Mainfreight – Climate Risks Report 2023

TCFD Report Page 1
CLIMATE RISKS
REPORT 2023

TGFD Report Page 2TCFD Report Page 3
OVERVIEW
INTRODUCTION
Mainfreight welcomes the opportunity to
provide our first climate related risks report.
This report is prepared with reference to
the Taskforce for Climate Related Financial
Disclosures. This should be viewed as a separate
but complimentary work piece to the Climate
Related Disclosure reporting we will publish from
2024.
We recognise the significant global impact
that climate change poses to economic,
environmental and social systems. We
acknowledge that where there are climate
risks there are financial risks but also practical
opportunities.
Mainfreight is committed to playing our part to
reduce the impact of our operations and support
our customers on their own journey.
TCFD
THE TASKFORCE FOR CLIMATE-RELATED FINANCIAL DISCLOSURES
The TCFD framework was designed to improve
transparency and the evaluation of climate
risks in global capital markets.
The TCFD structures its recommendations
around four thematic areas shown in Figure 1.
Split among these main elements are eleven
recommendations for organisations in detailing
information aligned to the standard. We have
sought to address each of these, as well as
provide context around some of the challenges
to date and our path ahead.
You can read more about the TCFD here:
https://www.fsb-tcfd.org/
CRD
CLIMATE-RELATED DISCLOSURES
Mainfreight are a designated Climate
Reporting Entity in scope of the
Aotearoa New Zealand Climate Standards
Our 2024 Climate Risks Report will be adapted
to meet the additional requirements set out
within the standards.
Overview
Page 2
Governance
Page 4
Risk Management
Page 6
Strategy
Page 10
Metrics & Targets
Page 22
Appendices
Page 26
Metrics and
Targets
Risk Management
Strategy
Governance
OVERVIEWGovernanceRisk ManagementStrategyMetrics & Targets
Figure 1. Core Elements of TCFD

TGFD Report Page 4TCFD Report Page 5
GOVERNANCE
TCFD DISCLOSURE
RECOMMENDATIONS -
GOVERNANCE
a. Describe the board’s oversight of
climate-related risks and opportunities.
b. Describe management’s role in
assessing and managing climate-
related risks and opportunities
INTRODUCTION
The TCFD defines Governance as the “set
of relationships between an organisation’s
management, its board, its shareholders,
and other stakeholders. Governance
provides the structure and processes
through which the objectives of the
organisation are set, progress against
performance is monitored, and results are
evaluated”. To that end we describe below
how the existing governance frameworks
of our organisation enable and support
the principles outlined within the TCFD
recommendations.
BOARD OVERSIGHT
The Board is responsible for the proper direction and control of the Group’s activities. This
responsibility includes such areas of stewardship as the identification and control of the Group’s
risks (including climate-related risks), along with the integrity of management information
systems and reporting to shareholders.
The Board has an established Audit Committee with responsibility for overseeing the framework
of internal control mechanisms that ensure proper management of the Group’s affairs including
oversight of business risks. On an annual basis or as necessary, recommendations are then made
by the Committee to the Board.
The Board delegates the conduct of the day-to-day affairs of the company to the Group
Managing Director and Executive Management.
MANAGEMENT ROLE
Executive Management is responsible for ensuring the business is identifying, managing, and
controlling climate-related risks alongside other risks. Risk mitigation strategies directed by the
Board are implemented and monitored by management.
The Group finance and Group sustainability teams reporting to the Chief Financial Officer
support the practical implementation of climate-related risk mitigation strategies. The Group
sustainability team is also responsible for preparing climate risk assessments provided to
management and the Audit Committee.
OUR GOVERNANCE STRUCTURE
BOARD OF DIRECTORS
AUDIT COMMITTEE
EXECUTIVE MANAGEMENT
SUSTAINABILITY
TEAM
FINANCE
TEAM
The Board approves the Group Risk Management
Process. It receives and reviews reports provided
to it, by the Audit Committee.
The Audit Committee reviews all major risks and
those escalated by management. The Committee
ensures risks are being managed in accordance
with the Group’s Risk Management Process.
Executive Management is responsible for ensuring
that the business is effectively following and
delivering on the Group Risk Management Process,
to identify, measure, manage, monitor and control
risks.
The Sustainability and Finance teams provide
support with the consideration and assessment of
potential risks as well as functional support in the
implementation of the Group Risk Management
Process.
OverviewGOVERNANCERisk ManagementStrategyMetrics & Targets
Figure 2. Risk Governance Structure

