FY2024 Climate-Related Disclosures Report

Climate-Related Disclosures
FY2024

Introduction.
About these climate statements
This document is Oceania’s first Climate-
Related Disclosures (CRD) report. It relates
to the reporting period 1 April 2023 to
31 March 2024 and constitutes Oceania’s
Climate Statements in respect of that period
under the Financial Markets Conduct Act
2013 (FMCA). Under the FMCA, Oceania is
required to produce climate statements that
comply with the Aotearoa New Zealand Climate
Standards (NZCS) 1, 2 and 3 issued by the
External Reporting Board (XRB). Accordingly,
this document has been prepared in compliance
with NZCS 1, 2 and 3, and covers four thematic
areas: Governance, Strategy, Risk Management
and Metrics and Targets.
Oceania has chosen to use the following NZCS 2
adoption provisions for this FY2024 report,
meaning the disclosures in this CRD do not
cover these aspects of NZCS:
1. Adoption provision 1:
Current financial impacts
2. Adoption provision 2:
Anticipated financial impacts
3. Adoption provision 3:
Transition planning
4. Adoption provision 6:
Comparatives for metrics
5. Adoption provision 7:
Analysis of trends.
Disclaimer
This report is Oceania’s first mandatory
CRD and sets out Oceania’s initial approach
to scenario analysis, Oceania’s current
understanding of, and response to, Oceania’s
climate-related risks and opportunities and
its initial understanding of the current and
anticipated impacts of climate change. This
reflects Oceania’s current understanding
as at June 2024 in respect of the 12 months
ended 31 March 2024. Climate-related risk
management is an emerging area, and
often uses data and methodologies that
are developing and uncertain. Oceania
acknowledges that the understanding of
climate risk, and the inputs to assist with
this understanding, are constantly evolving.
This CRD report contains forward looking
statements, including climate-related
scenarios, targets, assumptions, climate
projections, forecasts, statements of Oceania’s
future intentions, and estimates and judgements
that may not evolve as predicted. Those
statements and opinions have been based
on the information available at the date of
publication. Oceania (including its directors,
officers and employees) do not:
• represent that those statements and opinions
will not change, or will remain correct after
publishing this CRD report, or
• promise to revise or update those statements
and opinions if events or circumstances
change or unanticipated events happen
after publishing this CRD report.
Approved on behalf of the Board
on 17 June 2024
Liz Coutts,
Chair
Alan Isaac,
Chair of Audit Committee
and Chair of Risk Committee
Oceania Healthcare Limited and its subsidiaries
(together, Oceania) is a retirement village and aged
care operator in New Zealand with over 40 sites across
the country. Oceania listed on the NZX in 2017 and
had $2.8 billion in total assets as at 31 March 2024.
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OCEANIA CLIMATE-RELATED DISCLOSURE FY2024

In particular, these statements involve
assumptions, forecasts and projections about
Oceania’s present and future strategies and
Oceania’s future operating environment.
Such statements are inherently uncertain and
subject to limitations, particularly as inputs,
available data and information are likely to
change. As such, Oceania cautions reliance
on climate-related forward-looking statements
that are necessarily less reliable than other
statements Oceania may make in its annual
financial reporting.
The risks and opportunities described in this
CRD report, and Oceania’s strategies to achieve
our targets, may not eventuate or may be
more or less significant than anticipated. There
are many factors that could cause Oceania’s
actual results, performance or achievement of
climate-related metrics (including targets) to
differ materially from that described, including
economic and technological viability, climatic,
government, consumer, and market factors
outside of Oceania’s control. Oceania gives
no representation, warranty or assurance
that actual outcomes or performance will not
materially differ from the forward-looking
statements. To the maximum extent permitted
by law, Oceania (including its directors, officers
and employees) does not accept any liability
whatsoever for any loss arising directly or
indirectly from any use of the information
contained in this CRD report.
This disclaimer should be read along with other
methodologies, assumptions and uncertainties
and limitations contained in this CRD, as well as
in Oceania's annual Greenhouse Gas Emissions
Report for FY2024. All amounts disclosed in this
report are estimates and are in NZD.
This report is not an offer document and does
not constitute an offer or invitation or investment
recommendation to distribute or purchase
securities, shares, or other interests. Nothing
in this report should be interpreted as capital
growth, earnings or any other legal, financial
tax or other advice or guidance. For detailed
information on our financial performance,
please refer to our Annual Report, available here.
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OCEANIA CLIMATE-RELATED DISCLOSURE FY2024
INTRODUCTION CONTINUED

Contents.
Governance 5
Strategy 11
Risk Management 28
Metrics and Targets 30
Appendices 37
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OCEANIA CLIMATE-RELATED DISCLOSURE FY2024

Governance.
The Oceania Board of Directors is
the governance body ultimately
responsible for overseeing the
implementation of Oceania’s
Sustainability Framework and
strategy and of Oceania’s climate-
related risks and opportunities.
In the reporting period, the Board was supported
by two Board Committees in relation to climate-
related issues:
• the Board Sustainability Committee, which
has delegated responsibility to oversee
implementation of Oceania’s sustainability
strategy, including Oceania’s strategic
approach to climate-related risks and
opportunities; and
• the Board Audit Committee, which has
delegated responsibility for reviewing, and
recommending to the Board for approval,
Oceania’s annual climate statements.
In March 2024, a Board Risk Committee
was established, which will oversee climate-
related risks and opportunities as part of wider
enterprise risk management going forward.
CLIMATE SUB-GROUP*
MEETS QUARTERLY
The Sustainability Steering Group holds additional meetings dedicated to its
climate-related programme.
Oceania Climate Governance
BOARD OF DIRECTORS
MEETS EIGHT TIMES ANNUALLY
Governance body ultimately responsible for oversight and implementation of Oceania’s Sustainability Framework,
strategy and of Oceania’s climate-related risks and opportunities.
SUSTAINABILITY STEERING GROUP
MEETS QUARTERLY
Responsible for reviewing and recommending proposed sustainability priorities,
goals, targets and strategies and for monitoring progress in achieving them.
EXECUTIVE MANAGEMENT
BOARD AUDIT
COMMITTEE
MEETS SIX TIMES ANNUALLY
Responsible for reviewing and
recommending Oceania’s
group climate statements to
the Board for approval.
BOARD
SUSTAINABILITY
COMMITTEE
MEETS QUARTERLY
Responsible for reviewing
progress toward achieving
climate-related targets,
identifying and addressing
climate-related issues.
BOARD RISK
COMMITTEE*
MEETS THREE TIMES
ANNUALLY
Responsible for oversight
of climate-related risks and
opportunities as part of wider
enterprise risk management.
*Established March 2024
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Board Sustainability Committee
The Sustainability Committee was established in
September 2022 and members include the Chair
of the Board and two other directors, with an
open invitation to all directors to attend.
The Sustainability Committee has been
delegated responsibility for assisting the
Board to provide leadership for sustainability
initiatives, including climate-related initiatives.
The Sustainability Committee is responsible
for reviewing progress toward achieving
climate-related targets and has oversight over
implementation of Oceania’s sustainability
strategy including its strategic approach to
climate-related risks and opportunities. The
Sustainability Committee reviews progress
towards identifying and addressing climate-
related issues. The Sustainability Committee
Charter was updated in September 2023
to specifically include climate-related
responsibilities.
The Sustainability Committee meets at least
quarterly, with five meetings in FY2024.
Oceania's climate-related work was on the
agenda for each of these meetings in FY2024.
The Sustainability Committee Chair updates
the full Board on its discussions, including
on climate-related risks and opportunities as
part of the Committee update to the Board,
at the Board meeting following each quarterly
Committee meeting. All Sustainability Committee
papers are available to the full Board and an
opportunity is given to each Board member to
submit questions and attend the Committee
as required. Specific items concerning climate-
related risks and opportunities are tabled at
full Board meetings for noting or approval,
as appropriate.
Board Audit Committee
The Audit Committee assists the Board with
oversight of climate-related reporting. It is
responsible for reviewing and recommending
to the Board for approval Oceania’s group
climate statements under the FMCA. It is also
responsible for considering and reviewing all
significant changes in climate-related reporting
requirements, including regulator guidance.
The Audit Committee is responsible for ensuring
Oceania’s climate statements are presented in
accordance with the NZCS and is responsible
for external review and any assurance in relation
to the climate statements.
1
The Sustainability
Committee is invited to review and provide
input on the climate statements before the
Audit Committee recommends them to the
Board for approval.
Board and Committee engagements on climate
in FY2024 are set out in the diagram on the
following pages.
1. In the reporting period, independent limited assurance over Oceania’s full
scopes 1, 2 and 3 emissions inventory was provided by Ernst & Young.
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STRATEGY RISK MANAGEMENT METRICS AND TARGETS APPENDICES
GOVERNANCE CONTINUED

