thl releases FY24 Climate Statements
FY24 Climate Statements
CLIMATE–RELATED
DISCLOSURES 2024
42°56’ S —
171°33’ E
Contents
ABOUT THESE CLIMATE STATEMENTS 3
INTRODUCTION FROM CHAIR & CEO 4
The challenge to decarbonise 4
Action taken 5
Our new baseline footprint 5
GOVERNANCE 6
Board climate skills evaluation and training 8
Management of Climate Risks & Opportunities 8
Our sustainability metrics and goals
9
Carbon Emissions Reduction targets 9
Remuneration 9
STRATEGY 10
About thl 10
How we create value 11
An integrated, systems-based approach to sustainability 12
Current climate-related impacts on our business 13
Scenario development 14
Scenario narratives 14
Overview of thl’s scenario analysis process 17
thl’s Material Climate Risks and Opportunities (CR&Os) 18
Anticipated Impacts arising from Climate Risks & Opportunities 20
RISK MANAGEMENT 23
Process for identifying, assessing and managing climate risk 23
METRICS AND TARGETS 24
Future-fit Business Benchmark 24
Greenhouse Gas (GHG) Emissions 24
GHG Methods and Assumptions
29
GHG Targets 32
Emissions Intensity 33
Exposure to Transition Risks 33
Exposure to Physical Risks 33
Climate-Related Opportunities 34
Capital Deployment 34
Internal Emissions Price 34
Remuneration 34
APPENDIX 1 – GLOSSARY 35
APPENDIX – NZ CS 1 REFERENCES 36
INDEPENDENT ASSURANCE REPORT 37
INTRODUCTIONABOUT2
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About these climate statements
This document is thl’s first mandatory Climate-Related Disclosures (CRD) report. It
relates to the reporting period 1 July 2023 to 30 June 2024 and constitutes thl’s Climate
Statements in respect of that period under the Financial Markets Conduct Act 2013
(FMCA). Under the FMCA, thl is required to produce climate statements that comply with
the Aotearoa New Zealand Climate Standards (NZ CS) 1, 2 and 3 issued by the External
Reporting Board (XRB). Accordingly, this document has been prepared in compliance with
NZ CS 1, 2 and 3, and covers four thematic areas: Governance, Strategy, Risk Management
and Metrics and Targets.
thl has chosen to use the following NZ CS 2 adoption provisions for this FY24 report,
meaning the disclosures in this CRD do not cover these aspects of NZ CS:
•
Adoption provision 1: Current financial impacts
•
Adoption provision 2: Anticipated financial impacts
•
Adoption provision 3: Transition planning (noting that thl provides a description of
its progress towards developing the transition plan aspects of its strategy, as required
by NZ CS 2)
•
Adoption provision 4: Subset of Scope 3 GHG emissions sources. Emissions sources
excluded are disclosed in the GHG Methods and Assumptions section of this report.
•
Adoption provision 6: Comparatives for metrics
•
Adoption provision 7: Analysis of trends
This report sets out thl’s initial approach to scenario analysis, thl’s current understanding
of, and response to, thl’s climate-related risks and opportunities (CR&O) and its initial
understanding of the current and anticipated impacts of climate change. This reflects
thl’s current understanding as at October 2024 in respect of the 12 months ended
30 June 2024.
These statements contain disclosures that rely on early and evolving assessments of
current and forward-looking information, incomplete and estimated data, and our related
judgements, opinions and assumptions. We have sought to provide accurate information
in respect of the year ended 30 June 2024, but we caution reliance being placed on
representations that are necessarily subject to significant risks, uncertainties and/or
assumptions. Climate change is an evolving challenge, with high levels of uncertainty
and significant data challenges, particularly over long-term horizons. Descriptions of
the current and anticipated impacts of climate change on thl and its subsidiaries are
therefore necessarily estimates only.
In particular, these statements contain forward-looking statements and opinions,
such as potential impacts, climate scenario narratives, targets, forecasts, potential
global responses to climate change, government policy, regulatory developments, the
development of various technologies, the future plans, strategies and objectives of
management, and statements of thl’s current intentions.
Forward-looking statements and opinions are based on historical experience, internal
business data, external sources, and various other factors that thl believes are reasonable
in the circumstances and based on its current understanding. These statements and
opinions necessarily involve assumptions, forecasts and projections about our present
and future strategies and the environment in which we will operate in the future. They
reflect thl’s current views on future events and are subject to change due to known and
unknown risks, uncertainties, assumptions, estimates and other factors which are, in
many cases, beyond thl’s control, particularly as to inputs, available data and information
which is likely to change.
Risks and opportunities described in this report, and thl’s strategies to achieve its targets,
may not eventuate or may be more or less significant than anticipated. Many factors can
affect thl’s actual results, performance or achievement of climate-related targets (or other
metrics), and these may differ materially from what is described in this report, including
due to economic and technological viability, government, consumer, and market factors
outside thl’s control.
Accordingly, while thl has made efforts to fairly present this climate-related disclosure,
it gives no representation, guarantee, warranty or assurance about the future business
performance of thl, or that the outcomes expressed or implied in any forward-looking
statement made in this document will occur. Actual outcomes may differ materially from
those expressed or implied in this document. thl does not accept any liability for any
loss arising directly or indirectly from any use of the information contained in this report,
whether in respect of thl and/or its subsidiaries.
thl expects that some forward-looking statements made in this document may be
amended, updated, recalculated, and restated in future documents as the quality and
completeness of its data and methodologies continue to evolve and improve. thl does not:
•
represent those statements and opinions will not change or will remain correct after
publishing this report, or
•
represent that it will revise or update those statements and opinions if events or
circumstances change or unanticipated events happen after publishing this report.
This disclaimer should be read along with the methodologies, assumptions and
uncertainties and limitations contained in this CRD report.
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 and sustainability performance, please refer to our Integrated Annual Report,
available on https://www.thlonline.com/financialinvestorinformation.
INTRODUCTION3thl CLIMATE-RELATED DISCLOSURES 2024
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ABOUT
Introduction from Chair & CEO
As an operator in the RV industry across New Zealand, Australia, the
United States, Canada, UK and Ireland, our RVs provide an enjoyable
and convenient way for visitors to have ‘unforgettable journeys’ –
enjoying access to nature and enriching cultural experiences.
However, we recognise the broader impacts that our customers’
journeys and our operations have on climate change.
We understand that thl has a role to play in combating climate change and since FY19 we
have measured and reported greenhouse gas emissions and sustainability efforts as part
of our Integrated Annual Report. This year, we present our first Climate-Related Disclosure
report under the new Aotearoa New Zealand climate standards framework.
We have been on a journey to seek to integrate sustainability into our way of thinking. In
FY19, we adopted the Future-Fit Business Benchmark with ambitions to work towards
achieving the Benchmark’s 23 science-based Break-Even goals, many of which relate
to greenhouse gas emissions. Among other things, the Benchmark provided us with a
mindset – the terminology we use in the business today is whether our actions are future-
fit – and this now has application beyond simply goals and a framework.
The challenge to decarbonise
The biggest challenge and opportunity we see today for reducing our emissions is the
transition to a low or zero-emissions fleet. Progress has been slower than we would like.
Despite being one of the largest RV rental operators globally, we are a ‘technology-taker’
and small in comparison to our suppliers – global names in vehicle production – who
are prioritising the decarbonisation of cars, light commercial vehicles and heavy freight
vehicles. RVs, with their heavy payload and the need for range have not, to-date, been a
priority for our key suppliers. Add to this the complexity of rapidly-changing technologies,
an uncertain regulatory landscape and global supply chain challenges, and we’re not
where we’d like to be in terms of a low-emissions fleet. This is reflected in the profile of our
material climate risks and opportunities, shared in this report.
Our approach in the face of this complexity has been to take ‘small bets’. This means
being technology-agnostic and undertaking pilot programmes to keep building on
our experience and seeking to deliver our customers the experience and quality that
they expect.
Cathy Quinn
CHAIR
Grant Webster
CEO
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INTRODUCTION
Action taken
Despite global supply-side challenges, we have been engaging on climate-related risks
with industry associations such as the RV Industry Association in the United States.
We’re also in the midst of our second Future Fleet ‘eRV’ pilot programme in New Zealand
using Ford E-Transit chassis, led by Action Manufacturing. Action Manufacturing also
produced Australasia’s first electric ambulance for Hato Hone St John.
Our new baseline footprint
Our FY23 greenhouse gas inventory (carbon footprint) was a ‘transitional’ footprint
including seven months as a merged business with Apollo Tourism & Leisure and was
reported in our FY23 Integrated Annual Report. This year we have 12 months’ data as
a merged business and are reporting our emissions separate to our Integrated Annual
Report for the first time in this FY24 Climate Statements report. We are also, for the first
time, reporting our more comprehensive Scope 3 value chain emissions inventory. We
want to know the extent of the challenge we face to decarbonise, and to this end have
prioritised data gathering. This means that we have included categories not previously
reported and we have made assumptions where data is not readily available.
Due to these Scope 3 inclusions and new assumptions, our FY24 footprint is significantly
larger than previous years, at 1.08m tonnes CO
2
e. We are using our FY24 inventory as our
new baseline footprint, and we will, in FY25, refine our science-aligned carbon reduction
target. Our new baseline emissions profile will inform the work we will be doing across
our business in FY25 to develop a climate response strategy including transition planning
which we are calling ‘Changing Gear’.
Thank you for taking the time to read our Climate Statements. While we know there
is a significant challenge to decarbonise, with our new baseline footprint we are now
clearer about the scale of the challenge. Please contact us with any feedback, ideas or
opportunities to partner to help us achieve our shared goal of a low-emissions future:
thlsustainability@thlonline.com.
Cathy Quinn Grant Webster
CHAIR CEO
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INTRODUCTION
thl’s Board oversees and is ultimately responsible for group-wide
risks and opportunities, including those relating to climate change.
At the governance level, two Board committees are accountable as
part of thl’s management of climate-related risks and opportunities,
the Audit and Risk Committee (ARC) and Health, Safety and
Sustainability Committee (HSSC). Information about the role and
responsibilities of the ARC and the HSSC are shown in the diagram
below. Refer to section Principle 3 – Board Committees at pages
107-108 of the FY24 Integrated Annual Report for the composition
of Board members for each committee.
Diagram 1 outlines the committees and groups at governance,
management and operational levels within thl that are involved
in addressing climate-related risks and opportunities and participate
in thl’s sustainability efforts.
Governance
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RRN
RRN
NORTHERN HEMISPHERE
US, Canada, UK, Europe
SOUTHERN HEMISPHERE
Australia, New Zealand
OPERATIONAL
OVERSIGHTREPORTING, RECOMMENDING AND ESCALATION
EXECUTIVE / SENIOR MANAGEMENT
BOARD
The thl Board has overall responsibility for group-wide risks and opportunities, including those related to climate change.
The Board approves thl’s Climate Statements and CRD.
The thl Risk & Improvement Committee (RIC) is comprised of thl’s Executives and Senior Managers
who are Risk Owners. The RIC oversees progress of risk management using the ERM framework.
The Chief Responsibility Officer oversees the ERM framework, Climate & Carbon Strategy, including the
CRD process. The CRO reports key risks up to ARC.
The Executive Team provides Management-level approval, ownership and management of thl Enterprise
Risks including those relating to climate change. Climate Risks and Opportunities (CR&O) are discussed
at executive ‘Front & Centre’ meetings and at offsite workshops. Executive Team Risk Owners participate in
the RIC.
The Responsible
Management
(RM) Team is
led by the Chief
Responsibility
Officer (CRO)
who oversees the
ERM framework
and ‘future-fit’
sustainability
programmes
delivered by the
Sustainability
Director and the
GHG Inventory
delivered by
the Risk &
Sustainability
Manager.
RIC
EXECUTIVE TEAM
The thl Regional Risk Networks (RRNs) are comprised of thl’s Risk
Champions and Owners, including Branch / Location Managers and crew
with operational roles. Our ERM framework is implemented at this level and
new risks identified are reported up to the RIC. The RRNs are chaired by the
Risk & Sustainability Manager who is a member of the RM Team.
The thl Health, Safety & Sustainability Committee (HSSC) oversees
the operationalisation of thl’s sustainability efforts, including
the prioritisation of future-fit goals and sustainability initiatives.
The HSSC recommends the setting of science-aligned carbon
reduction targets to the thl Board, oversees thl’s sustainability
strategy and monitors thl’s progress in the achievement of its
carbon reduction targets on behalf of the thl Board.
KEY
ARC
thl
BOARD
RRN
HSCC
RM TEAM
The thl Audit & Risk Committee (ARC) oversees thl’s Enterprise
Risk Management (ERM) framework and the management of
sustainability risks, including those relating to climate change.
The ARC oversees thl’s CRD process on behalf of the thl Board,
reviews them to see that they comply with the relevant standards,
oversees the engagement of assurance practitioners, and
recommends approval of the CRD to the thl Board.
Diagram 1: Enterprise Risk Management Framework
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Board climate skills evaluation and training
ARC and HSSC meetings provide the forum for climate-related risks, opportunities and
disclosures to be discussed by Committee members and with management. In addition
to the Board committee members, the meetings are attended by the Chief Executive
Officer (CEO), Chief Financial Officer (CFO), Deputy CFO, Company Secretary (CoSec),
Chief Responsibility Officer (CRO) and other senior management as relevant. Following
each meeting, the Chair of the ARC and HSSC provide a verbal update to the Board at the
subsequent Board meeting on committee discussion points and recommendations.
Diagram 2 outlines thl’s process by which CR&Os are reported to the Board.