TGFD Report Page 6TCFD Report Page 7
RISK MANAGEMENT
INTRODUCTION
Risk Management is defined by the
TCFD as “a set of processes that
are carried out by an organisation’s
Board and management to support
the achievement of the organisation’s
objectives by addressing its risks and
managing the combined potential
impact of those risks.”
In reflection of the Risk Management
recommendations shown right, we have
outlined here our Risk Management
Process (Figure 3) and detailed each of
its core components as they relate to the
framework.
OUR RISK
MANAGEMENT
PROCESS
We have used the following sources in an
effort to identify potentially relevant climate-
related risks and opportunities:
• Academic publications and literature
related to climate change
• Scientific assessments and data
• Policy guidance and public sector research
• Industry specific reports and
developments
• Regional specific reports and
developments
• References from other related standards
Assessments of materiality are made against
possible risks and opportunities to warrant
their disclosure in this report. The absence
of a specified risk here does not preclude
that risk from assessment and may well be
addressed strategically at local levels. Instead
material risks are presented from a Group
perspective.
We have elected to consider identified risks
against the 3 climate scenarios defined in
figure 4. For each we explore the time horizon,
regional exposure and potential impact as
it pertains to the strategic objectives of the
business when assessed against each of the
scenarios.
IDENTIFY
1
MEASURE
2
TCFD DISCLOSURE
RECOMMENDATIONS – RISK
MANAGEMENT
a. Describe the organisation’s
processes for identifying and
assessing climate-related risks.
b. Describe the organisation’s
processes for managing climate-
related risks.
c. Describe how processes for
identifying, assessing and managing
climate-related risks are integrated
into the organisation’s overall risk
management
1
IDENTIFY
2
MEASURE
3
MANAGE
4
MONITOR
5
CONTROL
OverviewGovernanceRISK MANAGEMENTStrategyMetrics & Targets
Figure 3. Risk Management Process