Board and Committee
engagements on climate-
related issues in FY2024
Endorsement of GHG emissions
targets for SBTi (Science Based
Target initiative) validation, review
of emissions profile, and emissions
reduction plan.
Endorsement of refreshed
Sustainability Framework
aspirations and goals – including
goal to “reduce our GHG emissions
in line with our science-based
target and integrate climate
resilience into our business”.
APRIL 2023
Update on CRD Roadmap including decision on first
time adoption provisions, review of progress on scenario
development and physical climate risk assessment.
Update on Sustainability Linked Loan including progress
of Year 2 Sustainability Performance Target (SPT) for
GHG/SBTi KPI.
Update on Sustainability Framework and associated
workstream progress.
AUGUST 2023
SEPTEMBER 2023
Approval of FY2023 Annual Report, which included
the Sustainability Framework and progress against
each pillar.
Approval of GHG Emissions Report FY2022 and FY2023.
Approval of Corporate Governance Statement
incorporating Sustainability Committee responsibility
of “reviews progress towards identifying and addressing
climate-related issues.”
Approval of corporate budget including capital for
sustainability related projects.
MAY 2023
Approval of land purchase for future expansion,
including consideration of exposure to climate-related
physical hazards.
JUNE 2023
Board
Sustainability Committee
Audit Committee
KEY:
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Update on workstreams including initiatives relating to
emissions reduction plan and GHG Data Forum.
Update on CRD Roadmap including scenario analysis
process and risk and opportunity assessment.
Review of physical climate risk exposure and
assessment with presentation from external experts.
Review of Audit Committee Charter update that includes
responsibilities relating to CRDs.
Director education session with external provider.
Approval of Audit Committee Charter and Sustainability
Committee Charter updates relating to climate-
related matters.
SEPTEMBER 2023
Review of scenario analysis and risk and opportunity
assessment including recommendations on value chain
inclusions, emissions pathways, timeframes, driving
forces and scenario narratives.
DECEMBER 2023
Formation of Board Risk Committee focused on all
aspects of enterprise risk management, including the
risks associated with climate.
Update on CRD Roadmap including preparation of CRDs.
Director education session with external provider.
MARCH 2024
FY25
Endorsement of scenario analysis and risk and
opportunity assessment
Agreement to establish a separate Board Risk Committee,
which will include dedicated consideration of climate
risk. Will meet a minimum of three times a year with
first meeting in March 2024.
FEBRUARY 2024
Board
Sustainability Committee
Audit Committee
KEY:
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Management
Oceania’s Management Sustainability Steering
Group (the Steering Group) was established
at the same time as the Board Sustainability
Committee in September 2022 to lead
implementation of Oceania’s sustainability
agenda. The Steering Group meets at least
quarterly (five times in FY2024) and consists
of the CEO, CFO, Chief Property Officer,
Chief Operating Officer, Chief Legal and Risk
Officer, Chief People Officer
1
and the Head of
Sustainability. Climate has been a standing
agenda item in FY2024.
The Steering Group’s primary objective is
to lead Oceania’s sustainability agenda.
A key responsibility of the Steering Group is to
review and recommend proposed sustainability
(including climate-related) priorities, goals and
targets and strategies and monitor Oceania’s
progress in achieving them. The Steering Group
is involved with identifying climate-related
risks and opportunities. As part of the refresh
of Oceania’s enterprise risk management
framework, the Steering Group has commenced
the integration and ongoing management of
climate risks and opportunities. The Steering
Group is from time to time supported by
external experts.
As the full Oceania Executive is represented on
the Steering Group, the Steering Group meetings
themselves are the primary method for informing
management about climate-related issues.
In March 2024, a Climate sub-Group, of the
Sustainability Steering Group, was established.
This sub-Group will meet four times each
year in the short term to allow for dedicated
management time focused on Oceania’s climate
programme (separate to the wider sustainability
agenda). The members of the Climate Steering
sub-Group mirror those of the Sustainability
Steering Group.
Amongst Oceania’s Executive, the CFO and
Chief Legal and Risk Officer have primary
accountability for Oceania’s climate-related
risk management programme and preparation
of Oceania’s climate statements under the
FMCA. At a management level the CFO holds
responsibility for realising climate-related
opportunities.
The Steering Group meetings are scheduled to
take place before each Sustainability Committee
of the Board meeting. In FY2024, the Executive
team (including CEO) and the Head of
Sustainability attended the Steering Group
meetings. Updates to the Steering Group are
provided by the Head of Sustainability, relevant
Executive members and external advisors from
time to time. The CEO, CFO, Chief Legal and
Risk Officer, Chief Property Officer and the
Head of Sustainability attend the quarterly
Board Sustainability Committee meetings. This
allows for regular discussion and engagement
between management and the Board to discuss
climate-related risks and opportunities, including
information flowing from management to the
Board, and feedback flowing back down to
management. The Sustainability Committee has
been provided with a Roadmap for Oceania’s
delivery of its group climate statements.
Management and Board working together
on physical climate risk

In 2023, Oceania engaged external experts
to carry out a physical risk exposure, and
qualitative risk assessment as part of
its climate-related risk and opportunity
assessment. This was completed with input
from business subject matter experts (SMEs).
The physical risk assessment was presented
to the Steering Group for discussion,
which was then taken to the Sustainability
Committee in September 2023. The output
of Oceania’s separate scenario analysis and
full climate risk and opportunity assessment
was similarly shared and discussed at the
Steering Group in December 2023 and then
shared with the Sustainability Committee
at their meeting in December 2023. In this
way, management kept the Sustainability
Committee i.e. governance, updated and
engaged on progress.
1. New appointment to Chief Legal and Risk Officer began in January 2024 and new appointment to Chief People Officer began in February 2024. Previously
these roles were combined under a Group General Manager Corporate Services until November 2023.
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STRATEGY RISK MANAGEMENT METRICS AND TARGETS APPENDICES
GOVERNANCE CONTINUED

Board Risk Committee
Oceania’s Board, in March 2024, established a
separate Board Risk Committee. The Board Risk
Committee has been formed in order to have a
dedicated Committee of the Board that focuses
on all aspects of enterprise risk management,
including climate-related risks. The Sustainability
Committee will continue to focus on Oceania’s
sustainability strategy while the Audit
Committee will focus on climate-related
reporting obligations.
Board climate skills evaluation
and training
The Board regularly monitors expertise across
its directors to ensure it has an appropriate
skills matrix
1
, including climate-related skills.
In FY2024, the Board completed a climate
competency self-assessment, to inform
future climate-related training. Full Board
training, focused on the development areas
identified through the survey, took place at
the September 2023 Board meeting and at the
March 2024 Board meeting. Members of the
management Steering Group also attended
these training sessions. The training in the
reporting period built on previous upskilling
initiatives including external training and deep
dives on environmental and climate change
issues in previous reporting periods.
Tracking metrics and
achieving targets
The Sustainability Committee reviews progress
towards achievement of Oceania’s sustainability
(including climate-related) targets. At the
April 2023 Board meeting, the Sustainability
Committee endorsed Oceania’s proposed
GHG emissions targets and approved them to
be submitted for validation to the SBTi. These
targets are discussed further in the Metrics
and Targets section of this CRD report. In future,
the Board may consider other climate-related
metrics and targets as these are developed
by Oceania.
1. See a snapshot of our Board’s skill set in our Annual Report 2024, on pages 44 and 45.
Remuneration
Performance metrics are included in Executive
and other senior management remuneration.
A number of KPIs under Oceania’s Remuneration
Policy is collective delivery against Oceania’s
strategic pillar priorities, including a KPI that is
specific to sustainability (including climate) as
outlined further on page 35.
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OCEANIA STRATEGIC PILLARS
OfferResident ExperiencePeople CapabilityGrowth
To design, develop,
build and sell premium
properties for our
customers of the future.
To be the leader in the
delivery of resident
experience in retirement
villages and aged
care centres.
To build capability and
develop a culture that
enables our people
to perform their life’s
best work.
To deliver outstanding
financial performance
and sustainable growth.
3
M02 Amenity Wetland
Strategy.
Oceania is a leading provider of
premium retirement and aged care
living in New Zealand with over 40
sites and 4,100 residents across
the country.
Core activities include the design, development,
construction, sale, management and operation
of integrated retirement and aged care
living residences.
Oceania’s premium developments,
innovations, and experiences are inspired by
the evolving needs and expectations of ageing
New Zealanders, providing a valuable service
alongside many years of clinical experience.
Oceania takes an integrated approach
to strategy. Oceania is aspiring to create
sustainable retirement and aged care living
experiences for ageing New Zealanders through
the delivery of its Sustainability Framework
2023 – 2030 as set out on page 12.
Oceania's Sustainability Framework integrates
the company’s four strategic pillars: Offer,
Resident Experience, People Capability and
Growth, by aligning goals and aspirations
across these four areas. Oceania used its
FY2023 materiality assessment to inform these
aspirations and goals. Under its Growth pillar
Oceania aspires to integrate sustainability into
its thinking, strategy and growth initiatives.
Under this pillar Oceania has set a science-
based GHG emissions reduction target
with SBTi (see Metrics and Targets section)
and is looking at ways to integrate climate
resilience into its business.
Oceania’s strategy and
business model
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Aspiration
We are an employer
of choice
Goals
We attract, grow and
retain great people.
We provide a safe, diverse,
equitable and inclusive
workplace that fosters
our people’s development
and capability.
People
Capability
Aspiration
We enable our
residents to live
a sustainable
and fulfilled life
Goals
We prioritise resident wellbeing through
conscious design and exceptional services.
We actively engage with our residents, people

and local community to create positive social
and environment outcomes.
Resident Experience
Growth
Aspiration
We integrate
sustainability
into our thinking,
strategy

and growth
initiatives
Goals
We adopt a long-term value focus
when making investment decisions
and allocating capital.
We reduce our GHG emissions in line
with our science-based target and
integrate climate resilience

into our business.
Aspiration
We use resources
sustainably to build homes
that seamlessly integrate
with, and benefit, the

local community
Goals
We design with a focus on the
local environment, community
needs and cultural values
of each location.
We minimise our
environmental impact and
support a circular economy.
Offer
We are creating
sustainable retirement
and aged care living
experiences for today,
and for our people
of tomorrow
OCEANIA SUSTAINABILITY FRAMEWORK
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STRATEGY CONTINUED