Table 1: Information about Board and Sub-Committee Meetings
iii
Board
Board Sub-Committees
Audit & Risk
Committee (ARC)
Health, Safety
& Sustainability
Committee (HSSC)
No. of Board members attending855
Executive members attending
CEO, CFO,
DCFO, CoSec
CEO, CFO, DCFO,
CoSec, CRO
CEO, CFO, CoSec,
CRO, CPTO
Minimum meetings to be
convened annually under Charter
Six meetingsThree meetings
Number of meetings convened
in FY24
1384
thl’s Directors consider climate and sustainability in their strategic decision-making
as part of Board strategy sessions, ARC meetings, and in annual business plan meetings
where major capital investment is discussed and approved. Appropriate skills and
competencies are maintained through Directors' involvement in other climate-reporting
entities (CREs) as well as a number of thl’s Directors being members of Chapter Zero
New Zealand.
iv
The Board has had input into redefining some of thl’s material CR&Os in this year’s
reporting period, as well as identifying additional CR&Os for consideration by the RIC. The
Board are kept informed about thl's CR&Os, and also participate in the process of defining
thl's CR&Os and determining how climate risks might impact thl’s business.
Management of Climate Risks & Opportunities
The Responsible Management team (RM Team) is led by thl’s Chief Responsibility
Officer (CRO) and comprises the employees (‘crew’) leading our work on Enterprise
Risk Management (ERM) and sustainability, including Climate-Related Risks and
Opportunities (CR&O). The team includes our Sustainability Director, Risk & Sustainability
Manager, and our Sustainability Project Coordinator.
vi
The RM Team undertakes climate
and carbon reporting associated with thl’s CR&Os. The team works with stakeholders
on the measurement and verification of thl’s GHG emissions and, through the ERM
framework works to identify, assess and mitigate thl’s CR&Os.
vii
Management engages
with the Board via attendance at Board meetings as shown in Table: Information about
Board and Sub-Committee Meetings above.
•
Management review and
refinement of Climate Risks &
Opportunities and Scenarios
•
ARC review of
climate regulation
and GHG assurance
•
ARC review of thl's six-month
GHG footprint
•
ARC review of how Scope 3 emissions
are calculated for thl (including
categories covered) including the use
of Planet Price AI software
•
Management provided ARC with
information on future resetting of
science-aligned targets
•
ARC review of draft CRD
•
ARC review of progress
on CRD governance
processes as outlined by
external legal specialists
•
Board workshop facilitated by external
specialists including: reviewing scenarios
originally derived with external input, reviewing
insights from thl's Future Fleet Regional Scans,
stress-testing existing CR&Os and identifying
additional CR&Os for consideration
Diagram 2: Board and Committee engagement on climate-related
issues in FY24
July 2023 – Feb 2024
Feb 2024May 2024
April 2024July 2024
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The Board considers CR&Os when developing and overseeing the implementation of
business plans and strategy.
The Board approved thl’s first two years of voluntary disclosures, the outcomes of which
have influenced thl’s current strategic cycle. For example, one of thl's material climate
risks relates to the lack of supply of low-emissions technology for thl RVs; the Board has
asked thl’s subsidiary, Action Manufacturing, to lead its Future Fleet strategy to explore
available options on decarbonising thl’s fleet of recreational vehicles (RVs).
xvii
The Future
Fleet strategy takes a technologically agnostic approach, meaning that it considers not
only battery-electric RVs (eRVs) but also hybrid engines and chassis that can support fuel
sources such as biofuel and hydrogen. The Board has supported Future Fleet by directing
capital to this strategy, for example by approving annual capital expenditure for thl’s
Future Fleet initiatives on an ongoing basis. As part of Future Fleet, thl’s second eRV trial
currently underway and involves six Britz Evolve eRVs developed in New Zealand in 2024
using Ford E-Transit chassis.
v
Our sustainability metrics and goals
xxvii
The Board has endorsed thl’s adoption of the 23 science-based sustainability goals from
the Future-Fit Business Benchmark (https://futurefitbusiness.org/) for internal decision
making.
v
The Future-Fit Business Benchmark translates systems-science into principles,
goals, and indicators. The most significant sustainability challenge for thl is making
progress towards Future-Fit Break-Even (BE) Goal 18, which stipulates that products
should emit no greenhouse gases.
thl FY24 Future-Fit Health Check
The HSSC oversees the Future-Fit Business Benchmark quantitative and qualitative
metrics. thl's annual self-assessment ‘Health Check’ of thl’s 23 future-fit sustainability
goals is published in the Integrated Annual Report. The HSSC reviews progress against
these ‘Break-Even’ (BE) Goals at its meetings and is responsible for monitoring future
metrics at a governance level.
vi
The 23 Future-Fit BE Goals have been assessed and prioritised (see below) based on the
materiality of sustainability impact and where thl has the greatest opportunity to make
the greatest progress. thl has identified five priority BE Goals. The five priority BE Goals are
addressed through targeted work streams in the global sustainability work programme.
For more information about the Future-Fit Business Benchmark goals, please visit:
https://futurefitbusiness.org/explore-the-benchmark-and-key-concepts/
For information on how thl is progressing against our future-fit goals please see the
following sections of our FY24 Integrated Annual Report https://tinyurl.com/thlfy24iar:
•
Our Future-Fit Sustainability Journey – the first five years
•
Global Sustainability Programme Progress
Carbon Emissions Reduction targets
As set out in the GHG Targets section below, thl has a science-aligned absolute carbon
reduction target of 50.4% of our Scope 1 and 2 emissions by end FY32 from a FY20
baseline, previously approved by the Board. The thl Board monitors progress against this
target by reviewing the GHG emissions data provided by the RM Team at the end of each
financial year. Due to thl’s merger with Apollo on 30 November 2022, in FY25 this target
will be refined to use FY24 as the new, reset baseline year for all Scope 1, 2 and 3 emissions
targets. thl aims to set interim and intensity GHG reduction targets in FY25.
Remuneration
Climate performance indicators are not currently tied to remuneration policies. thl intends
to review climate change risk management indicators and consider linking incentive
criteria to these. This will be considered by the Remuneration Committee in FY25.
vi
Energy is from
renewable sources
BE01
Procurement safeguards
the pursuit of future-fitness
BE04
Operations emit no
greenhouse gases
BE06
Products can be
repurposed
BE19
Products emit no
greenhouse gases
BE18
vi
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The Climate Standards require reporting entities to undertake
climate scenario analysis to inform their identification of climate-
related risks and opportunities and to test the resilience of
their strategy.
About thl
thl is a leading global operator in the recreational vehicle (RV) industry and is dual-
listed on the NZX and ASX. As a global leader in RV rentals, thl operates in New Zealand,
Australia, the USA, Canada, UK & Ireland, with vertical integration across RV rentals and
sales. In Australasia, thl manufactures motorhomes and specialist commercial vehicles.
thl also manufactures and sells towable products (caravans and truck trailers) in Australia.
In addition to RV manufacturing, in New Zealand and Australia thl manufactures
specialist commercial vehicles, including St John Ambulances and Alsco EV Freighter
trucks. thl manages two tourism experiences in New Zealand: the Discover Waitomo
glowworm cave activities and Kiwi Experience, a bus tour experience.
The thl Build/Buy – Rent – Sell business model and global RV and tourism footprint of
over 30 brands aims to deliver unforgettable journeys to thousands of guests (customers)
around the world and positions thl positively for the future as a world-class leader in the
RV space.
xix
To learn more about how we create value, see page 20 of our FY24 Integrated
Annual Report.
Strategy
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OUR RESOURCESBUSINESS MODEL
•
Revenue, growth and financial returns.
•
Worldwide, world-class RV products and services.
•
Guest travel and tourism experiences.
•
Vertically integrated, multinational global RV business.
•
Crew engagement and wellbeing.
•
Healthy and safe workplaces.
•
People Promise to provide the tools, skills and identity to succeed.
•
Fostering a diverse and inclusive culture.
•
Building our cultural capability.
•
Deep connections in tourism and RV industry.
•
Social licence to operate at our sites and where products are used.
•
Responsible travel partnerships and programmes in each region.
•
Working with suppliers to improve supply chain transparency, risks,
sustainability performance and circularity.
•
Climate impacts and carbon emissions from our fleet and operations
including the sale of RVs.
•
Transition plan to address climate-related risks and opportunities.
•
Impacts of our products in communities and destinations guests visit.
•
Promoting regenerative travel that positively impacts destinations.
•
The sensitive ecosystems in which we operate in Waitomo, New Zealand.
•
Resources used by our fleet and operations – fuel, energy and water –
and the emissions and waste our activities generate.
•
New fleet, technology, product design and development innovation.
•
Action to address our greatest climate and carbon challenge – the
emissions from our vehicle fleet.
•
Strong, long-term supplier relationships in RV and tourism sectors.
•
Complex global supply chain has social, environmental and
economic impacts.
•
Global network of sites and infrastructure expanded manufacturing
facilities, equipment and operations.
•
Future-Fit Branch Action Plans to manage impacts of water, energy,
waste and emissions, and positive impacts on communities as well
as congestion and potential impacts from freedom camping.
•
Technologies and systems to manage complexity and growth.
OUR IMPACTS AND OUTCOMES
OUR PURPOSE
OUR VALUES
Creating
unforgettable
journeys
Do the right thing
Be curious
Be happy to
Enjoy the ride
INFRASTRUCTURE
Our multinational
operations, facilities
and equipment
Our global systems
and technology
KNOWLEDGE
Our knowledge,
skills and RV expertise
from our vertically
integrated build/
buy-rent-sell model
NATURE
The natural resources,
ecosystems and
destinations on
which we depend
RELATIONSHIPS
Our partners, industry
relationships and
community
connections
OUR CREW
Our talented crew and
commitment to our
core values
FINANCIAL
Our investors and
access to capital
RENT
BUILD/BUY
SELL
ACTIVE GOVERNANCE AND RISK MANAGEMENT
How we create value
Diagram 3:
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An integrated, systems-based approach
to sustainability
Over the last five years thl has used the Future-Fit Business
Benchmark to guide our decision-making and operational
activities. Our Global Sustainability Programme, shown in
diagram 4, is underpinned by the 23 science-based BE Goals
described in the Governance section (Our sustainability
metrics and goals) above, several of which directly relate to our
contribution to climate change. Each country business unit has a
future-fit sustainability workplan aligned to progress each of the
six work streams in thl’s global sustainability work programme.
The majority of thl branches have a Future-Fit Branch Action Plan
in place, and the business plans for each business unit include
actions aimed towards achieving thl’s Future-Fit goals, including
product and operational goals relating to eliminating greenhouse
gas emissions. This helps to align thl’s operational decision-
making with thl’s internal Climate & Carbon strategy.
Future-Fit Decisions: our new decision-making lens
To-date, climate-related risks and opportunities have been
considered as part of six capitals assessments of thl's fleet
investment decisions, and have also influenced the expansion
of thl's business model. In FY24, thl reviewed its progress in
integrating future-fit thinking into its decision-making across
the four business areas of processes, people, projects and
performance reporting. The review identified the need to create
a new mechanism to guide internal decision-making by applying
a consistent ‘future-fit lens’ to support the achievement of the 23
sustainability goals of the Future-Fit Business Benchmark.
In FY25, we intend to further develop our approach to applying
a future-fit lens at key points in our processes, projects and
performance reporting. Applying a future-fit lens will require
decision makers, including the Board, Executive Team and
our crew, to take a systems-based approach when initiating
new projects. This means considering sustainability risks and
opportunities (including impacts on and from climate change),
reporting on the project’s future-fit performance and supporting
our crew to understand their role in creating a sustainable future
for thl.
Building long-term value through our Global Future-Fit
Sustainability Programme
Protecting the value we create through Enterprise Risk Management
TELLING OUR STORIES
TRAINING & BUILDING CAPABILITY
CLIMATE & CARBON STRATEGY
DECARBONISING OUR BUSINESS
FUTURE FLEET PROGRAMME
TRANSITIONING TO A LOW-CARBON FLEET
SUSTAINABLE PROCUREMENT
OUR GLOBAL FRAMEWORK AND
CIRCULAR ECONOMY PILOTS
THRIVE
SUPPORTING OUR CREW, CREATING
A HEALTHY CULTURE AND BUILDING
CULTURAL CAPABILITY
ACCELERATE
PARTNERSHIPS FOR POSITIVE IMPACTS
IGNITION
CREATING FUTURE-FIT BRANCHES
• Operational GHG emissions
• Product GHGS
• Renewable energy
• Product GHG emissions
• Products repurposed
• Procurement
• Products repurposed
• Employee health
• Living wage
• Fair employment terms
• Employee discrimination
• Employee concerns
• Community health
• Natural resources
• Operational encroachment
• Community health
• Product communications
• Product concerns
• Product harm
GOALS
GOALS
GOALS
GOALS
GOALS
GOALS
• Renewable energy
• Water use
• Operational emissions
• Operational GHG emissions
• Operational encroachment
• Operational waste
Diagram 4: Global Future-Fit Sustainability Programme
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Current climate-related impacts on our business
In FY24, extreme climate-related weather events globally caused disruption to a number
of thl’s businesses. For example, damage to roading infrastructure in New Zealand led
to access issues, interrupting customer demand, while wildfires had a minor impact on
bookings in Canada. Policy changes and regulations surrounding electric vehicles are also
creating uncertainty throughout the industry.
xi
The below table summarises what thl assesses as its material current climate-related
impacts in FY24. This disclosure reflects a qualitative assessment, as the financial impacts
on thl's overall revenue have not yet been quantified.
Description
Physical impacts of
climate change on
our business
Acute weather events
(thl has not assessed the extent
to which these are related to
climate change but has simply
included all acute weather events
in FY24).
