris Agreement, to avoid the worst potential impacts of global warming, we support a science-based approach to emissions reductions.

As a business delivering low carbon circular economy services, finding solutions that address the challenges of a low carbon sustainable future is both a key challenge and opportunity for Enva.

We recognise that the use of non-virgin, recycled and recovered resources aids in reducing GHG emissions associated with the original primary extraction, refining and processing of resources.

This is at the heart of Enva and our position on climate change is supported by our long-term strategy and business interests.

Near-term commitments: 

To support the Paris Agreement to limit global average temperature increases to Well Below 2°C (WB2D) and to pursue efforts to limit warming to 1.5°C above pre-industrial levels, Enva has set its own near and long-term science-based targets.

Our Scope 1 and 2 commitments are aligned with a 1.5°C trajectory and our Scope 3 commitment is aligned with a WB2D trajectory.

  • Scope 1 and 2 GHG emissions1: A minimum absolute reduction of 43% by FY2030-31 across our operational emissions from a baseline year of FY2022-23.
  • Scope 3 GHG Emissions2:  A minimum absolute reduction of 25% by FY2030-31 across our value chain emissions3 from a baseline year of FY2022-23.

Long-term commitments   
In support of a longer-term commitment to Scope 1, 2 and 3 reductions aligned with a 1.5°C trajectory, we commit to achieving

  • Net Zero GHG emissions: Net Zero, with a minimum absolute reduction of 90% in GHG emissions by 2050, or sooner, across our operational and value chain emissions3,4  from a baseline year of FY2022-23.
  • Remaining residual emissions will be neutralised through direct removals or otherwise permanently stored. 

Governance

To ensure that action on the risks and opportunities of climate change receive full attention from the business, we have voluntarily adopted core elements of the Taskforce on Climate-related Financial Disclosures (TCFD) framework.

We are further committed to:

  • Introducing and improving governance; ensuring senior leaders within the business are knowledgeable about and accountable and responsible for our approach to climate change and our commitments;
  • Setting and improving business strategies, planning, resilience and risk management controls for assessing climate-related risks and opportunities, both operationally and in our value chain;
  • Delivering on metrics performance and progressing decarbonisation plans in line with our targets;
  • Independent annual verification of our GHG emissions footprint through a recognised audit body.

In combination with our Environmental Policy and other relevant polices issued by Enva, we adopt a practice of continual improvement in our approach to climate change, adapting our approach and response as climate-science and technology evolves. This policy will be reviewed annually and updated as required.

We will continue to work with all our stakeholders to ensure that the transition to Net Zero is equitable and fair and ensure that the wider implications of climate change on the environment, biodiversity and ecosystems and social value are considered in our decision making5.

Tom Walsh
Chief Executive Officer


Footnotes:

1 Covering a minimum 95% of Scope 1 and 2 GHG emissions.
2 Covering a minimum 67% of Scope 3 GHG emissions.
3 Including all 15 Scope 3 GHG Protocol categories.
4 Covering a minimum of 95% Scope 1 and Scope 2 and a minimum of 90% of Scope 3.
5 In accordance with our baseline recalculation methodology, adjustments to our baseline will be made where material, structural and other defined changes occur in year that vary our overall GHG emissions position by more than +/- 5%.

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