1. For the purposes of this climate-related disclosure, Oceania has recorded these extreme weather events as
‘current climate impacts’ and has not assessed whether these individual events are climate change related.
Physical impacts
1
Auckland floods The Auckland floods in January 2023 impacted Oceania’s Auckland villages. Lady Allum, in Milford,
North Shore, experienced extensive flooding. All of Lady Allum’s independent living apartment residents
were relocated to alternative accommodation while repairs to buildings and building services were
undertaken. Three other Auckland sites suffered limited physical damage but resident amenity was
disrupted in the following weeks and months while repairs took place.
Together with the impacts of Cyclone Gabrielle, the Auckland floods required significant team resource
reallocation. Many people across Oceania provided support to residents and worked on the recovery
and restoration of sites.
Cyclone GabrielleCyclone Gabrielle illustrated the potential disruption that extreme weather events can cause.
Oceania has five sites in the Hawkes Bay. Oceania experienced limited surface flooding at one of
these sites, Atawhai Village, with residents evacuated as a precaution under the direction of Civil
Defence. Although the Hawkes Bay sites suffered limited physical damage, the entire infrastructure and
environment were severely compromised and all five of the Hawkes Bay retirement villages were impacted
by road disruptions and damage to communication and power networks, which significantly affected
Oceania’s operations in the villages during that time.
A number of Oceania employees in the Hawkes Bay were also impacted by Cyclone Gabrielle. In the
days following the cyclone, management were able to make contact with all employees in the affected
areas to check they were safe. Oceania provided immediate financial assistance to these employees to
help them buy day-to-day essentials and also established a fund to provide emotional, physical and
financial support required to help those most affected.
Transition impacts InsuranceThe significant weather-related events of 2023 contributed to caps on insurance cover as well as
increases in insurance premiums and policy excesses for Oceania.
Whilst in FY2024 these impacts were financially immaterial they represent a broader trend, particularly
relating to flooding, extreme weather events and earthquake, that Oceania anticipates will continue. This
will be an important area for Oceania to monitor and manage given its large property portfolio across
New Zealand.
RegulationIn developing its first mandatory climate-related disclosures, for the purposes of Part 7A of the FMCA and
the XRB's NZCS, Oceania is putting in place processes, systems and controls to enable compliance and
embed climate resilience into its business.
Oceania is monitoring the Ministry for Business, Innovation and Employment’s “Building for Climate
Change” programme aimed at reducing emissions from the construction and operation of buildings
and enhancing resilience to climate change. For example, the government has proposed amending the
Building Act to introduce mandatory site waste management plans. Oceania, as part of its construction
waste diversion initiatives, already implements waste management plans at its development sites.
Oceania is implementing insulation and energy efficiency measures in response to the Building Code's
H1 changes and Oceania's increased focus on GHG emissions reductions.
Current climate-
related impacts
This table sets out management's view of
Oceania's material current climate-related
impacts in FY2024.
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STRATEGY CONTINUED

Scenario analysis
Oceania has used climate-related scenario
analysis to support its understanding of
climate-related risks and opportunities. In
FY2024, Oceania developed three climate-
related scenarios to help assess its climate-
related risks and opportunities, and to help it
understand the resilience of its business model
and strategy. A summary of these scenario
narratives are set out on pages 17-19. This was
a qualitative exercise, facilitated by an external
provider, which drew on the Construction and
Property Sector Scenarios.
The timeframes considered were: short term
(present day to 2030), mid term (2030-2050)
and long term (2050-2080). This recognises
that the sector has long-lived assets that
will be subject to the long-term impacts of
climate change.
Oceania also participated as a member of the
Technical Working Group in the development of
climate scenarios on behalf of the healthcare
sector, which were facilitated by Tonkin+Taylor
(Climate Scenarios for the Healthcare Sector).
The final report, Climate Scenarios for the
Healthcare Sector
2
, was published after Oceania
had completed its scenario analysis process.
Oceania intends to use the Climate Scenarios
for the Healthcare Sector in its climate-related
scenario analysis in future reporting cycles.
1. NZGBC Climate Scenarios for the Construction and Property Sector (May 2023) nzgbc.org.nz
2. Climate Scenarios for the Healthcare Sector (May 2024)
https://www.sustainablehealthcareaotearoa.org.nz/projects
Sector scenario development
Oceania has been an active contributor to
the development of both the construction
and property sector, and healthcare sector,
climate-related scenarios.
Oceania participated as a member of the
Technical Working Group in the development
of climate scenarios on behalf of the
construction and property sector coordinated
by the New Zealand Green Business Council
(NZGBC) and facilitated by Beca, in 2022-
2023. The NZGBC report, Climate Scenarios
for the Construction and Property Sector
1
,
was published in May 2023 (Construction
and Property Sector Scenarios).
The Construction and Property Sector Scenarios
aligned with the Network for Greening the
Financial System (NGFS) archetypes of Orderly,
Disorderly and Hothouse World.
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RISK MANAGEMENT METRICS AND TARGETS APPENDICES
STRATEGY CONTINUED