The increase in the frequency and severity of extreme, acute weather events year on year has impacted thl’s operations globally.
The below regions in which thl operates were impacted:
•
New Zealand: Canterbury experienced strong winds that caused damage and disruption such as road closures and power outages
(October 2023)
•
Australia: Tropical Cyclone Jasper triggered flooding in far north Queensland, forcing thousands of people to evacuate (December 2023)
•
Canada: Wildfires (March to November 2023) and hailstorms (occurring annually)
•
California: Wildfires and heatwaves (July – September 2023)
•
Europe (June to September 2023) and North America (May to October 2023): heatwaves.
xi
In FY24, business disruption included last-minute changes to rental bookings in Canada (noting revenue or profit impact was minimal),
flooding of our Cairns branch and damage to supporting infrastructure such as roads causing additional burden on thl operations due to
the need to divert customers and crew.
Transition impacts
from the transition
to a low-emission,
climate-resilient
future
Technologythl’s FY24 Future Fleet research highlights that the global market for Original Equipment Manufacturers (OEMs) is of such a scale that
even large-scale consumers (including thl) don’t have an ability to influence the market availability of low-emissions vehicles.
thl has attempted to gain a better understanding of the global market by researching innovative technologies via the Future Fleet
Regional Scans; visiting international manufacturers including manufacturers in China to form options for future vehicle production
and sales; and running eRV pilots. thl is starting to work in partnership with other leading organisations in the industry to endeavour to
drive the transition towards low emissions in the RV and tourism sectors. For thl, this transition involves adopting zero / low emissions
technology vehicles, which it has started to trial through its Future Fleet programme.
x
RegulationRegulatory bodies in all countries where thl operates have established regulations or set policy targets for the phase-out of Internal
Combustion Engine (ICE) vehicles. The most stringent regulations and ambitious targets are in Ireland, Europe, and the state of California.
Over the reporting period, the UK Government reversed its stance on its initial ambitious targets. However, we anticipate that the recent
change in government in the UK may lead to a strengthening of climate policies. It remains to be seen whether there will be further
reversals or if the original targets are reinstated.
xi
This may change the degree of thl investment in these countries.
Table 2: Current climate-related impacts on our business
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Scenario development
To identify and assess its physical and transition risks and opportunities, in FY23 thl
drew from the international Network for Greening the Financial System (NGFS scenarios)
and New Zealand Transport Sector and Tourism Sector scenarios. Both sets of scenarios
were used to refresh priority CR&Os and to identify business impacts. This process and the
insights gained are shared in this assessment, with commentary in the tables below.
As with thl’s voluntary disclosures for FY22 and FY23, thl’s climate scenario analysis
for FY24 has drawn primarily from scenarios developed by the NGFS. This year’s review
process accounted for updates to the NGFS Climate Scenarios, along with integrating
new information from the NGFS short-term and long-term scenarios.
xiii
NGFS scenarios were selected because thl is a global business: the global coverage
and integrated assessment of risks makes the NGFS scenarios relevant and appropriate
to thl’s multinational operations, spanning Australasia, North America and Europe.
thl contributed to the development of the Aotearoa Circle Transport Sector
Climate Scenarios and the Tourism Sector Climate Change Scenarios which were also
considered in thl scenario analysis, specifically in the impact and materiality assessment.
thl management were part of the leadership group that guided, reviewed, and provided
feedback for the recently released Aotearoa Circle Tourism and Transport Sector Climate
Scenarios respectively. These scenarios, tailored to the NZ transport and tourism sectors,
were informed by the core assumptions used in the NGFS scenarios, and were considered
appropriate for assessing risks and opportunities for New Zealand operations. They
consider a range of drivers (political, environmental, social, technological, legal and
economic) which correspond to the impact categories thl used in its impact assessments:
environmental; commercial; customer experience; reputational; regulatory, people, and
health, safety and wellbeing.
The Transport Sector Climate Scenarios comprise three scenarios which broadly align with
the NGFS scenarios thl uses: Fully Charged corresponds to our Orderly transition scenario,
Short Detour corresponds to our Delayed & Disorderly scenario and Bypass to Breakdown
corresponds to our Hot House World scenario.
The Tourism Sector Climate Scenarios Orderly – Hiahia, Disorderly – Pokanoa and Hot
House – Wharewera also align with the selected NGFS scenarios.
However, given that these scenarios were from only one of the regions in which thl
operates and because thl is taking a global view of CR&O, it was not appropriate to overly
represent these New Zealand sector scenarios in our analysis until other sector scenarios
are developed in other regions. As other international sector scenarios are developed
by industry bodies, thl will seek to contribute to their development and take these
into account.
Scenario narratives
In line with the External Reporting Board’s (XRB’s) Aotearoa New Zealand Climate
Standards, thl considered three temperature-aligned climate scenarios. These were
informed by the core assumptions used in the NGFS scenarios, which are based on the
widely used Shared Socio-economic Pathways (SSPs) as well as being informed by The
Aotearoa Circle Tourism and Transport Sector Climate Scenarios.
thl’s three scenarios are:
xiii
an ‘orderly’ 1.5°C scenario dominated by transitional risks,
a ‘hot house world’ > 3°C scenario with extreme physical risks,
a ‘delayed & disorderly’ scenario with high transitional and physical risks. In this
scenario, global annual emissions do not decrease until 2030, with strong policies
then needed to limit warming to below 2°
Key assumptions
The key assumptions underlying each of thl’s scenarios are contained in the scenario
archetype tables below. All three scenarios have been applied to thl build/buy-rent-sell
and tourism operations with a focus on our fleet-related emissions, energy pathways and
technology assumptions. For carbon dioxide removal, the NGFS includes both technology-
and forestry-based carbon removals and does not separate trends between the two.
Time horizons
thl reviews its longer term strategy annually. A triannual planning process (i.e. every four
months) is used to create shorter term focus on priority projects and allocate business
resource. This supports thl in remaining agile in responding to CR&Os in its business
planning, capital allocation and Enterprise Risk Management.
The scenario timeframes for the short, medium, and long-term were based on years
rather than temperature targets. The timeframes chosen were
xv
:
•
short-term to be up to 24 months i.e. 2024-26 (aligning with our strategic review timeframes)
•
medium-term to be 2-10 years, i.e. 2026-2034, and
•
long-term to be over 10 years i.e. 2034 onwards.
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1. Transition Risk Severity relates to how severe are the impacts from transitioning to a low-emissions future likely to be in
this scenario.
2. See NGFS Scenarios for central banks and supervisors (Nov. 2023), p 10, available at: https://www.ngfs.net/sites/default/
files/medias/documents/ngfs_climate_scenarios_for_central_banks_and_supervisors_phase_iv.pdf#page=10.
3. Physical Risk Severity relates to how severe are the physical impacts from climate change (extreme weather, sea-level
rise etc) likely to be in this scenario.
ScenarioScenario Archetypes
Orderly –
Net Zero 2050
Global Temperature
Increase:
+1.5°C
Transition Risk Severity:
1
High
Technology Change:
Fast change
Carbon price:
Steady rise
Carbon dioxide removal: Medium-
high use
2
Change in Climate Policy:
Immediate & Smooth
Physical Risk Severity:
3
Relatively low
Macro-economic factors:
Short term pressure due to
increasing carbon prices, energy
costs and disruptive technology.
Consumer behaviour:
Preference shifts to low carbon
transport, green technology widely
available.
Energy pathway: Highest expected
annual energy investments until
2040 and with highest share of
non-biomass renewables in primary
energy mix by 2050, relative to the
other two scenarios.
4
Scenario Description
(based on NGFS Net Zero 2050 scenario, the Aotearoa Circle Transport Sector Fully Charged Scenario and Tourism Sector Orderly – Hiahia Scenario)
The Orderly scenario is an immediate and technology-driven transition: an ambitious scenario with stringent climate policies and innovation introduced immediately to reach
net zero CO2 emissions by 2050. Reaching this emissions target requires rapid decarbonisation of electricity supply, availability of renewable energy and development of new
technologies to tackle hard-to-abate emissions. Disruptive implementation of green technology creates transition risks leading to a negative short-term impact on GDP. Policy
intensity increases as timelines for net zero 2050 scenarios shorten. Shadow emissions prices continue to rise drastically. By 2050, transport, energy, and industry sectors are
largely decarbonised.
xiv
Awareness of high emission travel and recreation drives the tourism sector to shift towards low carbon innovations.
Delayed &
Disorderly Transition
Global Temperature
Increase:
+2°C
Transition Risk Severity:
Initially low – High
after 2030
Technology Change:
Slow then fast and disruptive
from 2030
Carbon price:
Initially low price then sharp
increase and highly volatile.
Carbon dioxide removal:
Medium use
5
Change in Climate Policy:
Delayed and disorganised
Physical Risk Severity:
Medium to High
Macro-economic factors:
Economic downturn due to abrupt
devaluations, stranded assets and
rise in energy prices - then slowly
recovers
Consumer behaviour:
Slow shift with barriers to transition,
disruptive changes from 2030.
Energy pathway: Expected annual
energy investments are the same
as Hot House World until 2030.
Investments exceed the Orderly
scenario after 2040, with non-
biomass renewables most of the
primary energy mix by 2050.
6
Scenario Description
(based on NGFS Delayed Transition scenario, the Aotearoa Circle Transport Sector Short Detour Scenario and Tourism Sector Disorderly – Pokanoa Scenario)
In the disorderly scenario, policymakers procrastinate on strengthening climate policies in the short term. An unanticipated event (e.g., a severe natural disaster) triggers a
sudden change in policy stance. As a result, emissions exceed the carbon budget temporarily and decline rapidly after 2030 with the decarbonisation of transport, energy, and
industry moving at pace. The degree of action varies among countries and regions based on current policies. This unanticipated change in mitigation policy sets off shock
waves through the global economy, leading to, an abrupt devaluation of polluting firms, stranded assets and the general tightening of financial conditions. By 2050, there is
some way to go for energy sector decarbonisation, including for buildings.
xiv
The impact of transitional changes around 2030 is significant and disruptive for organisations in
the tourism industry that focused on single service offerings or high emissions outputs.
4. See NGFS Climate Scenarios Technical Documentation (Nov. 2023), Figures 27 & 28, available at: https://www.ngfs.net/
sites/default/files/media/2024/01/16/ngfs_scenarios_technical_documentation_phase_iv_2023.pdf#page=55.
5. See NGFS Scenarios for central banks and supervisors (Nov. 2023), p 10, available at: https://www.ngfs.net/sites/default/
files/medias/documents/ngfs_climate_scenarios_for_central_banks_and_supervisors_phase_iv.pdf#page=10.
6. See NGFS Climate Scenarios Technical Documentation (Nov. 2023), Figures 27 & 28, available at: https://www.ngfs.net/
sites/default/files/media/2024/01/16/ngfs_scenarios_technical_documentation_phase_iv_2023.pdf#page=55.
Table 3: Scenario narratives
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ScenarioScenario Archetypes
Hot House World –
Current Policies
Global Temperature
Increase:
>3°C
Transition Risk Severity:
Low
Technology Change:
Slow
Carbon price:
Remains low
Carbon dioxide removal: Low use
7
Change in Climate Policy:
None, current policies only
Physical Risk Severity:
Extreme
Macro-economic factors:
Downward pressure from physical
impacts, increase in climate-
related migration.
Consumer behaviour:
Slow shift, climate movement
considered radical.
Energy pathway: Same as Delayed
Transition until 2030 for expected
annual energy investments,
dropping to the lowest level of
investment through 2050 and with
the lowest share of non-biomass
renewables in primary energy mix
by 2050, relative to the other two
scenarios.
8
Scenario Description
(based on NGFS Current Policies scenario, Aotearoa Circle Transport Sector Bypass to Breakdown Scenario and Tourism Sector Hot House – Wharewera Scenario)
The Hot House World scenario assumes that only currently implemented policies are preserved. Global climate policy ambition dwindles in the 2020s and emissions continue
to grow, leading to about 3°C of average warming by 2080. This level of warming degrades living conditions in many parts of the world and results in irreversible impacts like
sea level rise. Economies remained reliant on fossil fuels to power consumption patterns and material-intensive production.
Physical risks lead to strong negative impacts on GDP with economic costs diverging significantly after 2040. Climate events increase in both frequency and severity, even
more rapidly after global climate tipping points are breached in the early 2040s.
xiv
Physical impacts frequently interrupt travel and flight plans for tourists. Tourism operators
and supply chains are impacted, with capital and insurance becoming extremely difficult to access in some regions.
7. See NGFS Scenarios for central banks and supervisors (Nov. 2023), p 10, available at: https://www.ngfs.net/sites/default/
files/medias/documents/ngfs_climate_scenarios_for_central_banks_and_supervisors_phase_iv.pdf#page=10.
8. See NGFS Climate Scenarios Technical Documentation (Nov. 2023), Figures 27 & 28, available at: https://www.ngfs.net/
sites/default/files/media/2024/01/16/ngfs_scenarios_technical_documentation_phase_iv_2023.pdf#page=55.
Table 3: Scenario narratives (continued)
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Diagram 5: Key steps to determine FY24 CR&Os
xxii
thl Executive
workshop on
CR&Os (26 March
2024)followed
by gap analysis
against latest
standards
Prior to FY24, thl first developed its Climate & Carbon Strategy in FY21, reported CR&Os
aligned with the TCFD in the FY22 Integrated Annual Report (IAR) and reported climate
disclosures aligned with NZ CS 1 in the FY23 IAR.
