Flow Power goes beyond traditional carbon credit schemes

Source: www.gulfoilandgas.com 11/8/2023, Location: Not categorized

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.

“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.” Flow Power COO, Byron Serjeantson

“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.” Smart Energy Council CEO, John Grimes

Canada >>  6/17/2024 - The Government of Canada and the Asian Development Bank (ADB) announced a partnership to create a new Can$360 million trust fund (about $255 million)....
Canada >>  6/17/2024 - Galith Levy, Chief Climate Solutions Prize officer and Jeff Hart, Executive Chair, Climate Solutions Prize and his team joined Sylvain Martel, Managin...

France >>  6/17/2024 - Equinor and main French gas transmission operator GRTgaz sign project development agreement (PDA) for a CO2 transport system for captured CO2 from ind...
Italy >>  6/17/2024 - The European Commission has approved, under EU State aid rules, a €570 million Italian scheme to incentivise ships to use shore-side electricity when ...

South Korea >>  6/17/2024 - Establishing mid- to low-temperature power generation using waste heat and smart energy management system at Hwajin Steel
Discovering convergen...

Spain >>  6/17/2024 - With the integration of the two fund managers, the Suma Capital team broadens its range of funds by investing in startups focused on the fight against...

Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.