TGFD Report Page 8TCFD Report Page 9
The management of
climate-related risks and
opportunities are considered
individually against the
Group’s Risk Management
framework and collectively
through strategic response.
Strategic elements outlined
in the subsequent section,
reflect how climate-related
risks and opportunities are
addressed in a manner that
supports the organisation’s
climate resilience. Specific
tactical responses are
overseen by management
and implemented by
functional departments of
the business.
Identified risks will be
reviewed at least annually in
line with the reporting cycle.
Detailed scenario analysis
is used to assess whether
current responses and
controls are adequate with
respect to the developing
impact of each disclosed
risk and opportunity.
The control element
provides the resource and
capability to deliver all
other core functions of the
risk management process
along with determination
of strategic responses.
Efforts to identify, standards
to measure, projects to
manage and conditions
against which to monitor
are all formulated within risk
management control.
Our existing and well-
practiced risk management
processes are critical
here to the resilience
and adaptability of the
organisation to climate-
related and other business
risks.
MANAGE
3
MONITOR
4
CONTROL
5
CONSIDERED CLIMATE SCENARIOS
1. ‘Immediate Action -
Smooth Transition’
Explanation
This scenario follows an
immediate but orderly
transition to Net Zero.
It assumes decisive
and coordinated action
intended to keep the
global mean temperature
to warming within 1.5°C.
2. ‘Delayed Action -
Disruptive Transition’
Explanation
This scenario follows
a disorderly transition
where delayed and
uncoordinated global
efforts prevent emissions
reductions until 2030.
From 2030 aggressive
responses are required
to keep the global mean
temperature to within
2.0°C.
3. ‘Existing Policies -
Business as Usual’
Explanation
This scenario follows a
business as usual approach
where no further policies
are introduced to address
climate change. The global
mean temperature will rise
to more than 3.0°C.
Interpretation
- Transition risks: Moderate
- Physical risks: Low
Interpretation
- Transition risks: High
- Physical risks: Moderate
Interpretation
- Transition risks: Low
- Physical risks: High
Our Approach to Scenario Analysis and Selection
In order to assess our resilience to plausible climate
futures, three scenarios were chosen, as described
in figure 4. These allowed us to explore the range
of impacts different emission pathways would have
on our material risks and opportunities.
All three scenarios are based on the ‘Middle-of-the-
Road’ Shared Socioeconomic Pathway (SSP2). This
pathway does not markedly shift from historical
patterns, where both global and local institutions
make slow progress towards the Sustainable
Development Goals.
The SSP framework is widely used in the climate
change research community in order to facilitate
the integrated analysis of future climate impacts,
vulnerabilities, adaptation, and mitigation. External
data from the REMIND-MAgPIE model was used,
as this is the marker Integrated Assessment Model
for SSP2 and is representative of the broader
developments for this pathway.
The variation between our three scenarios comes
from the level of policy coordination over the short
and long term, as well as technology availability.
These scenarios were selected in order to capture
a range of assumptions about uncertain futures.
Two of our scenarios meet the Paris Agreement
target of <2°C by 2100, but compare the effects of
a smooth and delayed transition. Our third scenario
leads to a hot house world where emissions
continue to rise into the long term.
Time Horizons
For each of the assessed risks and opportunities
we have compared their likely consequence across
three time horizons between 2023 and 2050.
1. Short Term: 2023 – 2030
2. Medium Term: 2030 – 2040
3. Long Term: 2040 – 2050
With respect to the listed horizons we have sought
to use independent data and modelling as more
reliable indicators of possible effects. However the
consequences of climate change still carry a high
degree of uncertainty and are not anticipated to be
felt in a linear fashion. As data and models improve
new assessments and revisions will be made and
the materiality of different risk classes are likely to
change.
Regional Exposure
The significance of risks and opportunities have
been broadly assessed against our five major
operating regions, namely: New Zealand, Australia,
Asia, The Americas and Europe. This is reflective of
our organisational and financial exposure to these
regions relative to our major bases of operation.
Some regions thereby carry a higher degree of
generalisation given their geographic dispersion
(namely Asia, the Americas, and Europe).
Impact
The assessment of impact is provided on a basis
of five different tiers ranging from low through to
high (see tables 2 and 3). We are in the process of
developing quantitative and financial assessments of
stated risks. These will be shared as part of our 2024
Climate Related Disclosures reporting.
Figure 4. Climate Scenarios
OverviewGovernanceRISK MANAGEMENTStrategyMetrics & Targets

TGFD Report Page 10TCFD Report Page 11
STRATEGY
INTRODUCTION
TCFD defines strategy as “an organisation’s
desired future state. An organisation’s
strategy establishes a foundation against
which it can monitor and measure its
progress in reaching that desired state.
Strategy formulation generally involves
establishing the purpose and scope of the
organisation’s activities and the nature of its
business, taking into account the risks and
opportunities it faces and the environment
in which it operates”. It is recommended
that organisations describe the impact
of material risks and opportunities as
well as their strategies towards resilience
compared against different scenarios.
EXPLANATION
‘Material’ risks are those that could have a significant effect
on an organisation’s operations and/or financial planning
if not properly managed. ‘Material’ opportunities are those
which carry the potential to significantly improve operational
performance with respect to climate objectives as well as
financial outcomes.
It is a function of good business strategy that all major risks
are mitigated or managed and all major opportunities are
explored and addressed.
Here we have identified 14 different climate-related risks and
4 opportunities as potentially material. For the assessment
of each risk, consideration has been given to scenario, time
horizon, regional exposures and possible impacts.
TRANSITION RISKS
Transition risks are those that emerge from efforts to transform global economies to low carbon
in order to avert the worst effects of climate change. These risks fall under areas such as policy,
legal, technological, market and reputation.
The rate of change and drivers behind it will have meaningful implications on where and how
these risks materialise but many will have a financial component.
PHYSICAL RISKS
Physical risks are those that arise from both extreme weather events
(acute risks) and from gradual shifts in climate conditions like
increasing temperature, rainfall and sea levels (chronic risks).
They pose operational, financial and supply chain risks to
organisations, and threats to life and livelihoods for individuals and
communities (who are our team members and customers). These are
risks arising from climate change.
Physical and transition risks tend to bear a somewhat inverse
relationship. A more aggressive global climate response will likely
impose more immediate transition risks to mitigate further physical
risks. Whereas an inadequate global climate response will see lower
transition risks (in the near term) followed by higher physical risks.
TCFD DISCLOSURE
RECOMMENDATIONS -
STRATEGY
a. Describe the climate-related risks
and opportunities the organisation has
identified over the short, medium and
long term.
b. Describe the impact of climate-
related risks and opportunities
on the organisation’s businesses,
strategy and financial planning.
c. Describe the resilience of the
organisation’s strategy, taking into
consideration different climate-
related scenarios, including a 2°C or
lower scenario.
OverviewGovernanceRisk ManagementSTRATEGYMetrics & Targets
OPPORTUNITIES
Climate-related opportunities can exist from both the transition
and physical standpoint, however given the nature of these two
classes they fall most commonly under transition. That is because
physical considerations especially acute risks like major storms or
bushfires carry few upsides. It is possible certain industries may
have opportunities in the emergence of chronic climate changes (i.e
increased precipitation for some crops).