Board proposed
new CR&O using
Future Fleet Scans
as evidence base
Shortlist of CR&O
was reviewed for
VUCA
Management
reviewed shortlist
of material CR&O
for disclosure
Board reviewed
FY23 CR&O and
commented on
updated NGFS
scenarios (29 May
2024)
RM Team and WSP
reviewed all CR&O
with a critical
lens. Wording
was updated and
created a shortlist
of FY23 and new
CR&O reviewed
against updated
NGFS scenarios
Shortlist assessed
for scope and
scale of impact
across categories.
If impact was
deemed material or
felt in two or more
time-horizons,
considered for
disclosure in FY24
CRD as ‘material’
CR&O
Final list of material
CR&O included in
the CRD report and
confirmed by the thl
Board, the CEO, the CFO
and the CRO. External
legal review of CRD
report undertaken and
final report approved
for publishing by the
thl Board.
Overview of thl’s scenario analysis process
For FY24, thl management led the development of thl’s scenarios with external support.
This included engagement on scenario development with the Board, as shown in the
diagram below. This process aligned with methods used in thl’s ERM processes. For FY24,
the scenario analysis was conducted independently and therefore not integrated with
thl’s business planning or strategy development.
An updated list of CR&Os were assessed across each scenario by management and the
Board using thl’s risk assessment framework. This included an assessment of: VUCA
(Volatility, Uncertainty including likelihood, Complexity and Ambiguity) and impacts
across a number of categories. This resulted in thl collecting 36 data points (3 scenarios x
3 timeframes x 4 criteria) estimating how each CR&O may play out over their timeframes
and scenarios.
This involved eight key steps shown in diagram 5.
BOARD CRD WORKSHOP
1234568
7
External parties
An external sustainability consultancy facilitated prioritisation workshops on climate-
related risks and opportunities (CR&O) with thl’s Board and Executive team members and
also facilitated management workshops to assign materiality ratings. External partner
Aotearoa Circle developed the Tourism and Transport Sector Climate Scenarios used by
thl, with the involvement of thl and other public and private-sector partners. No other
external stakeholders were involved in thl’s scenario analysis.
INTRODUCTIONABOUT17thl CLIMATE-RELATED DISCLOSURES 2024
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1
INTERNAL USE ONLY
FUTURE FLEET SCAN
AUSTRALIA FY24
Prepared by Juhi Shareef, CRO with research assisted by Microsoft Copilot * March 2024
Contents
1. Future Fleet Scan Supply and Readiness Summary .............................................................................. 2
2. Zero Emission Vehicle (ZEV) Regulations .............................................................................................. 3
3. ZEV Fleet Availability ............................................................................................................................. 3
4. ZEV Fleet Incentives .............................................................................................................................. 5
5. ZEV Cost and Parity Comparisons ......................................................................................................... 5
6. OEM/Supplier Updates ......................................................................................................................... 6
7. ZEV Infrastructure readiness ................................................................................................................ 6
8. Renewable Energy Transition in Australia ............................................................................................. 7
9. Climate Change policies and emissions reduction targets. ................................................................... 8
10. Climate change projections for Australia .......................................................................................... 9
11. Climate impacts tourism sector trends ........................................................................................... 10
1
INTERNAL USE ONLY
FUTURE FLEET SCAN
IRELAND FY24
Prepared by Juhi Shareef, CRO with research assisted by Microsoft Copilot * March 2024
Contents
1. Zero Emission Vehicles - Supply and Readiness .................................................................................... 2
2. ZEV Regulations ..................................................................................................................................... 3
3. ZEV Fleet Availability ............................................................................................................................. 4
4. ZEV Fleet Incentives .............................................................................................................................. 5
5. ZEV Infrastructure readiness ................................................................................................................. 6
Charging Networks .................................................................................................................................... 7
Effectiveness and Spread .......................................................................................................................... 7
Interactive Maps ....................................................................................................................................... 7
Projections and EV User Studies ............................................................................................................... 7
6. Renewable energy and grid mix ............................................................................................................ 7
7. OEM/Supplier Updates (new work) ...................................................................................................... 9
8. Climate policies ................................................................................................................................... 10
9. Climate change projections ................................................................................................................. 11
10. Climate Impacts: ............................................................................................................................. 11
11. Climate impacts sector trends ........................................................................................................ 12
1
INTERNAL USE ONLY
FUTURE FLEET SCAN
NEW ZEALAND FY24
Prepared by Juhi Shareef, CRO with research assisted by Microsoft Copilot * March 2024
Contents
1. Zero Emission Vehicles - Supply and Readiness .................................................................................... 2
2. ZEV Regulations ..................................................................................................................................... 3
3. ZEV Fleet Availability ............................................................................................................................. 4
4. ZEV Fleet Incentives .............................................................................................................................. 5
5. ZEV Infrastructure readiness ................................................................................................................. 6
6. Renewable Energy and Grid Mix ........................................................................................................... 8
7. OEM/Supplier Updates ......................................................................................................................... 9
8. Climate policies and commitments ..................................................................................................... 10
9. Climate change projections ................................................................................................................. 10
10. Climate change impacts .................................................................................................................. 11
11. Climate change & tourism sector trends ........................................................................................ 11
1
FUTURE FLEET SCAN
UK FY24
Prepared by Antonia Nichol, Sustainability Director * March 2024
Contents
1. Zero Emission ZEV Vehicles Country Context ............................................................................................. 2
2. ZEV Regulations .......................................................................................................................................... 2
3. ZEV Fleet Availability ................................................................................................................................... 3
4. ZEV Fleet Incentives .................................................................................................................................... 3
5. ZEV Price Parity and Cost of Ownership ..................................................................................................... 4
6. ZEV Infrastructure readiness ...................................................................................................................... 4
7. Vehicle OEM/Supplier Commitments and Updates ................................................................................... 5
8. UK Renewables and Grid Mix ..................................................................................................................... 5
10. Climate policies ....................................................................................................................................... 6
11. Climate change projections (FY23 Scan) ................................................................................................. 7
12. Climate impacts tourism sector trends ................................................................................................... 8
1
INTERNAL USE ONLY
FUTURE FLEET SCAN
USA FY24
Prepared by Antonia Nichol, Sustainability Director * March 2024
Contents
1. Zero Emission Vehicles - Supply and Readiness Summary .............................................................2
2. ZEV Regulations ..........................................................................................................................3
3. ZEV Fleet Availability ..................................................................................................................4
4. RV Supplier and OEM Progress and Commitments .......................................................................4
5. ZEV Total Cost of Ownership and Price Parity for ZE Trucks ...........................................................6
6. ZEV Fleet Incentives ....................................................................................................................7
7. ZEV Infrastructure readiness .......................................................................................................7
8. Renewable energy in grid USA and State level .............................................................................9
9. Climate change targets and projections ..................................................................................... 11
10. Climate change impacts ............................................................................................................ 11
Climate change impacts in in California .................................................................................................. 12
11. Climate change tourism sector impacts ..................................................................................... 14
thl’s Material Climate Risks and Opportunities (CR&Os)
When identifying risks and opportunities thl has adopted the definitions used by the
XRB in NZ Climate Standard (CS) 1:
Physical risks: Risks related to the physical impacts of climate change. Physical risks
emanating from climate change can be event-driven (acute) for example increased
severity of extreme weather events. They can also relate to longer term shifts (chronic)
in precipitation and temperature and increased variability in weather patterns, sea level
rise etc.
Transition risks: Risks related to the transition to a low-emissions, climate-resilient global
and domestic economy. These include policy, legal, technology, market, and reputation
changes associated with the mitigation and adaptation requirements relating to
climate change.
Opportunities: The potentially positive climate-related outcomes for an entity. Efforts
to mitigate and adapt to climate change can produce opportunities for entities, such
as through resource efficiency and cost savings, the adoption and utilisation of low-
emissions energy sources, the development of new products and services, and building
resilience along the value chain.
thl has identified four transition risks, one physical risk, and one opportunity that
occurs both in the transition to a low-emissions economy and from the physical
impacts of climate change as thl’s material CR&Os. These are set out below with
anticipated timeframes.
xvi
Our material climate risks and opportunities
Physical and transition risks and opportunities for thl’s operating regions were identified
through management climate scenario analysis workshops in FY23 and informed by the
FY23 Future Fleet Global Scan research report. They were further reviewed and refined in
FY24 management and Board-level workshops and informed by the FY24 Future Fleet
Regional Scan reports.
In recognition of thl’s priority CR&Os (particularly fleet decarbonisation), in FY23 thl
commissioned consultants (specialists in climate, energy, and transport) to undertake
a global ‘Future Fleet Scan’ of trends across thl’s operating regions. Consultants were
asked to explore global climate trends, the speed of regulatory change in the phase-out
of Internal Combustion Engine (ICE) vehicles, opportunities for grants, research in edge
technology, and infrastructure readiness. This research informed the assessment of
potential impacts on thl’s business model and thl’s Future Fleet Programme. In FY24, thl
undertook more detailed research on each country of operation – Future Fleet Regional
Scans – to further inform the Future Fleet programme and FY25 transition planning. The
FY25 programme to develop a climate response strategy is called ‘Changing Gear’ and will
take into consideration thl’s new FY24 GHG baseline emissions profile. Consultants have
been engaged to support the delivery of a data strategy to inform the transition planning
aspect of the response plan.
How insights from these Future Fleet Regional Scans align with thl's CR&O is shown in
table 4 on the next page.
Diagram 6: thl FY24 Future Fleet Regional Scans
CLIMATE & CARBON STRATEGY
DECARBONISING OUR BUSINESS
FUTURE FLEET PROGRAMME
TRANSITIONING TO A LOW-CARBON FLEET
• Operational GHGS
• Product GHGS
• Renewable energy
• Product GHGS
• Products repurposed
CLIMATE & CARBON STRATEGY
DECARBONISING OUR BUSINESS
FUTURE FLEET PROGRAMME
TRANSITIONING TO A LOW-CARBON FLEET
• Operational GHGS
• Product GHGS
• Renewable energy
• Product GHGS
• Products repurposed
CLIMATE & CARBON STRATEGY
DECARBONISING OUR BUSINESS
FUTURE FLEET PROGRAMME
TRANSITIONING TO A LOW-CARBON FLEET
• Operational GHGS
• Product GHGS
• Renewable energy
• Product GHGS
• Products repurposed
1
INTERNAL USE ONLY
FUTURE FLEET SCAN
Canada FY24
Prepared by – Antonia Nichol, Sustainability Director * March 2024
Contents
1. Zero Emission Vehicles Supply and Readiness Summary ...................................................................... 2
2. ZEV Regulations ..................................................................................................................................... 3
3. ZEV Fleet Availability ............................................................................................................................. 3
4. ZEV Fleet Incentives .............................................................................................................................. 3
5. ZEV Price parity ..................................................................................................................................... 4
6. ZEV total cost of ownership .................................................................................................................. 4
7. RV Supplier Commitments and Targets (Same Suppliers as USA) ......................................................... 5
8. ZEV Infrastructure readiness ................................................................................................................. 6
9. Zero Emission Vehicle Infrastructure Incentives ................................................................................... 7
10. Grid resilience and renewable energy .............................................................................................. 7
11. Climate change policy and targets .................................................................................................... 8
12. Climate event impacts and adaptation ............................................................................................. 8
13. Climate Change Tourism sector impacts ......................................................................................... 9
CLIMATE & CARBON STRATEGY
DECARBONISING OUR BUSINESS
FUTURE FLEET PROGRAMME
TRANSITIONING TO A LOW-CARBON FLEET
• Operational GHGS
• Product GHGS
• Renewable energy
• Product GHGS
• Products repurposed
CLIMATE & CARBON STRATEGY
DECARBONISING OUR BUSINESS
FUTURE FLEET PROGRAMME
TRANSITIONING TO A LOW-CARBON FLEET
• Operational GHGS
• Product GHGS
• Renewable energy
• Product GHGS
• Products repurposed
CLIMATE & CARBON STRATEGY
DECARBONISING OUR BUSINESS
FUTURE FLEET PROGRAMME
TRANSITIONING TO A LOW-CARBON FLEET
• Operational GHGS
• Product GHGS
• Renewable energy
• Product GHGS
• Products repurposed
CLIMATE & CARBON STRATEGY
DECARBONISING OUR BUSINESS
FUTURE FLEET PROGRAMME
TRANSITIONING TO A LOW-CARBON FLEET
• Operational GHGS
• Product GHGS
• Renewable energy
• Product GHGS
• Products repurposed
INTRODUCTIONABOUT18thl CLIMATE-RELATED DISCLOSURES 2024
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TypeRisk / Opportunity
viii
Future Fleet Regional Scan Insights that have informed
thl’s CR&Os
Timeframe
Short (0-2 years)
2024 - 2026
Medium (2-10 years)
2026 - 2034
Long (10+ years)
2034 onwards
Transition RisksRisk of lack of supply of cost-
effective, long-range, low-emissions
technology for thl RVs.
The lack of supply of appropriate zero / low emissions chassis
suitable for conversion into recreational vehicles is a challenge
across all markets.
Risk of trend away from carbon-
intensive travel leading to a
reduction in customer demand.
Carbon intensive travel is a risk everywhere, but it may impact
international tourism to long-haul destinations like Australia and
New Zealand more so than in Europe or North America.
Risk of rapid regulatory change and
requirements for legal compliance.
Regulatory compliance is moving at a different pace across the
world, hence over time thl may find that certain operating regions
require the fleet to be decarbonised earlier than others. If supply
constraints fail to improve over time, this will pose a significant
challenge for thl.
Risk of investment in Future Fleet
not being economically feasible due
to failure in delivering an appropriate
return on funds employed.
The transition to zero / low emissions vehicles may not be
commercially viable if customers are unwilling to cover the
higher associated costs of these vehicles; this is a global risk.
Physical RiskChanges in booking patterns due
to physical climate risks.