Overview of scenario analysis process
Oceania’s entity level scenario analysis process was conducted with input
from management and SMEs across a series of workshops, with executive
sponsorship from the CFO. Oceania drew on the Construction and Property
Sector Scenarios as well as its own clinical and operational expertise (noting
the care and retirement living elements of its business model) to develop
three climate scenarios – Orderly, Disorderly and Hothouse world.
Oceania’s scenario analysis process was a standalone exercise in FY2024.
The outputs fed into Oceania’s most recent Board strategy day.
The steps taken by Oceania in its scenario analysis process are
outlined below:
Step 1Involved in sector scenario development and analysis
Step 2Identified key internal stakeholders to engage to develop climate scenarios
and identify climate-related risks and opportunities
Step 3 Defined scope and boundary including the focal question, time horizons,
and value chain
Step 4 Identified and prioritised driving forces considering these across political,
social and economic perspectives and select emissions pathways
Step 5 Aligned scenario architecture and developed draft narratives
Step 6 Refined scenarios, including review and feedback from the Board
Step 7 Began to qualitatively assess the resilience of Oceania’s business model
and strategy against Oceania's climate-related scenarios
Time horizons
An overview of the time horizons considered as part of the scenario analysis
process, and the link to Oceania's strategic planning horizons and capital
deployment plans, is set out in the table below. These are aligned with the
timeframes in the Construction and Property Sector Scenarios and the
Climate Scenarios for the Healthcare Sector:
Time horizonsYe a rRationale
Short-termPresent day – 2030 Aligns with Oceania’s near term capital
allocation and funding cycle, Oceania’s
refurbishment cycles and process, near-term
GHG reduction targets, and the need for
global emissions to halve by 2030.
Medium-term2030 – 2050 Aligns with capital allocation for next wave of
Oceania’s funding strategy, home ownership
trends, evolution of human capital elements,
NZ and global net zero by 2050 ambitions.
Long-term 2050 – 2080
1
Aligns with ownership and operation of long-
lived assets subject to the long-term impacts of
climate change, building conversion trends, and
design lifespans.
1. The long term time frame for the sector scenarios extended to 2100.
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Description of scenarios
This table provides a brief overview of the
various emissions reduction pathways in each
of Oceania’s climate-related scenarios, the
assumptions underlying each pathway and
sources of data. A summary of each scenario
narrative is included on the following pages.
1
OVERVIEW OF OCEANIA’S CLIMATE SCENARIOS -
SCENARIO ARCHITECTURE AND KEY ASSUMPTIONS
Scenario name OrderlyDisorderly Hothouse world
Scenario archetype NGFS Net Zero 2050
IPCC SSP1-1.9
RCP2.6
3
NGFS Delayed Transition
IPCC SSP1-2.6
2
RCP4.5
4
NGFS Current Policies
IPCC SSP5-8.5
RCP8.5
Global temperature outcomes
<1.5°C~2°C>3°C
Regional policy variation MediumHighLow
Severity of physical impactLowestMediumHighest
Severity of transition impacts
1
Medium HighestLowest
Domestic policy response Immediate and smoothDelayed until the 2030s
then fast
None – current policies
Technology changeFast change Slow to fast changeSlow change
Behaviour changeFast Slow Slow
Oceania chose these three scenarios as they provided the opportunity to test a range of possible
risks and opportunities under different levels of uncertainty. Oceania's climate scenarios draw on the
Construction and Property Sector Scenarios, which cover entities with similar climate-related property
risks. Oceania's climate scenarios then incorporate driving forces and critical uncertainties prioritised
specifically to Oceania, allowing it to test the resilience of its business model and strategy to climate-
related risks and opportunities. Oceania has not undertaken additional modeling other than that used
to create the NGFS archetype scenarios and that which was drawn on to develop the Construction
and Property Sector Scenario.
1. Oceania's Climate Scenario narratives do not expressly include
carbon sequestration from afforestation or nature-based solutions,
as anticipated by NZ CS 3, paragraph 51(a)(iii).
2. Oceania used SSP1/RCP1.9 narrative for transition risk testing.
3. Note RCP2.6 formed the lower bound of the physical risk assessment and hence is associated with an Orderly scenario insofar as RCP2.6 is associated
with a ~1.5°C warming above pre-industrial levels, by 2100.
4. Our Disorderly scenario describes a hypothetical world where we succeed in limiting warming to approximately 2°C. We have aligned the RCP4.5 scenario
with the ~2°C Disorderly scenario as this reflects the mid-tier level of risk for the physical risk assessment, for which the IPCC estimates as representing a
mid-term warming of 2.0°C.
Climate-related scenarios are a
plausible, challenging description of
how the future may develop (based
on assumptions about both physical
and transition risks). Climate-related
scenarios are not intended to be
probabilistic or predictive, or to
identify the ‘most likely’ outcomes of
climate change. They are intended
to provide an opportunity for entities
to develop internal capacity to
better understand and prepare
for the uncertain future impacts
of climate change.
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Government response to climate change is coherent, and a united cross-party effort creates a stable
policy environment for ambitious climate policies. Building regulations include stringent operational
efficiency and embodied carbon caps, which are phased in early and consistently. Changes in design
solutions and supply chain decarbonisation contribute to lower embodied carbon emissions.
Global energy grid shifts to renewables, with NZ’s grid reaching near to 100% renewable by 2050.
Pressures on centralised infrastructure increase with the demand for electrification (including a move
away from fossil fuels in buildings), and there are direct impacts on networks from storms. Electricity prices
increase in the 2020s and 2030s due to pressures on grid capacity and there’s a risk of blackouts in the
short term. There is a shift towards distributed energy and microgrids and onsite electricity generation.
The labour market is held by steady immigration policy and continuing technological developments,
which supports adequate labour availability and costs. New industries and employment opportunities
evolve to meet the challenges of climate change including in sustainable design and circular economy.
An ageing population increases pressure on aged care funding as government funds are diverted towards
decarbonisation, but with improvements seen by the 2040s. There is market demand for energy efficient
and sustainable homes.
The population grows, with significant portions over 65 years, increasing pension and healthcare costs.
Migration is the main contributor to population growth following the transition and the government allows
climate-displaced individuals from the Pacific to immigrate. There are moderate increases in health risks
from extreme weather and temperature increases.
Innovations in the supply chain protect against disruptions and evolve to make low-carbon materials more
cost-effective than traditional options by 2040. A rising carbon price and government subsidies encourage
the adoption of low-carbon building methods, supported by a mix of public and private financing aimed at
reducing emissions and enhancing climate resilience.
Orderly scenario
The Orderly scenario describes a future where the world succeeds in limiting warming to within
1.5 degrees Celsius. Ambitious decarbonisation goals and policies are introduced immediately,
and emissions decline rapidly and steadily to achieve net zero by 2050. The scenario assumes
moderate transition risk in order to meet net zero 2050 goals and limited exposure to physical risks.
<1.5°C
OCEANIA SCENARIOS
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OCEANIA SCENARIOS
Government’s response to climate change lacks cohesion and is uncertain causing delays in investment.
A sudden and uncoordinated policy shift in the 2030s triggers urgent decarbonisation. Stringent carbon
caps are introduced abruptly. Sudden and rapid demand from the 2030s increases competition for
available products and materials, professional advice and competent contractors, impacting projects
and resulting in cost escalation.
Delayed investment in energy infrastructure leads to supply disruption and increasing blackouts as
demand outstrips supply in the 2030s. There is increasing and volatile electricity prices.
Government policy to drive affordable housing options for older people is inadequate and fails to keep
pace with rising demand. There is stress on social infrastructure and resourcing and inadequate public
funding to support a just transition. Market demand for retirement living and care options exceeds
supply. Government spending for pensions and aged care is severely curtailed from 2030s as funding
is diverted to decarbonisation and recovery after extreme events. There are greater political, social and
wealth disparities. Migration increases in the second half of the century, including from climate displaced
peoples. Increasing temperatures and extreme weather cause increasing health risks.
Fragmented land use policies and planning, and inconsistent resource management controls results
in moderate urban sprawl until 2030, followed by rapid densification that strains legacy horizontal
infrastructure. Spatial planning to prioritise decarbonisation and densification versus climate resilience
and managed retreat is inconsistent across the country. Long lived infrastructure is not being provided
to areas at risk and people begin to retreat from high risk areas.
The economic environment is unstable creating market uncertainties. There is less investment signalling
during the 2020s but momentum changes in the 2030s.
Government intervention in the emissions trading scheme results in carbon price volatility and rapid
price increases after 2030. Assets are at increased risk of stranding if they fail to meet new stringent
requirements or rapidly changing consumer preferences. Insurance retreat accelerates.
Disorderly scenario
The Disorderly scenario describes a future where we succeed in limiting warming to
approximately 2 degrees Celsius. Significant decarbonisation is delayed until the 2030s.
This scenario assumes the highest transition risk as New Zealand rushes to meet net zero
2050 goals and moderate exposure to physical risk due to delayed action.
~2°C
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No new policies create inertia, undermining the implementation of low carbon design and circular
economy regulations. Failure to meet carbon targets results in runaway global warming with drought,
frequent extreme weather events, wildfire and flood events resulting in resource scarcity and soaring
material costs. Regulation focuses on adaptation and the need for buildings to withstand physical
climate impacts and managing climate driven immigration/refugees. Government resourcing/funding
for the construction of climate resilient buildings never eventuates.
Energy investment is redirected to finance climate damage remediation, leaving little over for enhancing
infrastructure resilience, or installing additional generating capacity. Mandates are introduced to conserve
energy for critical functions. There are more frequent and longer blackouts. Key assets become stranded
due to extremely delayed investment. Rates increase to invest in protection and restoration of certain
infrastructure. Healthcare spending is curtailed including aged care funding, and funding for pensions is
completely inadequate. Energy poverty and the health impacts of climate change is widespread.
There are no incentives for meaningful behaviour change. Inflation and frequent supply shocks lead to
social inequity. There are unpredictable population trends and a lack of prior planning and investment.
There is climate driven immigration and increasing numbers of climate refugees. The social infrastructure
and food and water suppliers are unable to effectively respond. Social cohesion degrades and conflict
increases. Older people become more vulnerable. Political polarisation and conflict undermines
government, increasing regionalism. People move away from coastal hazards and areas exposed to
flooding with little government coordination of managed retreat.
Supply chain does not evolve to address climate change and there is little supply led innovation.
This leads to uncontrolled costs and limited buying power. The collapse of the emissions trading scheme
removes incentives for the sector to invest in low carbon practices. There is no further incentive from banks
to prioritises lending products that promote decarbonisation. There are limited sources of credit available.
Buildings in flood plains and at risk areas experience increasing insurance premiums and insurance retreat.
Further, properties lose value and become stranded.
Hothouse world scenario
The Hothouse world scenario describes a future where no additional
policies are introduced to curb emissions, and emissions continue to
rise and with warming reaching > 3° Celsius. This scenario assumes
limited transition risks but extreme physical climate risks.
>3°C
OCEANIA SCENARIOS
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RiskType
Time Horizon
(where the risk is greatest)
Scenario
(where the risk is greatest)Anticipated ImpactsOceania’s Risk Management Strategies
1. Increasing frequency
and intensity of
extreme weather