TGFD Report Page 12TCFD Report Page 13
TYPEAREARISKS/OPPORTUNITIESRISK IMPACTSCALE
Transitional
Risk
Policy & Legal
Increase in GHG pricing (through emissions
trading schemes or carbon tax)
Increasing the cost of goods and raw materials most notably fuel
Policy & LegalEnhanced reporting requirementsFurther organisational compliance obligations
Policy & LegalPolicy uncertainty
Lack of direction, detail or delay in establishing appropriate policy impedes business decision
making and stifles early investment
Policy & LegalExposure to litigationIncreasing stakeholder litigation against companies demonstrating poor climate action
Technology
Cost and potential for failure in new
technology adoption
New technologies might prove unviable or exhaustively expensive
Market
Changing customer preferences/loss of
customers
Changing customer behaviour and preferences reduces sales activity across certain industries and
organisations
MarketDivergence in shareholder perspectivesGrowing divides in opinion require greater mediation and management
Reputational
Diminishing brand equity, stigmatism of
industries and boycotts
Fast dissemination of information and social networks facilitating quick Group organising enables
stronger social campaigns and influence
Physical
Risk
AcuteWildfires/bushfires
Increasing frequency and severity of fire events causing damage and disruption to organisations,
infrastructure, supply chains and communities
AcuteFlooding
Increasing frequency and severity of flooding events causing damage and disruption to
organisations, infrastructure, supply chains and communities
AcuteMajor storms
Increasing frequency and severity of major storms causing damage and disruptions to
organisations, infrastructure, supply chains and communities
Chronic
Increasing land and sea surface
temperatures
Increasing land and sea surface temperatures exacerbate droughts, dry periods and associated
fire events in certain geographies and frequency and severity of storms and flooding in others
ChronicIncrease in precipitationChanging seasonal climates disrupt established industry and infrastructure
ChronicSea level riseIncreasing susceptibility of coastal and low lying areas to flooding and erosion
Opportunities
Policy & Legal
Early preparation and developed capability
in areas of legislative attention
Low exposure to regulatory disruption and fast adaption enables gains in market share over slow
to react competitors
TechnologyFast adoption of new technologies
Early adopters of new technologies will receive more initial support, more market attention and
have more data and learnings about the technology to apply when it scales
Reputational
Early or fast movers towards climate
response likely to receive a more enduring
reputational boost
Consumer and public perceptions tend to last once established, active early movers are likely to
obtain a larger and more lasting reputational lift relative to others that act (and catch up) later
Acute and
Chronic
Effective scenario analysis and business
continuity planning enables market leading
responses to major events
Fast responses and adaption provides a more reliable and resilient service that increasingly
captures market share
MAINFREIGHT CLIMATE RISKS AND OPPORTUNITIES
RISK SCALE KEY
HIGHMEDIUMLOW
Table 1.
OverviewGovernanceRisk ManagementSTRATEGYMetrics & Targets