Changes in booking patterns are a global risk. Patterns are expected
to be impacted over time as regions experience changing climate
trends for example prolonged heatwaves or rainfall. Beyond the
climate scenarios considered, thl’s Future Fleet Global Scan contains
climate projections for thl’s operating regions which help to inform
where these changes in booking patterns may occur.
Transition
/ Physical
Opportunity
Increased demand for mobile
housing and emergency vehicles.
thl has the opportunity to provide a source of housing / shelter
for displaced populations in the event of a sudden event.
Increased demand for mobile housing in the wake of extreme
weather events and the transition to a low-emissions future is
considered a global opportunity.
x
Table 4: Material climate-related risks and opportunities for thl
INTRODUCTIONABOUT19thl CLIMATE-RELATED DISCLOSURES 2024
GOVERNANCEAPPENDIX
RISK MANAGEMENT
METRICS AND TARGETSSTRATEGY
Orderly Scenario:Hot House World
Scenario:
Delayed & Disorderly
Scenario:
Anticipated Impacts arising from Climate Risks & Opportunities
Table 5: Anticipated impacts arising from material CR&Os
Risk Description
Scenarios
where risk
is greatest
VUCA summary
VUCA: Volatility, Uncertainty (inc.
likelihood), Complexity, AmbiguityAnticipated impactsTimeframe Materiality commentary
thl’s Risk Management
Strategies
TRANSITION RISK:
Risk of lack of supply
of cost effective, long
range, low emissions
technology
ix
Scope: All regions
thl operates in,
namely Australia,
New Zealand, the
United States,
Canada, UK and
parts of Europe
In an Orderly climate scenario, the
risk will be less complex but could
still be volatile in the short-term.
In a Delayed & Disorderly scenario,
the short-term is possibly volatile
with a sudden tipping point in the
medium-term.
In a Hot House World scenario, the
risk is lower in the short-term due to
lower policy pressures.
Lack of availability of low
emissions technology suitable
for motorhomes in each scenario.
In an Orderly scenario lack of
access is expected to be a short-
term issue as the transition
moves quickly to meet anticipated
regulatory requirements.
In a Delayed & Disorderly scenario,
competition for limited supply of
low-emissions technologies may be
intense as a tipping point occurs.
In a Hot House World scenario,
an expected lack of progress
results in suitable technology
not being available for use.
In an Orderly scenario,
impacts are likely to arise
in the short to medium
term due to challenges
with the transition to
new technologies.
Medium-term in a Delayed
& Disorderly scenario and
medium to long-term in a
Hot House World scenario.
Considered material in
all scenarios. In a Delayed
& Disorderly scenario,
variables are harder to
predict and commercial
impacts are likely to be
greater if a sudden climate
shock is experienced. In a
Hot House World, impacts
will increase over each
time horizon.
Future Fleet programme
- now delivering a second
pilot programme of eRVs
in New Zealand.
We continue to seek
to work with RV
manufacturers and
industry bodies on a
global basis to influence
OEM chassis suppliers to
improve the adoption of
low emission vehicles.
TRANSITION RISK:
Risk of trend away
from carbon-intensive
travel leading to
a reduction in
customer demand
Scope: All regions
thl operates in
Due to fewer policy drivers in a Hot
House World scenario, the risk is
less likely to change rapidly in the
short-term. However, it is expected
to become more volatile over time
as climate disasters and related
costs increase (e.g. insurance).
In a Hot House World scenario,
it is anticipated that operations
and destinations will be exposed
to greater disruption, impacting
guest experience and potentially
their willingness to travel to
some locations.
Likely the most volatile in
the medium-term when a
sudden transition in public
opinion and accelerated
transition occurs. However,
may settle into a ‘new
normal’ in the longer-term.
Considered material
as impacts will be felt
over two time horizons
(medium to long-term)
in a Hot House World
scenario, with customers
more likely to push back
on emission-generating
businesses that rely on
fossil fuels.
More information is
needed on travel trends
and customer demand
elasticity which is not
currently readily available.
A data strategy has been
developed and will be
further refined in FY25. This
includes the identification
of internal and external
data gaps and a strategy
for gathering primary
data where possible,
or proxy / industry data
where necessary. In some
cases, this will involve thl
partnering with other
organisations and it is
likely that thl’s data quality
will improve over time as
more accurate climate
data is gathered.
INTRODUCTIONABOUT20thl CLIMATE-RELATED DISCLOSURES 2024
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RISK MANAGEMENT
METRICS AND TARGETSSTRATEGY
Risk Description
Scenarios
where risk
is greatest
VUCA summary
VUCA: Volatility, Uncertainty (inc.
likelihood), Complexity, AmbiguityAnticipated impactsTimeframe Materiality commentary
thl’s Risk Management
Strategies
TRANSITION RISK:
Risk of rapid
regulatory change
and requirements for
legal compliance
Scope: All regions thl
operates in, noting
risk greatest for
countries / states
where current
regulation is in place
i.e. US states which do
not have regulation
are less exposed to
this risk.
Rapid regulatory change will be
most complex in the medium-term
with a sudden change in public
opinion and accelerated transition.
The likelihood and complexity of
risk may reduce in the long-term
once changes have been enacted.
Delayed and sudden regulatory
changes (with variation across
countries) are likely to create
uncertainty. Supply chains and
operations could be affected
as businesses respond to rapid
changes in regulation. This may
create operational and supply chain
pressure and impact customer
experience. Reputational risks will
increase due to potential breaches
of suddenly-changing regulation.
Impacts on commercial
operations, poorer
customer experience and
reputation are greatest in
the medium-term with a
predicted sudden ‘wake-
up call’ – a change in
public opinion – creating
greater uncertainty in the
regulatory landscape.
Considered material as
impacts will be felt over
each time horizon under
a Delayed & Disorderly
scenario.
thl conducts annual
Future Fleet Scans, now in
each region, to stay abreast
of changing country and
state-level regulations and
technology tipping points.
TRANSITION RISK:
Risk of investment
in Future Fleet not
being economically
feasible due to failure
in delivering an
appropriate return on
funds employed.
Scope: All regions thl
operates in
With greater financial pressures in
the short-term, capital allocation
for Future Fleet may be delayed or
insufficient in the short term.
In the Delayed & Disorderly
scenario, many factors may
influence complexity including
less capital available for
investment, geopolitics and
technology developments. There
will likely be greater volatility in
the medium-term.
In the Hot House World scenario,
capital may be redirected to
manage impacts from extreme
weather events and the global
landscape is likely to become
increasingly complex over time.
Global economic megatrends and
a lack of economically viable low-
emissions technology within the
timeframes required to transition
could create a negative impact on
Return on Funds Employed. Both
Delayed & Disorderly and Hot House
World scenarios may see increasing
carbon prices and energy costs
and a diminishing supply of
low-emissions technologies
as businesses compete for
procurement. Increasing costs to
meet changing regulation could
negatively impact commercial
operations and our ability to
forecast and invest in low-emissions
Future Fleet.
In the Delayed & Disorderly
scenario, impacts on
commercial operations,
reputation and regulatory
response are the greatest
in the medium-term while
in the Hot House World
scenario, the impact is
greatest in the long-term,
and includes impacts on
the environment if the
transition to low-emissions
technologies does not take
place in good time.
Considered material as
impacts will be felt over
two time-horizons. In
the long-term, thl may
be locked out of markets
as climate policy may be
used as protectionism,
or thl may be unable
to meet zero emission
transition regulations or
customer expectations.
The thl Board has, since
FY23, approved recurring
annual capital expenditure
on our Future Fleet eRV
pilot programme and
additional resourcing
of our Responsible
Management global
sustainability programme.
thl has actively engaged
with vendors of low-
emissions chassis,
including in China.
thl’s Future Fleet Scans are
technology-agnostic and
help identify trends in low-
emissions technologies.
thl is a member of
automotive bodies in
different regions, including
the US-based RV Industry
Association (RVIA)
Sustainability Committee.
Table 5: Anticipated impacts arising from material CR&Os (continued)
INTRODUCTIONABOUT21thl CLIMATE-RELATED DISCLOSURES 2024
GOVERNANCEAPPENDIX
RISK MANAGEMENT
METRICS AND TARGETSSTRATEGY
Risk Description
Scenarios
where risk
is greatest
VUCA summary
VUCA: Volatility, Uncertainty (inc.
likelihood), Complexity, AmbiguityAnticipated impactsTimeframe Materiality commentary
thl’s Risk Management
Strategies
PHYSICAL RISK:
Risk of changes in
booking patterns
due to physical
climate impacts
Scope: All regions
thl operates in
In a Hot House World scenario,
compounding extreme climate
events increasing over time
may lead to greater volatility
and complexity as countries
struggle to cope with changes
without clear climate policies.
Changing geopolitical and
macroeconomic factors may lead
to a more unpredictable booking
environment over time.
Climate impacts create disruption
and may make some destinations
less accessible or attractive to
tourists. Booking patterns could
become more unpredictable and
reactive in response to these events.
Increasing costs (e.g. insurance),
less favourable environmental
conditions or geopolitical factors
could influence travel patterns.
Customers may not wish to travel to
certain countries due to the risk of
extreme climate events.
Impacts are likely to
increase with time over
the medium to long-term;
impacts are anticipated
to be greatest in the long-
term.
Considered material as
impacts are likely to be felt
over two time-horizons
(medium to long-term)
in the Hot House World
scenario. Risk may become
more material over time,
with the potential for
significant changes to
booking patterns in the
long-term.
As a global leader in
tourism, thl keeps a
watching brief on global
travel trends and travel
booking patterns. More
information is intended
to be gathered in FY25 to
inform this risk.
Opportunity
Description
Scenarios
where
opportunity
is greatestVUCA summaryAnticipated impactsTimeframe Materiality commentary
thl’s Opportunity
Management Strategies
TRANSITION
& PHYSICAL
OPPORTUNITY:
Opportunity for
increased demand for
mobile housing and
emergency vehicles
Scope: All regions
thl operates in
In an Orderly scenario, the impacts
of climate change are expected to
increase in the medium-term with a
correspondingly complex operating
environment for businesses.
However over time, particularly in
the longer-term, thl will potentially
have an increased understanding
of the scale and demand for
emergency vehicles and mobile
housing.
In a Delayed & Disorderly scenario,
it is expected there will be
increasing demand for emergency
vehicles in the medium-term
despite higher volatility and
complexity due to delayed
policy actions.
In a Hot House World scenario,
climate impacts are expected
to become more severe and the
opportunity becomes more certain
but may be harder to define given
policy uncertainty and supply-chain
constraints.
As regions experience more
frequent extreme weather events,
tourism operations may be
impacted which may require thl’s
fleet and operations to be relocated.
Tourism activities may be disrupted,
and there may be greater demand
for temporary mobile housing
for non-tourism uses to manage
these events.
This creates an opportunity
to grow non-tourism activity
revenue and support emergency
response by providing temporary
accommodation for communities
and emergency workers in
impacted areas.
Opportunity exists in short,
medium and long-term
Opportunity considered
material as impacts likely
to be experienced in all
time-horizons under all
three scenarios.
thl has a non-tourism
strategy in place, with
experience developed
during the pandemic, to
realize the commercial
benefits from this
opportunity. Non-tourism
mobile housing solutions
will also support those
impacted by climate-
related extreme weather
events.
Table 5: Anticipated impacts arising from material CR&Os (continued)
INTRODUCTIONABOUT22thl CLIMATE-RELATED DISCLOSURES 2024
GOVERNANCEAPPENDIX
RISK MANAGEMENT
METRICS AND TARGETSSTRATEGY
Risk Management
Process for identifying, assessing and managing climate risk
thl's climate-related risks are managed through the Enterprise Risk Management (ERM)
framework which comprises regular risks reviews; bi-monthly to quarterly Regional
Risk Network (RRN) meetings and Risk & Improvement Committee (RIC) meetings;
and scheduled Board ARC meetings.
Diagram 1 outlines how climate-related risks are identified across operational,
management, and governance levels. The RRN members raise risks to the RIC, and the
RIC also independently identify climate risks and decide what level of control should be
applied to each risk. The thl Board also identifies risks and opportunities for review and
discussion by the Executive RIC members.
As part of its ERM system, thl maintains a Risk Register in which risks are tagged to
applicable business units, Risk Owners and Risk Champions who are responsible for
keeping accurate information on how they rate and manage this risk on a day-to-day
basis. Risks are assessed based on Volatility, Uncertainty (including likelihood), Complexity
and Ambiguity (VUCA) and by impact across a number of categories. This VUCA and
impact assessment is also applied to climate-related risks. An overall risk rating is derived
and the higher the risk rating, the more frequent the Risk Review process. Risk Reviews
include reviews of control measures by Risk Champions and Risk Owners across all
relevant regions / business units.
xxi
Climate risk management time horizons align with the
short, medium and long-term timeframes detailed above (see section on Time Horizons).
For the FY24 reporting period, thl assessed its CR&Os using thl’s VUCA framework.
The VUCA framework reflects the four criteria that thl assesses its business risks against.
Risks and opportunities are assessed qualitatively, including by applying ratings.
Table 6: thl's VUCA framework
Criteria
xxii
MeaningRatings
VolatilityIs this risk/opportunity likely to change rapidly
and unpredictably?
Minimal, Low, Medium, High,
Critical
UncertaintyHow likely is this risk/opportunity to occur?Rare, Unlikely, Possible, Likely,
Certain
ComplexityAre there a lot of interrelating elements, drivers,
and outcomes?
N/A
AmbiguityDo we fully understand all aspects of the risk/
opportunity?