events including
cyclones, storms
and flooding.
Physical
(acute)
Medium to long termHothouse
Disorderly
Damage to assets including buildings, infrastructure
and roading.
Disruption from potential outages to power, water
and communications.
Potential disruption to site access.
Disruption to, or risk of harm to, residents and
employees and potential evacuations and use of
temporary accommodation.
Rising cost of remedial activity, operational costs
including costs of financing and insurance (or retreat).
Potential delays from, and disruption to, supply chain
and development (build/construction) activity.
Potential loss or delay in revenue.
Geographic diversification of retirement villages
and care centres across New Zealand.
Assessment of retirement village and care centre
locations against physical hazard exposure.
Assessment of future land acquisitions for physical
climate hazard exposure.
Business continuity planning being refreshed to
incorporate specific climate risks.
Design and build to NZGBC certification.
2. Increasing frequency
and intensity
of rainfall.
Physical
(acute and
chronic)
Medium to long termHothouse
Disorderly
All of the above, plus accelerated deterioration of
assets, grounds, facilities and infrastructure requiring
cost to remediate.
Increase in chronic illnesses e.g. respiratory and other
illnesses related to damp conditions or water/vector
borne diseases.
Geographic diversification of retirement villages
and care centres across New Zealand.
Assessment of retirement village and care centre
locations against physical climate hazard exposure.
Assessment of future land acquisitions for physical
climate hazard exposure.
Business continuity planning being refreshed to
incorporate specific climate risks.
Designing and building to NZGBC certification.
Refurbishment process for existing buildings and
units under ORAs.
Asset management planning being formalised to
incorporate specific climate risks.
Delivery of care model e.g. roll out of
nurse practitioners.
Climate-related risks and opportunities
As part of the scenario analysis process, Oceania undertook its first climate-related risk and opportunity
assessment with reference to its climate-related scenarios. Oceania’s climate-related risk and opportunity
assessment was undertaken by Oceania’s SMEs. The time horizons for this risk and opportunity assessment
were consistent with those adopted for scenario analysis as set out on page 15.
CLIMATE-RELATED RISKS
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RiskType
Time Horizon
(where the risk is greatest)
Scenario
(where the risk is greatest)Anticipated ImpactsOceania’s Risk Management Strategies
3. Rising temperatures,
increase in number
of hot days, and
increase in frequency
and/or duration
of drought.
Physical
(acute and
chronic)
Medium to long termHothouse
Disorderly
Damage to grounds and infrastructure (including access
to sites, power and water), and accelerated asset wear.
Potential delays and disruption to supply chain and
development activity e.g. construction workers' ability
to work outside.
Increase in heat related impacts to health and wellbeing
of residents, and also employees and contractors,
including loss of productivity.
Increased infections and illness due to rising incidences
of waterborne and vector borne disease.
Increased fire weather posing threat to safety
and health.
Increased cooling needs (retrofit/upgrades) with higher
energy consumption and operational costs.
Assessing availability of cooling technology at
retirement villages and care centres.
Asset management planning (including irrigation)
being formalised to incorporate specific climate risks.
Designing and building to NZGBC certification.
Delivery of care model e.g. roll out of
nurse practitioners.
4. Rising sea levels
with risk of coastal
inundation
and erosion.
Physical
(acute and
chronic)
Long termHothouse
Disorderly
Coastal flooding/erosion, groundwater rise or saltwater
corrosion damage to assets.
Loss of usability and/or access to sites.
Disruption to residents and employees including more
frequent and/or permanent evacuation and relocation
plans (with associated costs).
Insurance increases or retreat, and market devaluation.
Geographic diversification of retirement villages
and care centres across New Zealand.
Assessment of retirement village and care centre
locations against physical hazard exposure.
Business continuity planning being refreshed to
incorporate specific climate risks.
Designing and building to NZGBC certification.
5. Abrupt or rapidly
changing or
expanding policy
requirements, (for
example, potential
embodied carbon and
operational carbon
caps, temperature
controls, restriction on
materials, managed
retreat, resource
consenting or land
use changes, carbon
border taxes).
Transition
(regulatory)
Short to medium termDisorderly
Orderly
Increase in cost of mid-life asset retrofitting with
risk of potential sunk costs associated with assets to
be decommissioned.
Project delays or increase in development costs.
Loss of social licence and/or public trust in Oceania.
Legal action or punitive regulatory response, loss of
access to or increases in cost of capital, and/or fines
and penalties.
Increasing costs of carbon intensive materials.
Monitoring for potential future regulatory and
legislative changes.
Engaging with industry stakeholders and
associations (e.g. the RVA, NZACA, and NZGBC,
BusinessNZ), and regulators to keep updated on
potential policy changes.
CLIMATE-RELATED RISKS Cont.
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RiskType
Time Horizon
(where the risk is greatest)
Scenario
(where the risk is greatest)Anticipated ImpactsOceania’s Risk Management Strategies
6. Failure to decarbonise
(including failure of
the supply chain to
decarbonise) and
increasing price
of carbon.
Transition
(market)
Short to medium termDisorderly
Orderly
Efforts to decarbonise increases capital expenditure
and investment impacting margins and/or affordability.
Potential carbon offset liability or penalties.
Screening from investments, access to and cost
of capital.
Erosion of licence to operate or reputation or increased
risk of punitive regulatory response or litigation.
Failure to attract residents as consumer preferences
change, and associated loss of revenue.
Suppliers that don’t decarbonise may threaten
Oceania’s ability to meet targets.
Rising price of carbon increasing costs of purchased
goods and services.
Supply chain shocks creating resource scarcity exposing
Oceania to higher costs and business continuity issues.
Setting a science-based target for GHGs
(validated by the SBTi).
Emissions reduction plan (scope 1 and 2).
Improving energy and water monitoring to identify
areas for efficiency.
Supplier engagement target (validated by the SBTi)
for scope 3 emissions.
7. Increasingly
constrained capacity
or availability of
electricity supply
and/or associated
increases in cost
of energy.
Transition
(market)
Short to medium termDisorderly
Orderly
Increasing frequency or duration of power outages or
rolling blackouts.
Operational disruption and disruption to resident and
employee wellbeing and experience.
Increased costs to secure energy resilience
(e.g. investment in electrical upgrades, back up supply).
Increased investment by Oceania in energy related/
efficient technology e.g. onsite renewables, EV charging.
Reviewing metering and monitoring to contribute to
more effective energy management.
Reviewing the availability and use of back-up
generators across the portfolio.
Investigating solar.
Energy efficiency measures.
Partnership with SmartPower to support contract
negotiations and adjustments and keeping abreast
of trends in the energy market.
CLIMATE-RELATED RISKS Cont.
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RiskType
Time Horizon
(where the risk is greatest)
Scenario
(where the risk is greatest)Anticipated ImpactsOceania’s Risk Management Strategies
8. Reallocation of
government aged
care funding due
to government’s
prioritisation of
climate-related
initiatives or issues
(including remediation).
Transition
(regulatory)
risk
Medium termDisorderly
Orderly
Erosion of the financial sustainability of standalone care.
Reduced capacity in order to preserve care levels.
Reduced funds available for investment by Oceania.
Erosion of ability to pay competitive wages resulting
in personnel shortages.
Engaging with industry stakeholders and
associations e.g. (NZACA, RVA), government
and regulators to keep updated on policy or
funding changes.
9. Investment in
current technologies
(e.g. solar PV) is
rendered obsolete by
future innovations,
or technological
advancements do
not occur rapidly
enough, and/or the
cost of adopting
new technologies
is prohibitive.
Transition
(technology)
risk
Short to medium termOrderly
Disorderly
Potential stranded assets or investments.
Possible cost to operationalise new technology and/
or decommission defunct assets.
Monitoring for new developments, technology
and regulatory landscape.
Due diligence of technology before investment.
Development of pilot projects to trial technology.
Industry collaboration or partnerships to leverage
resources and knowledge.
CLIMATE-RELATED RISKS Cont.
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OpportunityType
Time Horizon
(where the opportunity
is greatest)
Scenario
(where the opportunity
is greatest)
Anticipated Impacts
Oceania’s Strategies to
respond to Opportunities
1. Opportunity to
design and build
climate resilient and
sustainable residences
and services
Physical
and
Transition
Short to long termOrderly
Disorderly
Hothouse
More sustainable, comfortable and certain living
environment for ageing New Zealanders.
Enhanced/enriched resident and employee health and
wellbeing (biophilic design, temperature regulation).
Reduced maintenance costs.
Investment in new technologies that allow residents to be
connected to whānau and communities in a world where
there may be less mobility and travel.
Better energy and water security.
Designing and building to NZGBC certification.
Geographic diversification of retirement villages and
care centres across New Zealand.
Assessment of new retirement village and care centre
locations against physical climate hazard exposure.
Commitment to technology and innovation.
2. Opportunity to
transition to an
energy efficient,
decarbonised
business model.
TransitionShort to medium termOrderly
Disorderly
Attract investment and talent.
Access to appropriately priced capital.
Avoid undue costs and liability.
Improve life cycle business cases.
Setting a science-based target for GHGs
(validated by the SBTi).
Emissions reduction plan (scope 1 and 2).
Improving energy and water monitoring to identify
areas for efficiency.
Supplier engagement target (validated by the SBTi)
for scope 3 emissions.
Designing and building to NZGBC certification.
3. Opportunity to
support an ageing
population to thrive
through the impacts
of climate change.
Physical
and
Transition
Short to long termDisorderly
Hothouse
Better resident experiences and access to care
e.g. through the use of technology.
Potential increase in demand for services.
Investment in clinical and operational expertise.
Innovation in care delivery
e.g. Nurse Practitioner model.
CLIMATE-RELATED OPPORTUNITIES
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Transition planning aspects of strategy
Oceania’s Sustainability Framework, refreshed in FY2023, integrates elements
of climate resilience and emissions reduction, place-focused and sustainable
design, and long-term value creation into Oceania’s broader strategic pillars.
As Oceania works to position itself to survive and thrive in a low-emissions and
climate resilient economy and to adapt to the consequences of climate change,
a number of targets, workstreams and initiatives were underway in the reporting
period that contribute to Oceania’s transition planning. Oceania's transition
plan will be published as part of Oceania's FY2025 CRD as required by NZCS 1.
Science-based emissions reduction target
Oceania is working towards achievement of
science-based GHG emissions targets, which
have been validated by the SBTi. Oceania
has committed to reduce absolute scope 1
and 2 GHG emissions by 42% by FY2030
from a FY2022 base year. Further, Oceania
has committed that 72.5% of its suppliers
by spend, covering purchased goods and
services and capital goods, will have science-
based targets by FY2027. One of Oceania’s
sustainability performance targets under its
$500m sustainability linked loan is associated
with having a science-based target and
reducing emissions.
Emissions Reduction Plan
To achieve Oceania’s science-based scope 1 and 2
absolute emissions reduction target, it has adopted
an emissions reduction plan, which is updated
periodically. Oceania’s focus is on addressing
its most material emissions sources, including by
transitioning away from utility gas and day-to-day
stationary diesel, investing in renewable electricity,
and improving energy management at Oceania
villages and care centres, as well as additional
measures such as conversion of its fleet to a greater
proportion of EV/hybrids. Oceania also utilises a
carbon abatement cost curve to support its emission
reduction plan and help prioritise initiatives.
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Building design
As part of Oceania’s strategy, Oceania designs
and builds to NZGBC certification. To date this
has been to Homestar (for residential units).
In the reporting period, Oceania has registered
its first Green Star project for the community
and care buildings at its first greenfield site,
Ngā Māra. Oceania has completed a climate
change risk assessment and adaptation plan for
this site, which includes solutions for the building
that specifically address key risks identified
through the risk assessment.
Embodied carbon