TGFD Report Page 14TCFD Report Page 15
MAINFREIGHT TRANSITION RISKS AND OPPORTUNITIES
TYPEAREARISK IMPACT
TIME
HORIZON
SCENARIO 1
Immediate
Action - Smooth
Transition
SCENARIO 2
Delayed Action
- Disruptive
Transition
SCENARIO 3
Existing Policies -
Business as Usual
Transitional Risk
Policy & LegalIncrease in GHG pricing
Short
Medium
Long
Policy & LegalReporting requirements
Short
Medium
Long
Policy & LegalPolicy uncertainty
Short
Medium
Long
Policy & LegalExposure to litigation
Short
Medium
Long
TechnologyHigh Cost for alternatives
Short
Medium
Long
MarketChanging preferences
Short
Medium
Long
Market
Divergence in shareholder
perspectives
Short
Medium
Long
Reputational
Diminishing brand equity,
stigmatism of industries and
boycotts
Short
Medium
Long
Transitional
Opportunities
Policy & Legal
A high degree of preparation and
lower exposure to likely legislation
enables market share gains
Short
Medium
Long
TechnologyFast adoption of new technologies
Short
Medium
Long
Reputational
Early or fast movers towards
climate response likely to receive a
more enduring reputational boost
Short
Medium
Long
EXPLANATION
Globally; shipping, logistics and transportation represents
a major source of greenhouse gas emissions contributing
to climate change and one which continues to grow.
As a result the wider industry features heavily in many
national transition strategies towards climate action. Our
expectation, supported by the analysis is that transition
risks will be highly significant especially over the short and
medium time horizons.
Scenario analysis indicates transition risks would most
strongly be felt in Scenario 2 (Disruptive Transition),
followed by Scenario 1 (Smooth Transition), with lesser
effect but not significantly so in Scenario 3 (Business as
Usual). Time Horizons summarised across the 3 scenarios
indicate the highest overall risk in the medium term
followed by the longer term. Refer Figure 4. Climate
Scenarios.
Interestingly we see different behaviour and exposure of
certain transition risks between the Scenarios and time
horizons. Policy and Legal transition risks are largely
unfelt by Scenario 3 but are significant for Scenarios
1 and 2 over the short and medium term. Conversely
Market and Reputational transition risks incurred over the
medium and long time horizons are borne most heavily
by Scenarios 2 and 3. The implication is that where
governments fail to act at least some elements of markets
and social pressures will fill the void and apply their own
risks and opportunities.
Transition opportunities vary somewhat from risks,
they feature less throughout all time horizons for
Scenario 3 but slightly more so over the longer term.
Transition opportunities exist in similar proportions for
both Scenarios 1 and 2 but are observed sooner and
maintained more steadily across time horizons over
Scenario 1. Scenario 2 experiences transition opportunities
more heavily in the medium time horizon.
Political and Legal transition opportunities emerge earlier
and to greater effect in the short and medium terms.
Technological transition opportunities bear greater
benefit in the medium and longer terms and Reputational
opportunities are felt relatively consistently across time
horizons but slightly more centralised around the point
of coordinated response (short term for Scenario 1 and
medium term for Scenario 2).
RISK FACTOR
5
HIGH
RISK
LOW
RISK
1234
Table 2.
OverviewGovernanceRisk ManagementSTRATEGYMetrics & Targets

TGFD Report Page 16TCFD Report Page 17
MAINFREIGHT PHYSICAL RISKS AND OPPORTUNITIES
TYPEAREARISK IMPACT
TIME
HORIZON
SCENARIO 1
Immediate
Action - Smooth
Transition
SCENARIO 2
Delayed
Action -
Disruptive
Transition
SCENARIO 3
Existing Policies
- Business as
Usual
Physical Risk
AcuteWildfires / bushfires
Short Term
Medium Term
Long Term
AcuteFlooding
Short Term
Medium Term
Long Term
AcuteMajor storms
Short Term
Medium Term
Long Term
ChronicDroughts
Short Term
Medium Term
Long Term
ChronicIncrease in precipitation
Short Term
Medium Term
Long Term
ChronicSea level rise
Short Term
Medium Term
Long Term
Physical
Opportunities
Acute &
Chronic
Effective scenario analysis and
business continuity planning
enables market leading
responses to major events
Short Term
Medium Term
Long Term
EXPLANATION
Physical risks considered here and especially in respect
to Scenario 3 (Business as Usual) pose major risks to
people, communities and economies. Their wider societal
consequences arguably dwarf transition risks associated
with efforts to thwart global average temperature
increases beyond 1.5°C.
However due to the dispersed and resilient composition
of our operations globally, physical risks carry a lower
degree of direct materiality than transition risks in this
assessment.
As might be anticipated the most extreme effects of
physical risks develop over time in line with global
average temperature increases. These are exacerbated
somewhat in Scenario 2 (Disruptive Transition) and
significantly in Scenario 3. Physical opportunities aligned
with the capacity to capture greater market share due to
preparedness, resilience and adaptability are also more
prevalent with the worst global outcomes.
Consideration of the relative risks and opportunities
raised here follow independent scientific modelling
detailed in appendix 2.
RISK FACTOR
5
HIGH
RISK
LOW
RISK
1234
Table 3.
OverviewGovernanceRisk ManagementSTRATEGYMetrics & Targets