N/A
The FY24 CR&O assessment process involved thl:
•
applying a VUCA assessment to each CR&O under each of thl’s three scenarios and time
horizons; and
•
undertaking a qualitative impact assessment using thl’s ERM framework to consider
impacts across several categories including environmental, commercial, customer
experience, reputational, regulatory, people, and health, safety and wellbeing.
thl then sought to identify its material CR&Os by considering the findings from the above
assessments alongside (a) the severity of the impacts, and (b) the timeframes over which
the impacts were likely to occur. A CR&O was considered more likely to be material if
it was expected to impact two or three timeframes. Recommendations on materiality
were then presented to thl’s Executive team for input and feedback and ultimately to
the thl Board.
xxv
thl enhanced its method of prioritising climate-related risks in FY24 by applying its
VUCA assessments to each scenario and time horizon, a step not normally included
in the standard risk prioritisation process.
xxv
Value Chain Exclusions
thl is a dynamic business and its history of acquisitions makes the identification of risks
across its entire value chain complex. thl has aimed to consider its entire value chain for
the purposes of these disclosures. In preparation for FY24’s CRD’s, thl considered CR&Os
beyond the RV rental business and inclusive of the tourism attraction and manufacturing
segments.
thl has completed a more comprehensive Scope 3 GHG inventory and is in the process
of resetting its GHG baseline using FY24 as the new baseline year. The exclusions from
its GHG inventory, outlined in the Metrics and Targets section, help to inform further
parts of the value chain that have been excluded.
xxiii
Frequency of Assessment
At thl, the material CR&Os are reassessed and reviewed through an annual scenario
analysis and materiality exercise. The process for assessing CR&Os is summarised in
table 6.
thl records all material risks in a Risk Register and over the course of the year, climate
risks are reviewed monthly by the CRO and the Responsible Management Team alongside
other business risks. In addition, climate risks are regularly discussed and reviewed in
ARC meetings.
xxiv
INTRODUCTIONABOUT23thl CLIMATE-RELATED DISCLOSURES 2024
GOVERNANCESTRATEGYAPPENDIXMETRICS AND TARGETS
RISK MANAGEMENT
Metrics and Targets
Below is a description of the metrics and targets thl currently uses to measure and
manage its climate-related risks and opportunities.
Future-fit Business Benchmark
It has been five years since thl committed to becoming a future-fit business using the
23 science-based sustainability goals of the Future-Fit Business Benchmark, in our
first Integrated Annual Report prepared in FY19. These goals are considered to be system-
level goals rather than industry-based goals as they consider cross-sector value chains
and interconnected systems.
We initially identified three high-priority future-fit goals to tackling our biggest challenges
and impacts and eight future-fit goals we would progress through addressing knowledge
and data gaps about our impacts. This work is described on page 16 of our FY21 Integrated
Annual Report. We then identified five high priority goals which are directly or indirectly
linked to climate change (see section: Our sustainability metrics and goals above). We
have made substantial progress on nine of these goals but remain off-track on Break-Even
Goals 18 ‘Products emit no greenhouse gases’ and 19 ‘Products can be repurposed’. We
will aim to tackle these goals head-on as part of our climate response strategy.
In FY24 we reviewed progress on these priority goals and the priority future-fit goals that
underpin our global sustainability programme. These have been updated to reflect the
progress we have made, our expanded manufacturing and retail vehicle sales activities
and changing context. We remain confident that we are focused on the highest-impact
areas of our global business.
Our FY24 Future-Fit Health Check for all 23 goals is available on page 38 of the Integrated
Annual Report. The health check shows progress year on year from FY19, with detailed
commentary on progress towards each of the 23 goals updated and shared each year in
the Integrated Annual Report.
Greenhouse Gas (GHG) Emissions
Our FY23 greenhouse gas inventory (carbon footprint) was a ‘transitional’ footprint
including only seven months as a merged business with Apollo Tourism & Leisure and
was reported in our FY23 Integrated Annual Report.
This year thl has 12 months of data as a fully-merged business and is disclosing Scope
1 and 2 emissions and a more comprehensive Scope 3 indirect emissions inventory to
include further Scope 3 Categories across our value chain. These Scope 3 categories
include the most material emissions categories for thl, which are Category 1 Purchased
goods and services, Category 11 Use of sold products and Category 13 Downstream
leased assets, which now includes customer journeys, previously reported in Scope 1
(see diagrams 8 and 10).
thl has prioritised the principle of ‘completeness’ in data gathering, now including
categories not previously reported, with assumptions made where data is not readily
available. External third-party Ernst & Young (EY) has provided a reasonable assurance
opinion in relation to our Scope 1 and 2 emissions, and a limited assurance conclusion in
relation to our Scope 3 emissions.
Note: Inherent Uncertainties
The GHG quantification process is subject to scientific uncertainty, which arises because
of incomplete scientific knowledge about the measurement of GHGs. GHG procedures,
measurement and calculations are also subject to estimation uncertainty.
Our FY24 GHG Footprint
Due to the additional Scope 3 inclusions and new assumptions, thl’s FY24 footprint
(GHG inventory) is significantly larger than previous years, at 1.08m tonnes CO₂e.
thl is using the FY24 inventory as a new baseline footprint, and will therefore, in FY25,
refine its science-aligned carbon reduction target (currently 50.4% absolute reduction in
GHG emissions by FY32 from a FY20 baseline for Scope 1 and 2 emissions.)
xxviii
The new
baseline emissions profile will inform the work thl will be doing across our business in
FY25 to develop our climate response strategy including transition planning known as
‘Changing Gear’.
xxviii
INTRODUCTIONABOUT24thl CLIMATE-RELATED DISCLOSURES 2024
GOVERNANCESTRATEGYAPPENDIX
RISK MANAGEMENT
METRICS AND TARGETS
ScopeCategory
Financial
Year 2024
1Direct Emissions 4,560
2Electricity Consumption 2,403
3- Category 1Purchased Goods and Services 79,209
3- Category 3Fuel- and Energy-Related Activities 1,145
3- Category 4Upstream Transportation and Distribution 272
3- Category 5Waste Generated in Operations 1,403
3- Category 6Business Travel 621
3- Category 7Employee Commuting 3,528
3- Category 11Use of Sold Products 858,748
3- Category 12End-of-life Treatment of Sold Products 20,450
3- Category 13Downstream Leased Assets 112,599
Total Scope 1 4,560
Total Scope 2 2,403
Total Reported Scope 3 1,077,975
Total 1,084,938
Operational GHG Emissions
a
14,097
Value Chain GHG Emissions
b
1,070,841
Greenhouse gas emissions intensity (tCO₂e per million dollars of revenue)
c
15.29
a) thl's operational GHG emissions refer to the emissions directly associated with the day-to-day activities of our
organisation, over which we have most control and influence. It includes all scope 1 and 2 and any scope 3 indirect
emissions that occur in thl's value chain that are closely related to operational activities, being business travel, waste
and employee commuting.
b) thl's value chain emissions encompass a broader range of Scope 3 emissions, including all indirect emissions that
occur both upstream and downstream in the value chain, being emissions from customer journeys, purchased
goods and services, and the use of sold products.
c) thl's GHG intensity figure is calculated using thl's operational GHG emissions and total revenue. All numbers are
subject to rounding.
Table 7: Summary of FY24 Total Organisational GHG Emissions
xxix
Figures rounded to nearest tonne (tCO₂e)
INTRODUCTIONABOUT25
thl CLIMATE-RELATED DISCLOSURES 2024
GOVERNANCESTRATEGYAPPENDIX
RISK MANAGEMENT
METRICS AND TARGETS
Diagram 7: FY24 Operational Emissions
Total (tCO₂e)
14,097
Diagram 8: FY24 Value Chain Emissions
Measured Scope 3 – Total (tCO₂e)
1,070,841
Sold Products
879,199
Downstream
Leased
Assets
112,599
Purchased
Goods and
Services
77,898
Other
1,145
Total (tCO₂e)
1,084,938
Diagram 6: FY24 Total Group-Wide
GHG Emissions by Scope (tCO₂e)
xxix
Scope 3
1,077,975
99.4%
Scope 1
4,560
0.4%
Scope 2
2,403
0.2%
Scope 1
4,560
Scope 2
2,403
Measured
Scope 3
7,13 5
INTRODUCTIONABOUT26thl CLIMATE-RELATED DISCLOSURES 2024
GOVERNANCESTRATEGYAPPENDIX
RISK MANAGEMENT
METRICS AND TARGETS
Diagram 10: Group-Wide Measured Scope 3 GHG Emissions by Category (tCO₂e)Diagram 12: FY24 Total Group-Wide GHG Emissions by Business Unit (tCO₂e)
Total Scopes 1, 2 and Measured Scope 3
Diagram 9: FY24 Total Group-Wide GHG Emissions by Country (tCO₂e)
Scope 1, 2 and Measured Scope 3
Diagram 11: FY24 Total Customer Journey GHG Emissions by Country (tCO₂e)
Measured Scope 3
17%
Total
●
New Zealand 337,928
●
Australia 283,202
●
United States of America 260,463
●
Canada 126,286
●
United Kingdom and
Ireland
77,059
Total 1,084,938
31%
7%
26%
24%
12%
Total
●
Use of Sold Products 858,748
●
Purchased Goods and
Services
79,209
●
Downstream Leased Assets 112,599
●
End-of-life Treatment of
Sold Products
20,450
Employee Commuting 3,528
Waste Generated in
Operations
1,403
Fuel- and Energy-Related
Activities
1,145
Business Travel 621
Upstream Transportation
and Distribution
272
Total 1,077,975
11%
7%
80%
2%
Total
●
United States of America 37,483
●
Australia 34,730
●
New Zealand 18,970
●
Canada 18,027
●
United Kingdom and
Ireland
1,590
Total 110,801
34%
2%
31%
16%
Total
●
Self Drive Experience
(Rentals)
583,931
●
Manufacturing 296,838
●
Dealerships 202,490
Tourism 1,484
Group Support Services* 195
Total 1,084,938
* includes Digital
54%
19%
27%
17%
INTRODUCTIONABOUT27
thl CLIMATE-RELATED DISCLOSURES 2024
GOVERNANCESTRATEGYAPPENDIX
RISK MANAGEMENT
METRICS AND TARGETS
thl has measured its GHG emissions for FY24 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.
xxx
Independent third party EY
provided reasonable assurance over thl’s FY24 Scope 1 and 2 emissions sources and limited
assurance over Scope 3 emissions sources against the requirement of the NZ CS to measure
Scope 1, 2 and 3 GHG emissions in accordance with an internationally-recognised standard.
Reporting Boundaries
As thl no longer has any joint ventures, thl has elected to adopt an ‘operational control’
consolidation approach from FY24 rather than the previously used ‘equity share’
approach
9
.Accordingly, thl now accounts for all the GHG emissions from operations over
which it has control and not from operations in which it owns an interest, but over which
it has no control.
xxxi
This means that customer journey emissions, previously reported in
Scope 1, are now being reported as Scope 3 emissions, and fuel from coaches leased by
thl for its tourism business activities now falls under Scope 1 instead of Scope 3 as in FY23.
As customer journeys are a major source of emissions for thl, this has resulted in a change
in the magnitude of each scope’s emissions when compared to FY23. However, as a more
comprehensive Scope 3 emissions inventory is being reported for FY24, the overall GHG
footprint remains the same under either approach
xxix
– see diagram 13. thl has taken a
location-based approach to Scope 2 emissions, as required by NZ CS 1. Diagram 13: thl is
now using an ‘operational control’ consolidation approach but the size of the footprint
remains consistent (not to scale).
Diagram 13: Comparison of Equity Share and Operational Control Approach
9. The three consolidation approaches under the GHG Protocol Reporting Standards (and the same for ISO 14064-1) are:
Approach 1. Equity share: a company accounts for GHG emissions from operations according to its share of equity in
the operation. The equity share reflects economic interest, which is the extent of rights a company has to
the risks and rewards flowing from an operation.
Approach 2. Financial control: a company accounts for 100% of the GHG emissions over which it has financial control.
It does not account for GHG emissions from operations in which it owns an interest but does not have
financial control.
Approach 3. Operational control: a company accounts for 100% of the GHG emissions over which it has operational
control. It does not account for GHG emissions from operations in which it owns an interest but does not
have operational control.
Scope 1 –
Direct
emissions
Scope 1 –
Customer Journey
Emissions
Scope 2 –
Direct
Emissions
Scope 3 –
Indirect
Emissions
Additional Scope 3
Inclusions –
Indirect Emissions
Scope 1 –
Direct
emissions
Scope 2 –
Direct
Emissions
Scope 3 –
Customer Journey
Emissions
Scope 3 –
Indirect
Emissions
Additional Scope 3
Inclusions –
Indirect Emissions
FY24 GHG Footprint – Equity Share Approach (not to scale)
FY24 GHG Footprint – Operational Control Approach (not to scale)
INTRODUCTIONABOUT28thl CLIMATE-RELATED DISCLOSURES 2024
GOVERNANCESTRATEGYAPPENDIX
RISK MANAGEMENT
METRICS AND TARGETS
GHG Methods and Assumptions
xxxiv
Any reports or data supplied by third parties are assumed to be complete and accurate.
Further information on methods and assumptions is available on request.
Scope 1 and 2:
•
Stationary Fuels (LPG, natural gas etc.): Quantities are from invoices, supplier reports
or meter readings. Some estimates have been made for months with missing data (e.g.
the invoice was not available at time of inventory preparation) and proxies have been
used to estimate for small sites with no data (i.e. the US Licensee locations and AU
Agency locations).
•
Electricity: Uses location-based methodology. Quantities are from invoices, supplier
reports or meter readings. Some estimates have been made for months with missing
data (e.g. the invoice was not available at time of inventory preparation) and proxies
used to estimate for small sites with no data (i.e. the US Licensee locations and AU
Agency locations).