Oceania measures its upfront carbon
1
from
new developments (or stages of development).
In the reporting period, emissions from capital
goods (scope 3, category 2) were Oceania’s
highest source of emissions. Although Oceania
has not yet set a reduction target for this scope,
it is mindful that addressing embodied carbon
is a mitigating step for its climate-related
risks. As part of achieving NZGBC Green Star
certification at Ngā Māra, Oceania is required
to achieve a minimum of 10% reduction in
embodied carbon and is looking at less carbon
intensive structural steel and concrete.
Investment approach and portfolio optimisation
As mentioned on page 20, Oceania has
enhanced its assessment process to consider
climate-related physical hazard exposure as
part of land purchases and M&A activity, which
includes consideration of potential exposure to
flooding and coastal inundation.
1. See FY2024 Emissions Report for the measurement methodology.
CO
2
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Reducing its environmental impact
Oceania has also set a goal to minimise its
environmental impact and support a circular
economy. To support this, it has set construction
waste targets with 80% of construction
waste from Auckland projects, and 60% of
construction waste from non-Auckland projects
to be diverted away from landfill by FY2027
against a FY2022 base year.
Testing business resilience – first steps
At the conclusion of Oceania’s Risk and
Opportunity assessment and as a final step in
its scenario analysis process, Oceania held an
internal workshop with its Climate Steering sub-
Group and other SMEs to help test the resilience
of Oceania’s strategy and business model. This
involved mapping risks and opportunities from
the climate risk and opportunity assessment to
Oceania’s four strategic pillars and identifying
further workstreams, as well as putting its
current business strategy and model within
each Oceania climate scenario. The outputs
of this exercise were fed into an Oceania Board
strategy day. This work will ultimately provide
an input to Oceania’s transition plan, to be
published next year.
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Risk Management.
Process for identifying,
assessing and managing
climate risk
Oceania’s climate-related risks are
identified, assessed and managed
in accordance with Oceania’s Risk
Management Policy and Framework,
including its risk rating methodology,
which is aligned with the principles of
AS/NZS ISO 31000:2018.
The identification and assessment process
described below was Oceania’s first formal
climate-related risk and opportunity assessment.
The full process is planned to be carried out
every three years with at least an annual
review of its climate-related risks.
Identification and assessment
Oceania, with support from external experts, has
identified climate-related risks and opportunities
as one of the outputs of its scenario analysis
process described in the Strategy section
of this disclosure. That process identified
specific physical risks (acute and chronic) and
transition risks (associated with transitioning
to a low carbon and climate resilient economy)
that could arise under each of the scenarios
considered and how those risks may impact
Oceania over time. The process to identify and
assess the physical and transition risks set out
on page 20 onwards is set out below.
Physical Risks
Oceania engaged external climate risk experts
to provide an initial assessment of the potential
exposure of its retirement villages and care
centres, intended to form part of its longer term
portfolio, across a range of geospatial climate-
related hazards, including coastal flooding,
coastal erosion, river and surface flooding,
over time.
Drawing on the results of the physical
exposure assessment, Oceania identified
physical climate risks via a survey and
workshops, with input from SMEs across its
property, design, facilities management,
clinical, people, sustainability, finance, legal
and operations teams. The climate-related
physical risks were assessed in terms of their
exposure, vulnerability (based on sensitivity
and adaptive capacity) and organisational
consequences (impact) using Oceania’s risk
rating methodology
1
. This approach is consistent
with the Intergovernmental Panel on Climate
Change (IPCC) conceptual risk framework, the
Ministry for the Environment’s National Climate
Change Risk Assessment (NCCRA) Framework
methodology and ISO1409:2021.
Transition Risks
As with physical climate-related risks, the
transition climate-related risks were identified
and assessed through workshops with input
from a range of SMEs across Oceania. The
climate-related transition risks were identified
using the Taskforce for Climate-related Financial
Disclosure’s (TCFD) recommended methodology,
applying the TCFD’s four risk categories (market,
reputation, policy and legal, technology) and
then were assessed using a modified urgency
criteria derived from the NCCRA and the
UK Committee on Climate Change’s rating
methodologies (with the urgency criteria
modified by introducing a temporal element to
further define the level of urgency and to provide
context for transition risk rating purposes).
Oceania then applied its risk rating methodology
to assess the materiality of its transition risks.
“Oceania engaged external climate risk experts to provide an
initial assessment of the potential exposure of its retirement
villages and care centres”
1. Indirect physical risks were rated based on ‘consequence’ using Oceania’s impact rating from its risk matrix methodology.
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Prioritisation and management
As described above, Oceania’s risk rating
methodology uses impact (or consequence)
ratings in the physical and transition risk
assessment processes. This approach is
intended to support the ongoing integration
and prioritisation of climate risks, alongside
other risks, within Oceania's enterprise Risk
Management Framework.
Managing climate-related risks forms part
of Oceania’s overall strategy discussions and
response described in the Strategy section
of this disclosure. Management reviewed the
assessment process and identified potential
responses and opportunities to manage
climate-related risks arising from different
scenarios. These were discussed with the Board
at Oceania’s most recent annual strategy day.
Oceania’s management and response will also
form part of its transition planning which, as
noted in the Strategy section of this disclosure,
is in development.
Actions being taken to manage and respond
to Oceania’s material climate-related risks
are further set out on pages 20-24.
Time horizons and value chain
The time horizons adopted for the climate-
related risk assessment are as set out in
the Strategy section of this disclosure
(see page 15), being short term (present
day to 2030), medium term (2030 to
2050) and long term (2050 to 2080).
Oceania determined its risk and opportunity
assessment boundary by defining its value chain
as core services, as well as two-tiers upstream
and one-tier downstream of these core services
across its property development, and retirement
village and aged care offering and services.
No parts of this value chain were excluded
from the assessment.
Integration of climate
risk within Oceania’s risk
management framework
Oceania’s enterprise Risk Management Policy
and Framework includes a top risk profile and
associated risk appetite statements.
At the governance level, as described in the
Governance section of this disclosure, the Board
Risk Committee, established in March 2024,
has oversight over Oceania’s Risk Management
Policy and Framework, and has responsibility
for the monitoring and oversight of effective
management of strategic risks for Oceania,
including climate risk. Prior to March 2024,
risk matters (including climate-related risk)
were reported to the full Board.
At the management level, Oceania’s enterprise
Risk Management Policy and Framework is the
responsibility of the Chief Legal and Risk Officer
and is reviewed annually by the Board. Climate
risk was added as a top risk in March 2023 and,
in the reporting period, Oceania’s top risk profile
was reviewed again by the Board in August 2023.
Oceania is in the process of enhancing its Risk
Management Policy and Framework to explicitly
integrate climate change within its risk artefacts.
To assist with integration of Oceania’s
climate risk assessment into the broader
risk management processes, management
is establishing a climate risk register, which
will be integrated into various operational risk
registers across Oceania’s business. The risk
registers will be updated as required to support
regular monitoring of climate-related risks
and mitigations. In addition, climate-related
considerations will continue to be embedded into
strategic and operational policies and processes.
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Metrics and Targets.
Metrics
Below is a description of the metrics
and targets Oceania currently uses
to measure and manage its climate-
related risks and opportunities. Also
included in this section is the capital
investment in the reporting period
towards addressing these risks and
opportunities. The remuneration
metric details how climate is
currently incorporated into senior
management's short term incentives.
1. Ernst & Young has assured Oceania’s inventory in FY2022, FY2023 and FY2024.
Greenhouse gas (GHG) emissions
Oceania has published its GHG emissions
inventory for FY2024 in its annual Greenhouse
Gas Emissions Report (GHG Report), available
here. Oceania’s emissions reporting is prepared
with guidance from and in accordance with
the Greenhouse Gas Protocol – A Corporate
Accounting and Reporting Standard, and the
Greenhouse Gas Protocol: Corporate Value
Chain (Scope 3) Accounting and Reporting
Standard (together, the GHG Protocol) and
ISO 14064-1:2018 – Greenhouse gases Part 1.
Independent limited assurance over Oceania’s
emissions inventory was provided by Ernst &
Young
1
(see page 11 of the GHG Report).
A summary of Oceania’s GHG emissions
for FY2024 is set out on the following page.
Oceania’s full GHG inventory, including
detailed notes on assumptions, methodologies
and year-on-year variances, is contained in
its GHG Report linked above.
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OCEANIA’S FY2022-FY2024 GHG EMISSIONS (tCO
2
e)
FY2022FY2023FY2024
Scope 1 – total2,5342,5782,421
Natural gas1,9341,9681,781
LPG315290279
Diesel225256 261
Petrol60 64 63
Refrigerants0036
Scope 2 – total (location-based) 1,885 1,864 1,170
Electricity (location-based) 1,885 1,864 1,170
Electricity (market-based)1,919 1,897 1,139
Scope 3 – total (location-based) 50,002 38,587 56,309
Category 1 Purchased goods and services13,035 14,129 17,804
Category 2 Capital goods30,235 16,990 32,298
Category 3 Fuel- and energy-related activities
1
1,170 1,176 869
Category 4 Upstream transportation and distributionCaptured within Categories 1 and 2
Category 5 Waste generated in operations
1
1,335 1,480 1,155
Category 6 Business travel
1
140 329 337
Category 7 Employee commuting3,224 3,535 3,222
Category 8 Upstream leased assetsn/an/an/a
Category 9 Downstream transportation and distributionn/an/an/a
Category 10 Processing of sold productsn/an/an/a
Category 11 Use of sold products n/an/an/a
Category 12 End-of-life treatment of sold productsn/an/an/a
Category 13 Downstream leased assets (location-based)863948625
Category 13 Downstream leased assets (market-based) 875961639
Category 14 Franchisesn/an/an/a
Category 15 Investmentsn/an/an/a
Total (location-based) 54,42143,02959,900
Total (market-based) 54,46643,07559,884
Above is Oceania's greenhouse gas (GHG)
emissions intensity, measured in tCO
2
e per
million dollars of revenue (NZD).
FY2022FY2023FY2024
Scope 1 11109
Scope 2 884
Scope 3 216156212
Total (Scope 1, 2, 3)235174226
EMISSIONS INTENSITY
Oceania has taken an operational control
consolidation approach as defined by the
GHG Protocol. The organisational boundary
encompasses Oceania’s parent company,
Oceania Healthcare Limited, and all its
subsidiaries, and includes its retirement villages
and care centres as well as its corporate office
and other leased spaces. No material facilities,
operations or assets have been excluded.
Oceania used libraries of emissions factors,
including from the Ministry for the Environment,
and BraveTrace (formerly NZ ECS), to calculate
its GHG emissions inventory. You can see more
detail about the emissions factors libraries used
and the Global Warming Potential (GWP) sources
used for each emissions factor source, on page
10 of Oceania’s GHG Report and information on
Oceania's methods and assumptions on pages
7-9 of that same report. Oceania has not formally
adopted industry-based metrics to measure and
manage climate-related risks and opportunities
in the reporting period.
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Oceania’s total emissions increased by 39%
in FY2024, as compared with FY2023, and
increased by 10% as compared with the base
year of FY2022. This increase is primarily due
to an increase in emissions from construction
activity (scope 3, category 2 “capital goods”)
and, to a lesser degree, an increase in emissions
from purchased goods and services (scope 3,
category 1 “purchased goods and services”).
Oceania accounts for its scope 3, category 2
emissions in the year that a new development
(or stage of development) completes. Therefore,
emissions from this category fluctuate year to
year (sometimes significantly) depending on
the phasing of Oceania’s development pipeline.
Oceania’s scope 1 and 2 emissions decreased
by 19% in FY2024, as compared with FY2023,
and by 18% as compared with the base year
of FY2022. This decrease is largely due to
a change in scope 2 emissions factors.
1

