Viva Energy Group has announced it plans to achieve net-zero carbon emissions from all its non-refining operations by 2030 and committed to a 10 per cent reduction in emissions intensity from its Geelong refinery by the end of the decade.
Viva operates the Geelong refinery in Victoria, one of two remaining oil refineries in Australia, and is the biggest branded retail fuel supplier through its Shell Coles Express petrol stations, according to Reuters.
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The company said it was targeting net zero on all direct and indirect emissions, otherwise called scope 1 and 2, across its non-refining businesses by 2030, and at all its operations by 2050.
Viva Energy aims to expand its annual operating earnings by more than $50 million over the next three to five years through new businesses.
Among those opportunities, Viva is looking to build a liquefied natural gas (LNG) import terminal at the Geelong site, which could help fill a looming gas supply shortfall in southeast Australia from the mid-2020s.
It plans to submit its environmental effects statement to Victoria state regulators by the end of December, with a state ruling expected by June, and aims to make a final investment decision in the third quarter of 2022.
These commitments form an important part of Viva Energy’s longer-term sustainability and new energy goals, and demonstrate our commitment to playing a critical role in Australia’s transition to a low-carbon future.
Chairman Robert Hill said, “Viva Energy fully supports the objectives of the Paris Agreement. We play an important role in the energy security and infrastructure of Australia, and our announcement today shows our commitment to addressing the impacts of climate change in Australia and globally.
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“The liquid fuels and lubricants we supply will continue to play a critical role as the energy system transitions to a lower-carbon future. As well as setting our own Scope 1 and 2 emission goals, we also have a number of initiatives in the new energies sector, to supply lower-carbon fuels to the market in the future. These initiatives and our commitments to reduce our own carbon footprint, form an important part of Australia’s pathway to a lower-carbon energy system.”