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TRANSITION PLANNING
The provided scenario analysis reflects the challenge and uncertainty but also opportunity
posed by climate change and climate responses. Our approach, fundamentally driven by our
100-year vision, is consistent with managing for all scenarios and time horizons based on the
current outlook. Where signals lend themselves towards one scenario over others, pace and
priority will be adjusted accordingly.
By preparing for a low carbon transition while leveraging the flexibility and resilience of our
network, we are well placed to respond quickly to both changing demands and disruptive
events.
On balance, we assess our position in respect to climate risks and opportunities as net positive
where our preparation, resilience and adaptability serve to improve our competitive offering.
Our Response
Acting today
Mainfreight is
actively working to decarbonise core elements of the business and facilitating
understanding of value chain emissions to share that journey with our customers.
Our broader Sustainability Strategy including climate response is outlined in our Sustainability
Overview available here, there are three key areas of focus:
Transportation:
•Maintaining a modern fleet (less than half the age of the NZ heavy fleet average)
•Supporting multi-modal (significant integration and support for rail and coastal)
•Electrifying the fleet (20+ vehicles so far, more to come)
•Getting closer to customers through network intensification
•Providing advanced emissions analytics to customers
Infrastructure:
•Modern energy efficient builds (including Greenstar 5)
•Significant solar installations with more on the way (over 6MW)
•Large site batteries (5MWh)
•EV charging for small and heavy fleet (from 7kW up to 180kW)
Operations:
•Electrification of our materials handling equipment/forklifts (now at over 80%)
•Transition of our small fleet to electric and hybrid (now at over 43%)
OverviewGovernanceRisk ManagementSTRATEGYMetrics & Targets
Adapting for tomorrow
We recognise that the design decisions we make today will determine the operational capabilities we
have tomorrow and although we can’t predict the future we can prepare for it.
Our new Mainfreight facility in Dandenong South, Australia provides a good example of this future
oriented design, incorporating;
Energy resilience:
•Major solar generation - 1.5MW
•Site Battery Energy Storage System (BESS) – 3MWh
•New sites able to operate as much as 85% off grid
•New energy management systems supporting continuous improvements in energy efficiency
Water resilience:
•Rooftop designed for rainwater capture (42,000 square metre catchment)
•Significant water storage (1.6million litres)
•Filtration to drinking water (site operates over 95% water self-sufficient)
•Greywater capture and reuse (for truck wash and ablutions while reducing waste water)
In recent years our operations have sought to serve customers affected by major floods, bushfires, global
supply chain disruptions, earthquakes and a pandemic. Our capacity to respond quickly and re-establish
critical supply chains has seen our business grow bigger, better and more resilient.

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NEW ZEALAND
RISKOPPORTUNITY
New technologies
are less accessible
due to New Zealand’s
smaller market and
challenging geography
High existing
customer interest in
low carbon solutions.
Excellent renewables
infrastructure to
leverage towards
near term low carbon
solutions
AMERICAS
RISKOPPORTUNITY
Litigation risk grows
with business size
and recognition.
Possibility for
complexities in state
and federal reporting
requirements
Operations well
geared to new
technology adoption
ASIA
SAMPLE CLIMATE RISKS & OPPORTUNITIES
BY REGION
A more detailed assessment of regional risks and opportunities will be
explored in our Climate Related Disclosures reporting
EUROPE
RISK OPPORTUNITY
Fast evolving
legislative
environment may be
challenging to keep
abreast of
Large focus on new
technologies by the
European Union will
likely make these
more accessible
AUSTRALIA
RISKOPPORTUNITY
Site and network
exposure to damage
and disruption from
flooding and bushfire
events
New sustainable
building features
afford greater
resilience and a
competitive position
for at risk areas and
supply chains
RISKOPPORTUNITY
A smaller physical
footprint limits our
ability to abate direct
emissions without
support from partners
New GHG tracking
software can be
implemented and
scaled quickly for
customers
OverviewGovernanceRisk ManagementSTRATEGYMetrics & Targets