Oceania has not used an internal emissions
price in the reporting period.
Exposure to climate-related risks
and opportunities
Oceania’s assets are located throughout
New Zealand and are variously exposed
to both physical and transition risk.
Vulnerability to physical risks
As set out in the Risk Management section of
this report, for the purposes of its climate-related
disclosures, Oceania engaged external climate
experts to conduct a physical risk assessment
across its business. As the outputs of this
assessment represent the best available data
and analysis for the current reporting period,
Oceania has chosen to report the exposure
of assets to physical climate hazards as the
relevant metric. To determine whether sites and
buildings were exposed to the relevant climate-
related hazards, hazard data was overlaid with
site and building footprint data. Given the high
level nature of the assessment, any sites or
building footprints which intersected with the
hazard layer were deemed to be exposed. This
method is a conservative approximation and
provided an initial estimate of the potentially
exposed locations and is not necessarily
indicative of the exposure of particular assets
on that site, nor of potential future financial
implications of physical climate risk. The
vulnerability of assets will vary depending
on the location of the site and the nature of
the physical risk events to which they are
subject. Oceania intends to undertake further
work in this area, including the financial
impacts of physical climate risk.
The table on the following page notes the
climate-related physical hazard exposure across
Oceania’s assets intended for long term holding.
Key parameters relating to the percentages
disclosed, include:
• Measurement applies to entire site, irrespective
of whether exposed areas are land or buildings.
• Excludes sites if 2% or less exposed.
• Exposure has been reported as it relates to the
time horizon out to 2090-2100 and assessment
under RCP 8.5.
1. A change in scope 2 emissions factors refers to an external adjustment in
the values used to calculate GHGs emissions from purchased electricity.
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PHYSICAL CLIMATE-RELATED
HAZARD EXPOSURE ACROSS
OCEANIA’S ASSETS (INTENDED
FOR LONGER TERM HOLDING)
Physical risk Description Assets exposed to risk
1
Coastal inundation
including sea level rise
Climate change and warming temperatures are causing sea
levels to rise. The IPCC AR6 report confirms that sea level rise
is accelerating.
A national coastal inundation dataset was sourced from
NIWA and was used in this assessment. This dataset is based
on the global IPCC AR6 projections and includes modelled
inundation polygons, which include both sea level rise and
extreme event (storm) related surges.
Of the sites assessed for longer term holding, two sites are
potentially exposed to coastal inundation and may have
some portion of the site at risk of coastal inundation due
to sea level rise.
2
These two sites represent approximately 3% of the
portfolio based on total number of beds / units across
the whole portfolio.
Coastal erosion Coastal erosion is the loss of land due to coastal processes
such as waves and tidal currents wearing away land,
suddenly or over time.
At the time of completing the review there was no current
nationally consistent dataset for coastal erosion. The
assessment used an approach that screens for coastal
erosion exposure by assessing coastal edge proximity.
Where this screening approach identified sites within the
coastal edge proximity extents, a subsequent, more accurate
assessment was undertaken using more accurate datasets
held by Councils (where available).
Of the sites assessed for longer term holding, one site is
potentially exposed to coastal erosion and may have some
portion of the site at risk.
2
This site represents approximately 1% of the portfolio based
on number of beds / units across the whole portfolio.
River and
surface flooding
Heavy rainfall can greatly increase water levels in streams,
rivers and lakes and cause water to overflow into surrounding
land, causing flooding. Flooding can also occur due to rainfall
and runoff in urban areas, which exceeds capacities of
drainage systems. At the time of completing the assessment
New Zealand did not have a nationally consistent flood
hazard dataset at an appropriate resolution for identifying
communities and assets in river and surface floodplains. Data
is held by individual Councils, and this is of varying quality
and consistency. Councils have taken different approaches
in regard to:
−The annual exceedance probability (AEP) of rainfall
scenarios which have been modelled;
−The RCP scenario and time horizons which are used to
inform future rainfall intensities; and
−A range of other assumptions specific to the flood
modelling approach undertaken.
These limitations have been considered when comparing and
contrasting flood exposure results across different sites.
Of the sites assessed for longer term holding, ten sites
potentially exposed to river and surface flooding and
may have some portion of the site at risk of flooding.
These ten sites represent approximately 24% of the
portfolio based on number of beds / units across the
whole portfolio.
1. 36 sites were assessed, being those intended for longer term holding.
2. Noting there was no coastal inundation data for one region. One site within this region is located on the coast and, taking a conservative approach, is included in this table as potentially being exposed.
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Vulnerability to transition risks
Oceania considers that all of its business
activities are exposed to climate-related
transition risks. For example, Oceania will likely
be affected by regulatory and policy related
risks and market risks (see material risks and
opportunities table in the Strategy section),
which have the potential to impact the way
we design, build, construct, sell, operate
and manage our villages and care centres.
The majority of transition risks identified by
Oceania are market-related, followed by
policy and legal risks.
Climate-related opportunities
Oceania’s risk and opportunity assessment
showed a number of climate-related transition
opportunities to build resilience, develop
new services, grow its market share, and
invest in alternative energy sources and
resource efficiency. The largest proportion
of Oceania’s transition opportunities arose
in the resilience category.
The majority of the opportunities identified are
expected to arise in the near term and have a
potentially moderate impact.
For physical climate-related opportunities
Oceania has potential opportunities that touch
on clinical services, people, critical infrastructure
and operations, and property development.
Because the climate-related transition or
physical opportunities are expected to impact
all of Oceania’s operations, Oceania considers
that all its business activities are potentially
aligned to climate-related opportunities.
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Capital deployment
Spend during
the 12 months to
31 March 2024 Description
Capital deployed in the financial year
for the development of Homestar or
Green Star accredited buildings
$81.2mHomestar accredited buildings:
−The Helier, Auckland
−The Bellevue Stage Two, Christchurch
−The Bayview Stage Three, Tauranga
−Waterford Stage One, Auckland
−Awatere Stage Three, Hamilton
Capital deployed in the financial
year for design and enabling works
of Homestar or Green Star accredited
buildings and communities
$4.5m −Ngā Māra, Franklin, Auckland
Capital deployed in the financial
year towards maintenance
and refurbishment
$1.3mThis amount includes capital deployed towards
double glazing, LED lighting, heat pumps,
insulation, EV power points and back up generators.
CAPITAL DEPLOYMENT
Capital deployment
Oceania established a $500m, five-year,
sustainability linked loan in July 2022.
One of the key Sustainability Performance
Targets (SPTs) is the establishment of, and
meeting a, GHG emissions target verified
by the SBTi. Meeting this SPT attracts an
interest margin discount and not meeting
this SPT incurs an interest margin penalty.
In this reporting period, Oceania met all SPTs
and will receive an interest margin discount.
The SPT, as well Oceania's decision to invest
in sustainability initiatives in order to mitigate
climate-related transition risks and realise
opportunities, demonstrates how these serve
as an input to Oceania's capital deployment
and funding decision-making processes. These
include designing and building to NZGBC
Homestar (and, at its Ngā Māra development,
Green Star) certification, no longer designing
for utility gas, installing Oceania’s first solar PV
array and updating its refurbishment process
to include sustainability initiatives. Details of
Oceania’s capital deployment is set out in
the table to the right.
Remuneration
Sustainability (including climate-related) metrics were introduced into the short-term incentive (STI)
scheme for senior management in FY2023 and has made up 5% of the STI in both FY2023 and FY2024.
In FY2024, the STI was linked to Oceania having its GHG emissions targets validated by the SBTi and
achieving emissions reductions towards its scope 1 and 2 absolute reduction target. In the reporting
period, this 5% of the STI was met.
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Targets
The SBTi has approved Oceania’s
near-term science-based emissions
reduction target to reduce absolute
Scopes 1 and 2 GHG emissions by
42% by FY2030 from a FY2022
base year.
Oceania’s Scope 1 and 2 target uses the
Absolute Contraction Method, which aims
for an absolute reduction in total emissions.
This method supports the scientific consensus
necessary to limit global warming to 1.5 degrees
Celsius under the Paris Agreement, without
adjusting for company size or economic output.
Using the Absolute Contraction Method, which
is an SBTi methodology, means that Oceania’s
target aligns with limiting global warming
to 1.5 degrees Celsius. As at the reporting
period, Oceania's targets do not rely on
the use of offsets.
In accordance with Oceania’s Sustainability
Framework and associated aspirations,
Oceania has a target to obtain NZGBC
Homestar 7 (version 5) accreditation or above
for all new independent living developments.
TargetCommitmentType
Target
year
Performance against
targets in FY24
Scope 1 and 2
target
To reduce absolute Scopes 1 and 2
GHG emissions by 42% by FY2030
from a FY2022 base year.
Absolute
reduction
target
FY2030-19% (reduction against FY22
base year)
Scope 3 supplier
engagement target
That 72.5% of Oceania’s suppliers
by spend covering purchased
goods and services and capital
goods, will have science-based
targets by FY2027.
Supplier
Engagement
Target
FY2027Met with all key suppliers
Construction waste
diversion target
1
A stepped target so that by
FY2027, Oceania achieves an 80%
construction waste away from
landfill diversion rate for Auckland
and a 60% construction waste
away from landfill diversion rate for
regional areas. In FY2024, Oceania
achieves a construction waste
away from landfill diversion rate of
≥77.5% for Auckland and ≥50% for
regional areas.
Diversion
target
FY2027,
with a
stepped
year on
year target
Auckland = 79.0%
Non-Auckland = 62. 9%
NZGBC Homestar 7
(version 5)
2
All new independent living
developments are being designed
to NZGBC Homestar 7 (version 5).
Design
target
FY2030Ngā Māra development being
designed to this standard
OCEANIA’S TARGETS FROM A BASELINE YEAR OF FY2022.
1. Relevant to Oceania's scope 3 emissions.
2. Does not have a FY2022 baseline year.
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Appendices.
ObjectiveCategoryProvisionLocation
Theme: Governance
6.* To enable primary users to
understand both the role an entity’s
governance body plays in overseeing
climate-related risks and climate-
related opportunities, and the role
management plays in assessing and
managing those climate-related
risks and opportunities.
7. Disclosures(a) the identity of the governance body responsible for oversight of climate-related risks and opportunities.Page 5
(b) a description of the governance body’s oversight of climate-related risks and opportunities.Page 5-8, and 10
