We recognise that value for Oceania extends well beyond purely financial performance and it includes other dimensions such as our social and environmental performance, that are important to us and our stakeholders.
Defining our Sustainability Framework.
In FY2023, we refreshed our Sustainability Framework that underpins our strategy. Through the implementation of Oceania’s refreshed Sustainability Framework 2023- 2030, we will create long term value for our stakeholders and partners whilst taking care of the environment for generations to come. We recognise that when our people feel happy and valued, they provide the best experience for our residents.
Identifying Our Material Impacts.
In developing our Sustainability Framework, we first went through a process to understand our most significant economic, social and environmental impacts, using the latest Global Reporting Initiative (GRI) standards that came into effect on 1 January 2023. This analysis has played an important role in shaping our refreshed Sustainability Framework aspirations and goals. The analysis will also inform our targets and strategies to deliver on our Sustainability Framework out to 2030.
Our Greenhouse Gas Emissions Performance
We are committed to minimising our greenhouse gas emissions across our operations and value chain. Oceania started measuring its scope 1 and 2 emissions, and certain scope 3 emissions categories, in 2019. In FY2023 we undertook a detailed measurement of all material scope 3 emissions sources using a FY2022 baseline. This assessment identified that emissions from capital goods (upfront carbon from our developments, and emissions associated with our refurbishments) are our most material emissions source. We are setting a science-based target and will have this verified by the best practice Science Based Target initiative (SBTi) in FY2024.