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METRICS & TARGETS
INTRODUCTION
The metrics disclosed here provide key
inputs to our risk management process
across our Measure, Manage and Monitor
functions. Metrics and targets also support
our strategic assessments of risks and
opportunities and appropriate pathways
to best addressing them relative to their
priority and proximity.
The TCFD recommends that GHG emission
measures are included within organisational
disclosures. We report and independently
verify our global GHG emissions inventory
in line with the ISO 14064-1: 2018 standard.
ISO 14064-1: 2018 follows a similar but
extended breakdown on the original GHG
Protocol methodology as below.
TCFD DISCLOSURE
RECOMMENDATIONS -
GOVERNANCE
a. Disclose the metrics used
by the organisation to assess
climate-related risks and
opportunities in line with its
strategy and risk management
process.
b. Disclose Scope 1, Scope 2,
and, if appropriate, Scope 3
greenhouse gas (GHG) emissions,
and the related risks.
c. Describe the targets used
by the organisation to manage
climate-related risks and
opportunities and performance
against targets.
OverviewGovernanceRisk ManagementStrategyMETRICS & TARGETS
GHG PROTOCOLISO 14064-1: 2018
Scope 1 – Direct GHG emissions
Category 1 – Direct GHG emissions and
removals
Scope 2 – Indirect emissions from purchased
electricity, heat, cooling or steam
Category 2 – Indirect GHG emissions from
imported energy
Scope 3 – Other indirect GHG emissions
(Corporate Value Chain emissions)
Category 3 – Indirect GHG emissions from
transportation
Category 4 – Indirect GHG emissions from
products used by the organisation
Category 5 – Indirect GHG emissions
associated with the use of products from the
organisation
Category 6 – Indirect GHG emissions from
other sources
OUR MEASURES AND PROGRESS
CATEGORYCATEGORY DESCRIPTION202220212020
Category 1Direct GHG emissions and removals
239,241278,964263,759
Category 2
Indirect GHG emissions from imported
energy
18,38514,86515,414
Category 3Indirect GHG emissions from transportation
1,170,3691,309,7441,115,134
Category 4
Indirect GHG emissions from products used
by the organisation
68,50176,38974,678
Category 5
Indirect GHG emissions associated with the
use of products from the organisation
---
Category 6Indirect GHG emissions from other sources
13113761
TOTAL
1,496,6271,680,0991,469,046
MAINFREIGHT EMISSIONS (TONNES CO2-E)
Table 4.
Table 5.

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SOURCE202220212020
Road
461,391464,327460,063
Rail
10,2339,6037,038
Air
818,980943,337706,239
Sea
163,960226,769261,739
Total Customer Freight Emissions
(Total of Road, Rail, Air , Sea)
1,454,5641,644,0361,435,079
Direct Operational Emissions
42,06336,06333,967
Total Emissions
1,496,6271,680,0991,469,046
MODE EMISSIONS (TONNES CO2-E)
Our full GHG reports for the years 2022, 2021 and 2020 are all publicly available on our website here:
https://www.mainfreight.com/global/en-nz/investor/reports-library
FACTORS202220212020
Tonnes CO2-e per Mainfreight Team Member[1]
131.62161.97164.69
Tonnes CO2-e per $million in Revenue[1]
236.39329.43436.89
Kilograms CO2-e per tonne Domestic Freight[2]
49.7949.6558.46
Tonnes CO2-e per tonne of Air Freight [2]
1.221.201.21
Tonnes CO2-e per TEU of Sea freight[2]
0.070.090.12
[1] of Total Co2-e emissions
[2] of mode specific emissions by Categories 1 & 3
INTENSITY FACTORS
Figure 5. Emissions by Region of Origin
OUR TARGETS
We are in the process of considering applicable
emission targets for the Group, for now we
remain committed to continuously improving
on our stated emission intensity figures.
NEXT STEPS
• We will continue to capture, investigate and
verify our GHG emissions data and metrics.
• Assessments of materiality, changes in
risk weightings and the emergence and
consideration of new risks and opportunities
will all be examined annually in accordance
with our Risk Management Process.
• Developing scientific research and climate
data will be incorporated where appropriate
into adaptations of our scenario analysis.
• We expect to develop and define more
specific and stringent targets in future
iterations.
• We are well progressed in aligning to
Climate-related Reporting (Aotearoa New
Zealand Climate Standards) and will publish
our first full report in 2024.
Table 6.
Table 7.
OverviewGovernanceRisk ManagementStrategyMETRICS & TARGET