(c) a description of management’s role in assessing and managing climate-related risks and opportunities.Page 5 and 9
8. Governance body oversight(a) the processes and frequency by which the governance body is informed about climate-related risks
and opportunities.
Pages 5-8
(b) how the governance body ensures that the appropriate skills and competencies are available to provide
oversight of climate-related risks and opportunities.
Page 10
(c) how the governance body considers climate-related risks and opportunities when developing and overseeing
implementation of the entity’s strategy.
Pages 6-8, and 10
(d) how the governance body sets, monitors progress against, and oversees achievement of metrics and targets
for managing climate-related risks and opportunities, including whether and if so, how, related performance
metrics are incorporated into remuneration policies.
Page 10
9. Management’s role(a) how climate-related responsibilities are assigned to management-level positions or committees, and
the process and frequency by which management-level positions or committees engage with the
governance body.
Page 5 and 9
(b) the related organisational structure(s) showing where these management-level positions and committees lie.Page 5 and 9
(c) the processes and frequency by which management is informed about, makes decisions on and monitors,
climate-related risks and opportunities.
Page 5 and 9
Aotearoa New Zealand Climate Standards
CLIMATE-RELATED DISCLOSURES (NZCS 1) - INDEX
* Numbering refers to NZCS 1 paragraphs.
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ObjectiveCategoryProvisionLocation
Theme: Strategy
10. To enable primary users to understand
how climate change is currently
impacting an entity and how it may
do so in the future. This includes
the scenario analysis an entity has
undertaken, the climate-related
risks and opportunities an entity has
identified, the anticipated impacts and
financial impacts of these, and how an
entity will position itself as the global
and domestic economy transitions
towards a low-emissions, climate-
resilient future.
11. Disclosures(a) a description of its current climate-related impacts.Page 13
(b) a description of the scenario analysis it has undertaken.Page 14-19
(c) a description of the climate-related risks and opportunities it has identified over the short,
medium, and long term.
Page 20-24
(d) a description of the anticipated impacts of climate-related risks and opportunities.Pages 20-24
(e) a description of how it will position itself as the global and domestic economy transitions towards
a low-emissions, climate-resilient future state.
*Utilising
Adoption
Provision 3*
12. Current impacts and
financial impacts
(a) its current physical and transition impactsPage 13
(b) the current financial impacts of its physical and transition impacts identified in (a).*Utilising
Adoption
Provision 1*
(c) if the entity is unable to disclose quantitative information for paragraph (b), an explanation of why
that is the case.
*Utilising
Adoption
Provision 1*
13. Scenario analysis
undertaken
An entity must describe the scenario analysis it has undertaken to help identify its climate-related risks and
opportunities and better understand the resilience of its business model and strategy. This must include a
description of how an entity has analysed, at a minimum, a 1.5 degrees Celsius climate-related scenario,
a 3 degrees Celsius or greater climate-related scenario, and a third climate-related scenario.
Page 14-19
14. Climate-related risks
and opportunities
(a) how it defines short, medium and long term and how the definitions are linked to its strategic planning
horizons and capital deployment plans.
Page 15 and 20
(b) whether the climate-related risks and opportunities identified are physical or transition risks or opportunities,
including, where relevant, their sector and geography.
Pages 20-24
(c) how climate-related risks and opportunities serve as an input to its internal capital deployment and funding
decision-making processes.
Page 35
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ObjectiveCategoryProvisionLocation
Continued...
10. To enable primary users to understand
how climate change is currently
impacting an entity and how it may
do so in the future. This includes
the scenario analysis an entity has
undertaken, the climate-related
risks and opportunities an entity has
identified, the anticipated impacts and
financial impacts of these, and how an
entity will position itself as the global
and domestic economy transitions
towards a low-emissions, climate-
resilient future.
15. Anticipated impacts and
financial impacts
(a) the anticipated impacts of climate-related risks and opportunities reasonably expected by the entity.Pages 20-24
(b) the anticipated financial impacts of climate-related risks and opportunities reasonably expected by an entity.*Adoption
provision 2*
(c) a description of the time horizons over which the anticipated financial impacts of climate-related risks and
opportunities could reasonably be expected to occur.
*Adoption
provision 2*
(d) if an entity is unable to disclose quantitative information for paragraph (b), an explanation of why that
is the case.
*Adoption
provision 2*
16. Transition plan aspects
of its strategy
(a) a description of its current business model and strategy.Page 11
(b) the transition plan aspects of its strategy, including how its business model and strategy might change to
address its climate-related risks and opportunities.
*Adoption
Provision 3*
(c) the extent to which transition plan aspects of its strategy are aligned with its internal capital deployment
and funding decision-making processes.
*Adoption
Provision 3*
Theme: Risk Management
17. To enable primary users to understand
how an entity’s climate-related
risks are identified, assessed, and
managed and how those processes
are integrated into existing risk
management processes.
18. Disclosures(a) a description of its processes for identifying, assessing and managing climate-related risks.Page 28
(b) a description of how its processes for identifying, assessing, and managing climate-related risks are
integrated into its overall risk management processes.
Page 29
19. An entity must include the
following information when
describing its processes for
identifying, assessing, and
managing climate-related
risks (see paragraph 18(a))
(a) the tools and methods used to identify, and to assess the scope, size, and impact of, its identified
climate-related risks.
Page 28
(b) the short-term, medium-term, and long-term time horizons considered, including specifying the duration
of each of these time horizons.
Page 29
(c) whether any parts of the value chain are excluded.Page 29
(d) the frequency of assessment.Page 28
(e) its processes for prioritising climate-related risks, relative to other types of risks.Pages 28-29
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ObjectiveCategoryProvisionLocation
20. To enable primary users to
understand how an entity measures
and manages its climate-related risks
and opportunities. Metrics and targets
also provide a basis upon which
primary users can compare entities
within a sector or industry.
21. Disclosures(a) the metrics that are relevant to all entities regardless of industry and business model.See below
(b) industry-based metrics relevant to its industry or business model used to measure and manage
climate-related risks and opportunities.
Page 31
(c) any other key performance indicators used to measure and manage climate-related risks and opportunities.Page 36
(d) the targets used to manage climate-related risks and opportunities, and performance against those targets.Page 36
22. Metric categories(a) greenhouse gas (GHG) emissions: gross emissions in metric tonnes of carbon dioxide equivalent
(CO2-e) classified as:
(i) Scope 1
(ii) Scope 2 (calculated using the location-based method)
(iii) Scope 3.
Page 30
(b) GHG emissions intensityPage 31
(c) transition risks: amount or percentage of assets or business activities vulnerable to transition risks.Page 34
(d) physical risks: amount or percentage of assets or business activities vulnerable to physical risks.Pages 32 and 33
(e) climate-related opportunities: amount or percentage of assets, or business activities aligned with
climate-related opportunities.
Page 34
(f) capital deployment: amount of capital expenditure, financing or investment deployed toward
climate-related risks and opportunities.
Page 35
(g) internal emissions price: price per metric tonne of CO2-e used internally by an entity.Page 32
(h) remuneration: management remuneration linked to climate-related risks and opportunities in the
current period, expressed as a percentage, weighting, description.
Page 35
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ObjectiveCategoryProvisionLocation
Continued...
20. To enable primary users to
understand how an entity measures
and manages its climate-related risks
and opportunities. Metrics and targets
also provide a basis upon which
primary users can compare entities
within a sector or industry.
23. Targets(a) the time frame over which the target applies.Page 36
(b) any associated interim targets.N/A
(c) the base year from which progress is measured.Page 36
(d) a description of performance against the targets.Page 36
(e) for each GHG emissions target:
(i) whether the target is an absolute target or intensity target
(ii) the entity’s view as to how the target contributes to limiting global warming to 1.5 degrees Celsius
(iii) the entity’s basis for the view expressed in (ii), including any reliance on the opinion or methods
provided by third parties
(iv) the extent to which the target relies on offsets, whether the offsets are verified or certified and if so,
under which scheme or schemes .
Page 36
24. GHG emissions(a) a statement describing the standard or standards that its GHG emissions have been measured in
accordance with.
Page 30
(b) the GHG emissions consolidation approach used: equity share, financial control or operational control.Page 31
(c) the source of emission factors and the global warming potential (GWP) rates used or a reference to the
GWP source.
Page 31
(d) a summary of specific exclusions of sources, including facilities, operations or assets with a justification
for their exclusion.
Page 31
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Glossary
of Terms
C
CEO Chief Executive Officer
CFOChief Financial Officer
CRD
Mandatory climate-related disclosures for the
reporting period 1 April 2023-31 March 2024
under the Financial Markets Conduct Act 2013
CREClimate Reporting Entity
E
EVElectric vehicle
F
FMCAFinancial Markets Conduct Act 2013
FYFinancial year
G
GHG Greenhouse gases
GHG Protocol
The Greenhouse Gas Protocol: A Corporate
Accounting and Reporting Standard and
Greenhouse Gas Protocol: Corporate Value Chain
(Scope 3) Accounting and Reporting Standard
GHG ReportOceania’s GHG inventory report
H
Homestar
NZGBC Homestar certification is a
sustainability certification for new home
design and construction.
I
IPCCIntergovernmental Panel on Climate Change
ISOInternational Organisation for Standardisation
ISO 31000:2018
ISO guidelines on managing risk faced
by organisations.
ISO 14064-1ISO standard: GHG Emissions Verification
ISO 14091:2021
– Adaption to
climate change
ISO guidelines for assessing the risks related to
the potential impacts of climate change.
K
KPIKey performance indicator
M
M&AMergers and acquisitions
N
NCCRA
Ministry for the Environment’s National Climate
Change Risk Assessment
NGFSNetwork for Greening the Financial System
NZCSAotearoa New Zealand Climate Standards
NZCS 1
The Aotearoa New Zealand Climate Standard 1 –
Climate-related disclosures
NZCS 2
The Aotearoa New Zealand Climate Standard 2 –
Adoption of Aotearoa New Zealand
Climate Standards
NZCS 3
The Aotearoa New Zealand Climate
Standard 3 – General Requirements for
Climate-related Disclosures
NZDNew Zealand Dollar
NZGBCNew Zealand Green Building Council
O
ORAOccupation Right Agreement
S
SBTiScience Based Targets initiative
SMEsSubject Matter Experts
SPTs
Sustainability Performance Targets under
Oceania’s sustainability linked loan
T
TCFDTaskforce for Climate-related Financial Disclosures
X
XRBExternal Reporting Board
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