•
Operational Motorhome Movements (i.e. relocations, vehicle storage, external
maintenance and repair): Most operational distances are calculated from scheduling
reports. Small local movements not tracked through formal reporting have been
calculated using regional and/or branch-specific assumptions based on the volume
of regular movements of motorhomes while not on lease. Where specific odometer
reporting is not available, distances have been calculated using suggested routes from
Google Maps. Operational motorhome movement distances are not included in the
customer journey emissions (reported under Scope 3: Category 13).
Scope 3: Given the complexity and quantity of data used to calculate Scope 3 emissions
from the upstream and downstream value chain, numerous assumptions have been
made in calculating the total Scope 3 GHG emissions. These are summarised below.
•
Category 1 (Purchased Goods and Services): For items that we have historically
reported on (water, batteries, and tyres) we have used volumes purchased from invoices.
For all other purchased items, the total GHG emissions is calculated based on spend
data (sourced from finance teams), analysed through the Planet Price software which
categorises spend by industry. Not all data provided to the software had complete
information, so manual coding by high level knowledge of key suppliers (i.e. top 80%
of spend or over $100K NZD) was applied. As this process matures through experience
and improving the source data, it is expected the certainty of data mapping will
improve. While efforts have been made to avoid double counting (emissions captured
elsewhere in the inventory) there may be some instances of double counting given
the volume of data. The GHG inventory for Scope 3 Category 1 (purchased goods and
services) timeframe is offset from thl’s financial year period by one month due to thl
aiming to collect robust and quality data for the final month of the period ahead of
disclosing GHG emissions with a more comprehensive Scope 3 inventory.
xxix
Currently,
Planet Price does not distinguish spend between categories therefore Category 1
includes some emissions sources from Categories 2-9.
•
Categories 2-9: Where emissions sources related to purchased goods and services
have previously reported activity data this has continued to be reported under the
relevant category (i.e. air travel, motorhome relocation (ferries), waste, crew commuting).
As above, any other emissions sources have been captured in Category 1.
•
Category 4 (Upstream transportation and distribution): A custom thl emission factor
for ferries has been applied, assuming the average rental vehicle is equivalent to the
weight of a standard 4-berth motorhome.
•
Category 5 (Waste generated in operations): For waste to landfill (or energy)
conversions have been applied to estimate the weight per bin (0.2kg per l) where
activity data is shown by the number of bins collected.
•
Category 7 (Crew (employee) Commute): Crew commute calculations are based on
internal survey data and estimates the average regular commute per transport mode
and average work patterns for crew at each location (i.e. distance travelled, number
of days per week working in office/branch) and multiplies this by the headcount per
location and workdays each month (adjusted for leave taken). There may be some
uncertainty in these figures as survey data relies on accurate responses from crew
and the survey did not achieve a 100% response rate. Additionally, the approach does
not account for variation in crew numbers across the year, the distribution of leave
throughout the year, and changes to ‘normal’ travel (i.e. mode or distance) that occur
throughout the year.
•
Category 9 (Downstream Transportation and Distribution): Assumed vehicles sold are
driven from the lot therefore any associated emissions are captured under Category 11
Use of Sold Products. Any other freight is captured in Category 1.
•
Categories 11 and 12 (Use of sold products, and End-of-life treatment of sold
products): The quantity of vehicles and products sold is sourced from sales reports.
Assumptions are applied around how the vehicles and products are used after sale
(including daily use, life-expectancy, and the intended use). Fuel uplift has been
calculated for towable products (i.e. caravans and trailers) to estimate the GHG
emissions associated with using these products sold. These assumptions have been
informed by industry and Original Equipment Manufacturers (OEM) data in the first
instance before using industry reports and other research sources to estimate weights,
fuel efficiency, fuel type, refrigerant type and quantities. Vehicle parts are assumed to
be recycled or inert in landfill.
•
Category 13 (Downstream Leased assets): A custom thl emission factor has been
applied based on average fleet type and fuel efficiency of the vehicles. Where data
has not been available assumptions have been made around fuel types and fuel
efficiency. The distance travelled does not include any relocations or operational
movements by thl crew and contractors. An estimated per-hire-day quantity of
LPG and electricity consumed as part of the rental experience is calculated based
on a real-life test of a thl 4-berth motorhome. It is assumed that all motorhomes
consume a similar daily quantity.
INTRODUCTIONABOUT29thl CLIMATE-RELATED DISCLOSURES 2024
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Uncertainties
thl’s greenhouse gas emissions inventory has been prepared using available information,
or where information is not available, using a conservative approach (using the highest
estimate from the available range). There are, however, areas in the inventory where
estimation uncertainty may exist, specifically parameter uncertainty
10
related to the data
source and collection, or the emissions factors applied. Where possible, activity data
has been used with specific country or state-level emission factors, before applying an
assumptions-based calculation.
xxxv
Scope 1 and 2: There is a higher level of parameter certainty for scope 1 and 2 emissions
as most of these emissions are calculated from activity data from supplier invoices and
reports or receipts, or odometer readings multiplied by country or state-level emission
factors.
xxxv
However there are some specific areas of uncertainity relating to assumptions
or estimates as summarised below.
•
Stationary Fuels (LPG, natural gas etc.): All activity data is reliant on supplier invoices
and meter readings being accurate. The calculation of emissions where proxy data has
been used (e.g. US Licensee locations) may not reflect actual quantities used.
•
Electricity: All activity data is reliant on supplier invoices and meter readings being
accurate. The calculation of emissions where proxy data has been used (e.g. US Licensee
locations) may not reflect actual quantities used.
•
Transport Fuels: All activity data is reliant on supplier invoices and odometer readings
being accurate. The calculation of emissions from transport fuels relies on emission
factors that have inherent uncertainties associated with their calculation.
•
Operational Motorhome Movements (i.e. relocations, vehicle storage, external
maintenance and repair): A significant portion of motorhome relocation information was
based on internal scheduling data however there is a small portion of local motorhome
movements that relies on operational assumptions. Some distances have been
calculated from online sources may not reflect actual routes/distances taken; this is not
considered to be a significant difference. The thl custom emission factors for customer
journeys have been used (based on a weighted average of vehicles owned by thl,
specific to each country).
Scope 3: There is some parameter uncertainty related to most categories of Scope 3
due to the required assumptions made during calculation including on data source
and collection, or the emissions factors applied. The categories with a higher level of
uncertainty relate to products sold (Categories 11 and 12), crew commute (Category 7) and
purchased good and services (Category 1).
xxxv
Specific sources of uncertainity have been
summarised below.
i
•
Category 1 (Purchased Goods and Services):
• Purchased Goods and Services: AI-based data analytics software (Planet Price) codes
the data by associated industry. It is assumed that invoices have been entered into
thl financial systems accurately. There is significant uncertainty in emissions factors
used for purchased goods and services as these are based on New Zealand industry
sector averages despite goods being purchased from different regions. There may, in
addition, be some inaccuracy in the industry mapping made by the software and in the
assumptions made due to limited data availability. Efforts have been made to improve
accuracy through manual coding for significant gaps and reviewing the AI mapping.
There may also be some double-counting in this category for emissions sources
captured elsewhere in the inventory, although efforts have been made to avoid this.
• Water: The calculation of emissions where proxy data has been used (e.g. US Licensee
locations) may not reflect actual quantities used.
•
Category 3 (Fuel- and energy-related activities): Some conversions are applied using
an average vehicle fuel efficiency data which may not be accurate for specific vehicles.
•
Category 4 (Upstream transportation and distribution): Uncertainty arises from
calculating distance from online sources which may not reflect actual routes/distances
taken; this is not considered to be a significant difference. A custom thl-specific emission
factor (based on thl average motorhome weights and country-specific emission factors)
is applied to emissions associated with motorhomes transported on ferries. There are
some limitations in accuracy of this calculation due to these assumptions.
•
Category 5 (Waste used in operations): Waste data based on invoices showing number
of bins collected was converted using an estimated weight per volume. There is potential
for inaccuracy based on this approach. The calculation of emissions where proxy data has
been used (e.g. US Licensee locations) may not reflect actual quantities used.
•
Category 6 (Business Travel): Data of flights in USA, UK, Canada and Kiwi Experience
was based on miles travelled, calculated using an airline mileage calculator between
arrival and departure destinations which may carry some inaccuracy. AU and NZ data
provided by airline reports are assumed to be accurate.
•
Category 7 (Employee Commute): An improved methodology has created greater
accuracy for this data, but still is based on survey data and assumptions which will
impact accuracy.
•
Category 11 and 12 (Use of Sold Products and End-of-life Treatment of Sold Products):
Relies heavily on assumptions-based approach around how (and for how long) vehicles
and products sold are used, maintained and disposed of. There is uncertainty with
the fuel uplift calculation for towable products. Any change to these assumptions
could result in a material change to the emissions from this category. A conservative
approach has been applied. Some thl-specific emission factors (conversions of
country-specific emission factors) have been applied to account for factors specific
to vehicles or products sold by thl. Products sold in the retail store rely on accurate
mapping to industry-specific emission factors by Planet Price AI software which applies
assumption-based rules to spend data and may have some inaccuracies.
•
Category 13 (Downstream Leased Assets): Emission factors for customer journeys
are based on a weighted average of vehicles owned by thl, specific to each country.
For consumables associated with customer journeys (i.e. use of LPG and electricity) an
assumptions-based approach has been used which may not reflect actual quantities
used. Operational motorhome movements have been subtracted from the customer
journeys. The methods associated with these calculations have some uncertainties as
described above under Scopes 1 and 2.
10. GHG Protocol guidance on uncertainty assessment in GHG inventories and calculating statistical parameter
uncertainty (2023).
INTRODUCTIONABOUT30thl CLIMATE-RELATED DISCLOSURES 2024
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METRICS AND TARGETS
In addition to the potential impact on accuracy based on the approach taken to quantify
the GHG inventory as mentioned above, there is an additional potential source of
inaccuracy that arises from using Planet Price and Sphera’s inbuilt emission factor libraries.
thl is dependent on the library owners to ensure the libraries use current and accurate
emission factors at the time of reporting. Some of the data sources that these libraries
draw upon are updated around June each year and there may be a lag in the updates of
the Sphera libraries thl uses to calculate the GHG emissions and this inventory. This would
mean that thl has as a result not used the latest emission factors and advice.
GHG Inventory Exclusions
xxxiii
GHG emissions sources included in thl’s FY24 GHG inventory were determined
using a systematic approach to identify all relevant GHG emission sources within
the organisational boundary and category. They were then evaluated, based on thl's
assessment assessed of relevance, materiality, stakeholder expectation, data availability
and quality in conjunction with level of influence thl has over the emissions source. For an
emissions source to be excluded from the thl GHG emissions inventory it must meet all
the below criteria:
•
It is immaterial to the category (thl considers any emissions source that is over 5%
respectively of Scope 1, Scope 2 or Scope 3 by category to be of material significance
to the GHG inventory).
•
It is not required to be reported by legislation or thl internal reporting standards.
•
It is not considered to be material to stakeholders or core to thl’s business/products.
•
thl has not reported it before (for consistency thl reports on historically-reported
emissions even if they are no longer material).
•
thl does not have good quality data or assumptions to make a reasonable
quantification.
•
thl has very limited influence over it (e.g. emissions sources which are considered
to be our customer or supplier Scope 3 emission sources).
All emissions sources that meet the exclusion criteria have been reviewed by key
internal stakeholders. The following emissions sources have been excluded from
thl’s FY24 GHG inventory :
Scope 1 and 2:
•
Carbon Dioxide in welding gas - excluded as is de minimis and not core to business
activity (less than 5% of combined Scope 1 and 2 emissions).
•
Refrigerant gas losses from air conditioning /on-site refrigeration - excluded as is
de minimis and not core to business activity (less than 5% of combined Scope 1
and 2 emissions).
•
Refrigerant gas losses from non-RV fleet – excluded as is de minimis and not core
to business activity (less than 5% of combined Scope 1 and 2 emissions).
Scope 3:
•
Products sold/purchased intra-company (i.e. from one businesses unit to another)
(Categories 1, 11 and 12) – these are captured elsewhere in the inventory.
•
Wastewater - excluded as is de minimis and is not core to business activity (less than
5% of combined Scope 3 emissions).
•
Recycling, compost and other waste diversion- excluded as are de minimis and not
core to business activity (less than 5% of combined Scope 3 emissions).
•
Refrigerant gas losses from air conditioning/refrigeration in sold Recreational Vehicles
(RVs) and commercial vehicles (not including refrigerated truck units) – excluded as
is de minimis and not core to business activity. Refrigerant losses are a result of a
damaged system (managed through maintenance and servicing) and are not emitted
while in use.
•
Ongoing maintenance and vehicle consumables associated with sold products and
vehicles – excluded as is likely de minimis and not core to business activity. There
are no Scope 1 or 2 emissions associated with this during the direct use of thl's sold
product. Customers' maintenance/servicing habits are not controlled / are unlikely to
be influenced by thl or thl's sold products, nor considered to be a material source of
emissions for the sold product.
•
Waste, water and other consumables associated with use of RVs (sold or leased) and
other vehicle sales - excluded as do not generate direct emissions associated with thl's
products/core business activity. There are no Scope 1 or 2 emissions associated with this
during the direct use of thl's sold product. Customers' lifestyle and purchasing habits
are not controlled/unlikely to be influenced by thl or thl's sold products, nor considered
to be a material source of emissions for the sold product.
•
Vehicle parts at end-of-life – excluded - assumed to be recycled or inert in landfill
(i.e. have no associated GHG emissions).
