Genesis Energy Limited has reported a significant reduction in its total greenhouse gas emissions (Scope 1, 2 and 3) to 2,014 ktCO₂e in the financial year ending June 2026, marking a 47% decrease from FY25 levels. The company attributes this reduction to a 55% drop in thermal generation and a less emissions-intensive fuel mix, reflecting its strategic ambition to reach net zero emissions by FY40.
Material actions and disclosures
Genesis Energy’s Scope 1 emissions, which include emissions from electricity generation and fuel use in vehicles, decreased by 63% in FY26 compared to FY25. This reduction was primarily due to higher renewable generation across New Zealand and increased electricity purchased through power purchase agreements (PPAs) and the wholesale electricity market, reducing the need for thermal generation.
The company’s Scope 2 emissions, which are indirect emissions from purchased electricity, also decreased by 25% in FY26 compared to FY25. This reflects the lower emissions intensity of New Zealand’s electricity grid, influenced by strong hydro generation.
Genesis Energy’s Scope 3 emissions, which are indirect emissions from activities not owned or controlled by the company, decreased in FY26 due to lower purchases of coal and gas, and increased emissions associated with capital goods, primarily reflecting construction of battery energy storage systems (BESS) at Huntly Power Station.
Genesis Energy is committed to transparency and will continue to report on progress, challenges, and assumptions as the business progresses with its Gen35 strategy, ensuring stakeholders understand both the ambition and the practical realities of delivering a low emissions future.
Deloitte Limited has issued an unqualified reasonable assurance opinion on Genesis Energy’s scope 1 and 2 emissions and a limited assurance opinion on scope 3 emissions disclosed in the FY26 emissions inventory.