Medibank Private Limited has updated its Net Zero Target to achieve absolute zero emissions across Scope 1, Scope 2 (market-based), and Scope 3 (excluding financed emissions) by 2050, reflecting its commitment to decarbonisation. The company has also committed to maintaining net zero across Scope 1 and Scope 2 (market-based) emissions.
Material actions and disclosures
Medibank Private Limited has made significant progress in reducing its Scope 1 and Scope 2 (market-based) emissions, meeting its Net Zero Target for these scopes against a 2021 baseline. The company has also increased its use of renewable energy, with 86% of its sites supplied under GreenPower® arrangements at the end of the reporting period.
The company’s emissions profile includes 61 clinics and associated electricity consumption. Scope 1 emissions decreased by 15% in the year, largely due to the transition to a hybrid fleet. Scope 2 (market-based) emissions increased by 40%, reflecting business growth and the acquisition of Better Medical.
Forward commitments
Medibank Private Limited aims to further reduce Scope 1 GHG emissions and Scope 2 (market-based) emissions across general practitioner clinics by at least 90% against baseline reduction opportunities. The company also plans to improve recycling efforts and reduce unnecessary single-use items at medical sites.
Medibank Private Limited will continue to utilise measures such as increased use of renewable energy in leased assets and improving building energy efficiency. The company has committed to offsetting residual emissions with a minimum reliance on offsets, aiming for less than 10% of emissions.
The company’s Net Zero Pathway includes a range of decarbonisation levers across Scope 1, Scope 2, and all relevant categories of Scope 3 emissions, excluding financed emissions. The pathway prioritises emissions reduction as the primary means of achieving the Net Zero Target.
Medibank Private Limited’s commitment to Net Zero is informed by the goals of the Paris Agreement and aligned with the Global Road Map for Health Care Decarbonisation.