Australian Vintage Limited (AVL) has set out its ambitious climate target of achieving Net Zero carbon emissions across its entire value chain by 2040.
AVL’s Environment, Social and Governance (ESG) guided sustainability strategy encompasses environmental impact and climate action, alongside social impact initiatives to support communities and good corporate governance.
The company has set a long-term target to reducing Scope one, two and three emissions by 2040. In the near term, the company will reduce absolute scope one and two emissions 42 per cent by 2030 and reduce scope three emissions 52 per cent.
AVL Wines Chief Executive Craig Garvin said the ESG journey is an important one.
“Sustainability is paramount to our success in the future,” Garvin said. It’s a critical issue but also one of the biggest opportunities of our time. It’s more than a social license, it’s a value creator and a key driver for innovation. Consumers want to support brands and businesses that put people and planet first and we’re seeing this in the purchasing decisions of our customers. We are undertaking world-class initiatives and embedding sustainability into our DNA. We are on a journey, with an ambition to be net positive in everything we do.”
AVL Wines Head of Sustainability Lucy Nash added: “This process has enabled a more robust, progressive, and long-term roadmap to fuel our progress and future-proof our business. Our ambitious science-based approach will propel the business to Net Zero by 2040, a decade ahead of the standard 2050 target.”
Emission interventions within the company’s industry-leading Net Zero target include 100 per cent transition to renewable energy sources, addressing downstream transportation emissions and innovating around sustainable packaging solutions to meet 2025 National Packaging Targets.
AVL recently released its FY22 results delivering underlying profit, before SGARA, of $21.5m despite inflationary, foreign exchange and logistics pressures.