TGFD Report Page 26TCFD Report Page 27
APPENDIX 1: TCFD CONTENT INDEX
CORE ELEMENTSRECOMENDATIONS
PAGE
REFERENCE
GOVERNANCE
a. Describe the board’s oversight of climate-related risks
and opportunities
Page 4
b. Describe management’s role in assessing and managing
climate-related risks and opportunities
Page 5
RISK MANAGEMENT
a. Describe the organisation’s processes for identifying and
assessing climate-related risks
Page 6
b. Describe the organisation’s processes for managing
climate-related risks
Page 7-9
c. Describe how processes for identifying, assessing and
managing climate-related risks are integrated into the
organisation’s overall risk management
Page 9
STRATEGY
a. Describe the climate-related risks and opportunities the
organisation has identified over the short, medium and long
term
Page 12-17
b. Describe the impact of climate-related risks and
opportunities on the organisation’s businesses, strategy and
financial planning
Page 14-17
c. Describe the resilience of the organisation’s strategy,
taking into consideration different climate-related scenarios,
including a 2°C or lower scenario
Page 13-18
METRICS & TARGETS
a. Disclose the metrics used by the organisation to assess
climate-related risks and opportunities in line with its
strategy and risk management process
Page 23-24
b. Disclose Scope 1, Scope 2, and, if appropriate, Scope 3
greenhouse gas (GHG) emissions, and the related risks
Page 23
c. Describe the targets used by the organisation to manage
climate-related risks and opportunities and performance
against targets
Page 25
APPENDICES
APPENDIX 2: SCENARIO PARAMETERS
SCENARIOSMOOTHDELAYEDBAU
Action to reduce
emissions
ImmediateDelayedNone
Policies to achieve low-
carbon economy
High CoordinationRegional Variation
No new policies
enacted
Global Mean
Temperature increase
by 2100
1.5°C1.8°C3.0°C
Emissions
Smooth transition to
net zero by 2050
Delayed and more
severe transition to net
zero by 2060
Start to decrease from
2090
Transition RisksModerateMedium-HighLow
Physical RisksLowMediumHigh
Short Term Temperature
(2030)
1.42°C1.40°C1.40°C
Medium Term
Temperature (2040)
1.54°C1.66°C1.65°C
Long Term Temperature
(2050)
1.58°C1.79°C1.92°C
TRENDS TO 2050
Transportation EnergyStarts to declineDeclines from 2030Continually increases
Transportation Energy
Mix
Transitions towards
electric and lower
carbon gases
Less rapid transition to
electric and low carbon
gas, remains reliant on
oil
Remains reliant
on oil with a small
introduction of lower
carbon gases and
electricity
Investment in Energy
Supply
Continually increases
with reduced reliance
on fossil extraction
and an increase of
electricity
Continually increases
with reduced reliance
on fossil extraction
and an increase of
electricity
Continually increases
remaining reliant on
fossil extraction
Carbon Price
Steady increase from
2020
Steep increase from
2030
Consistently very low
Carbon Sequestration
Most energy production
emissions are captured
as well as using land-
based sinks
Most energy production
emissions are captured
as well as using land-
based sinks
Relies on land-based
sinks (e.g. afforestation,
soil carbon
enhancement, biochar)
Scenario Explorer Data
Net Zero 2050
(with REMIND-MAgPIE
3.0-4.4 inputs)
Net Zero 2050
(with REMIND-MAgPIE
3.0-4.4 inputs)
Net Zero 2050
(with REMIND-MAgPIE
3.0-4.4 inputs)
Climate Impact Explorer
Data
NGFS net-zero 2050NGFS Delayed 2°CNGFS current policies
All scenario data was accessed through:
1. NGFS Scenario Explorer hosted by IIASA
2. Climate Impact Explorer by Climate Analytics

TGFD Report Page 28