•
Life-cycle emissions with thl non-owned vehicles used, and leased buildings - excluded
as thl's use of these represents only a very small portion of the asset’s total lifespan. As
a lessor, thl's focus is on the emissions generated during the lease/use term, which can
be directly influenced and managed. The emissions associated with the manufacturing
or construction phase are spread over the entire lifetime of the asset and are not solely
attributable to the lease/use period.
Other:
•
Two small locations acquired as part of the Apollo merger were excluded in FY23 and
subsequently closed permanently in FY24.
•
Franchises – The franchisees use thl branding but are not otherwise operationally
apart of thl group. They fall outside of operational control consolidation approach. The
operations are small scale and expected to be de minimis.
•
Investments – most investments are business units operated by thl and are included
elsewhere in the inventory. In FY24, there is one investment (Caravansaway) not
captured fully – thl owns a 25% share and does not have operational control (placing
it outside of the reporting boundary under the operational consolidation approach).
Caravansaway operates in a shared location with Brisbane RV (therefore Caravansaway's
Scopes 1 and 2 emissions are reported in this inventory, however Scope 3 emissions
are not).
INTRODUCTIONABOUT31thl CLIMATE-RELATED DISCLOSURES 2024
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Emission Factor and Global Warming Potential Sources
For most emissions sources reported in thl’s FY24 GHG emissions inventory, the relevant
emission factor is selected from supplied libraries in the SpheraCloud: Sustainability &
Safety Management Solutions software. These libraries are developed using the Global
Warming Potential (GWP) conversion rates and emission factors from:
xxxii
•
Department for Energy Security and Net Zero and Department for Business, Energy &
Industrial Strategy, Emissions Factors: v12 June 2023 (UK) (formerly DEFRA). Uses IPCC
AR 5 GWP.
•
Department of Climate Change, Energy, the Environment and Water, National
Greenhouse Accounts Factors: August 2023 (Australia). Uses IPCC AR5 GWP.
•
Ministry for the Environment, Emission Factors: July 2023 (New Zealand).
Uses IPCC AR5 GWP.
•
United States Environmental Protection Agency, GHG Emission Factors Hub:
v5.0 April 2023 (US). Uses IPCC AR4 GWP.
•
Environment and Climate Change Canada, Emission Factors and Reference Values:
v2.0 May 2024 (Canada). Uses IPCC AR4 GWP.
•
International Energy Agency (2024) Emissions Factors 2023: September 2023 (Global).
Uses IPCC AR4 GWP.
•
Country-specific emission sources are used in the first instance where available,
otherwise UK datasets have been used as a proxy.
Some specific emission factor datasets are used for specific emissions sources
or calculations:
•
thl-specific emission factors are derived for customer journey and motorhome
relocations, and vehicles sold based on fleet lists/sales data and the above emission
factor databases.
•
Watershed Comprehensive Environmental Data Archive database – sourced through
Planet Price license (global). These are industry-specific, spend-based emission factors
used in calculating the Scope 3 - Category 1: Goods and Services Purchased emissions
through Planet Price.
GHG Targets
thl is aware that the majority of its GHG footprint is related to its fleet, including the sale of
RVs. While thl is investigating the transition to a low-emissions fleet, including conducting
our second pilot of eRVs in New Zealand, we recognise the significant work required to
transition the global fleet. As a technology consumer, thl is reliant on its supply chain to
transition, particularly the availability of electric and other low / no-emissions chassis.
xxxix
Our current science-aligned target for Scope 1 and 2 emissions is an absolute GHG
emissions reduction of 50.4% from a FY20 baseline by end FY32.
xxxvi
11
This target was developed using SBTi methodology (although it has not been submitted
for validation or validated by SBTi) by a third-party consultancy and is aligned with limiting
global warming to 1.5 degrees Celsius.
xl
While we have made some operational emission
reductions progress through our Ignition programme (e.g. in Australia our RV rentals
branches
12
reduced energy use by ~11% between FY20 and FY24 reporting periods), the
merger with Apollo businesses in November 2022 significantly increased operations with
the number of sites included in the FY24 footprint increasing by 40.5% from FY20. It is
therefore challenging to compare site-based progress between FY20 and FY24.
Progress towards science-aligned target
The following information has been provided for compliance with NZ CS 1 and does
not reflect any reduction in GHG emissions, rather it reflects the result of the change
of consolidation approach from equity share to operational control.
To set a science-aligned target, a full year of representative GHG emissions data was
required. With work starting in FY21 to develop the science-aligned target, FY20 was
selected as the baseline year. thl emissions in the last quarter of FY20 were impacted
by COVID-19 lockdowns and therefore were adjusted with an appropriate uplift factor
to represent a pre-COVID-19 level of activity for the quarter. This contributed to a baseline
footprint for the business against which a science-aligned target for Scopes 1 and 2
was set. The target was based on the adjusted FY20 combined Scope 1 and 2 emissions
baseline of 94,531 tCO₂e (Scope 1: 92,772 tCO₂e which included customer journey
emissions of 90,260 tCO₂e, and Scope 2: 1,759 tCO₂e).
In FY24, there appears to have been a decrease of 87,568.30 tCO₂e
13
(-92.6%) of the
combined Scope 1 and 2 emissions from the FY20 adjusted baseline. This decrease is
attributable to the change in consolidation approach which shifted the customer journey
emissions from Scope 1 to Scope 3 Category 13. For a more accurate reflection of progress
against the target, comparison has been made excluding the customer journey emissions
from Scope 1 in FY20. This more accurately represents a 2,691.70
13
tCO₂e (63.0%) increase
from FY20 to FY24, reflecting the numerous changes to thl since FY20 – largely attributable
to the merger in November 2022
14
with the Apollo Tourism and Leisure businesses.
11. This Board-approved target for Scopes 1 and 2 was externally disclosed in FY22 while an internal, draft target for partial
Scope 3 emissions was discussed but not formalised. The FY23 Climate Disclosures incorrectly stated that the target
included partial Scope 3 emissions.
12. Including manufacturing site, excluding new Melbourne site and retail sites.
13. Not assured.
14. Refer to previous Integrated Annual Reports available at thlonline.com.
INTRODUCTIONABOUT32thl CLIMATE-RELATED DISCLOSURES 2024
GOVERNANCESTRATEGYAPPENDIX
RISK MANAGEMENT
METRICS AND TARGETS
Our overall FY24 footprint, at ~1.08M tCO₂e, is now significantly larger than our FY20
footprint as a result of the increased scale of the business post-merger and the progression
of thl's reporting of Scope 3 emission sources over this period. We intend to use FY24 as
our new baseline year with fully-merged operations and to reset our target.
xxxviii
thl does
not have any associated interim targets
xxxvii
and our existing target does not rely on
offsets: we prefer to invest in decarbonising our fleet to reach our absolute emissions
reduction target.
xl
As set out above, thl has committed to the Future Fit Business Benchmark ‘Break-Even’
(BE) Goals, several of which relate to reduction of GHG emissions in thl’s energy use,
operational emissions, and product emissions. Timeframes for achievement will be
developed during transition planning.
•
BE Goal 01 – Energy is from renewable sources (absolute target). thl does not currently
have a timeframe set for this BE Goal. thl’s progress is detailed in the thl FY24 Annual
Report at page 38 and varies significantly by jurisdiction. Energy efficiency and
renewable energy is a focus for each site future-fit action plan and country sustainability
work plans, tracked through carbon impact reports.
•
BE Goal 06 – Operations emit no greenhouse gases. This means reducing emissions
from thl’s own operational activities and energy consumption to net zero emissions
(absolute target). thl does not currently have a timeframe set for this BE Goal, although
it will build on thl’s science-aligned Scope 1 and 2 GHG emissions (50.4%) reduction
target described above (due to be reset as above). thl’s progress is detailed in our FY24
Integrated Annual Report at page 39. This target implicitly depends on the use of offsets
but thl prefers instead to invest in decarbonisation of its fleet through its Future Fleet
programme. Lowering operational emissions is a focus for each site future-fit action
plan and country sustainability work plans, tracked by carbon impact reports.
•
BE Goal 18 – Products emit no greenhouse gases (absolute target). thl does not
currently have a timeframe set for this highly-challenging, absolute BE Goal, which
depends on thl’s ability to switch to fully-electric / hydrogen vehicles, potentially via
transition technologies such as hybrid or biofuel. This is thl’s highest priority goal with
the greatest challenge. thl’s progress is detailed in our FY24 Integrated Annual Report
at page 39. No offsets are applicable to this goal.
•
thl has not specifically considered, for each of these goals, whether they contribute to
limiting warming to 1.5 degrees (unlike thl's Scope 1 and 2 target above).
Emissions Intensity
thl’s GHG emissions intensity is calculated by operational emissions per million dollars
of revenue. It is calculated using total revenue and operational GHG emissions (all Scope
1 and 2 emissions and Scope 3 operational emissions – see definition in Greenhouse Gas
(GHG) emissions section above).
xli
For FY24 this is 15.29
13
tCO₂e/$ million revenue (NZD).
Exposure to Transition Risks
89% of thl’s rental and sales branches are assessed as being exposed to transition risks,
including rapid regulatory change.
xlii
thl’s transition metric was calculated by identifying
the number of sales and rental branches that are in regions that have ICE vehicle phase-
out dates before 2040.
As of FY24 this includes:
•
Australia
•
New Zealand
•
United States – specifically: California
•
Canada
•
UK
•
Ireland
This approach identified that 39 of 44 sales and rental branches are exposed (and, for
present purposes, therefore vulnerable) to thl’s transition risk (89% of branches). This is
a preliminary estimate of thl’s vulnerability to ‘rapid regulatory change and requirements
for legal compliance’.
A limitation of this method to be considered in the future is the potential for regions or
states without current ICE phase-out dates setting policies and regulations.
xliii
thl is not
able to predict which regions will abruptly change targets and policies. Changes may
occur with changing governments and their different policy agendas.
xliv
Exposure to Physical Risks
47% of thl’s rental branches are assessed as being exposed to acute weather events,
including flooding, hail, wildfires and heatwaves.
xlv
thl’s physical metric was calculated
by identifying the number of rental branches that have already been exposed to acute
weather events (including wildfire, flooding, hail and heatwaves).
For FY24 this included:
•
Australia: Queensland, Victoria and New South Wales branches
•
New Zealand: Auckland branches
•
United States: California branches
•
Canada: Alberta, British Columbia branches
•
UK and Ireland: all branches
This approach concluded that 17 of 36 rental branches are exposed to thl’s physical
risk (47% of rental branches). Sales branches and non-tourism sites were excluded due
to thl’s material physical risk being focused on ‘changes in booking patterns due to
physical climate impacts’. A limitation of this method is the need for a physical climate
risk assessment across all branches
xlvi
which thl has not yet completed. Therefore, the
calculations used in its physical risk metric are a preliminary estimate. The metric will be
updated once a physical climate risk assessment has been completed.
xlvii
INTRODUCTIONABOUT33
thl CLIMATE-RELATED DISCLOSURES 2024
GOVERNANCESTRATEGYAPPENDIX
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METRICS AND TARGETS
Climate-Related Opportunities
On average, 33 RVs (caravans and motorhomes) per day were utilised on thl's climate-
related non-tourism response in FY24, providing approximately 12,000 hire days/nights.
Specifically, RVs were used for mobile housing or service delivery in relation to flooding
and cyclone/hurricane events. This comprised:
•
NZ – approximately 4,500 hire days for flood response and people displaced by
Cyclone Gabrielle
•
AU – approximately 7,300 hire days for flood response
•
US – approximately 150 hire days for hurricane response
The number of vehicles allocated to this opportunities was provided by thl Commercial
and Operational leads. A limitation of this method is the need to understand which
vehicle allocations are made to specifically climate-related events.
Capital Deployment
One of thl’s material climate-related risks is associated with the uncertainty in the
supply of low / zero-emissions chassis appropriate for conversion into eRVs or other
no-emissions RVs.
The thl Board has approved ongoing capital expenditure on our ‘Future Fleet’
programme that can achieve a negative Return On Funds Employed (ROFE) to trial
EVs and other low-carbon vehicle technologies, as outlined in 8(c), at a rate of up to
NZD $2 million p.a.
thl has conducted two pilot trials of electric recreational vehicles within its rental fleet.
The first trial spanned 2017 to 2019 with twelve vehicles: ten LDV Van chassis plus
the electric conversion of two Emoss vehicles. The second trial is currently underway,
using Ford E-Transit chassis for six new Britz Evolve vehicles. thl has estimated that
the investment in the first and second electric recreational vehicle pilot trials has been
in the order of NZD $1,628,000 and $960,000, respectively and $2,588,000 (gross) in
aggregate.
In FY24, thl deployed NZD $960,000 (gross) towards addressing climate-related risks
and opportunities.
l
The method used was the capital expenditure on Future Fleet pilot
projects excluding other investment e.g. travel for research and development. There is
some uncertainty about the sum that is recoverable e.g. from the sale of these eRVs.
li
15. Not assured.
Internal Emissions Price
thl has adopted an internal emissions price of USD$51 per metric tonne
15
which
represents a Social Cost of Carbon (SCC): an estimate of the impact of each additional
tonne of carbon emissions.
lii
thl uses AI software Planet Price to set an internal proxy
price for environmental externalities, including carbon. Planet Price uses the US EPA
value of USD$51 per metric tonne as the SCC as it is based on comprehensive, peer-
reviewed methodologies and reflects the latest climate science and socioeconomic
projections, providing a balanced and credible estimate.
liii
The SSC value is based on
a 3% future discount rate (a method used to compare the value of future impacts
to those experienced today) which may be re-visited in coming years, leading to an
increased value.
xliv
For reference, the average market value for the EU Emissions Trading Scheme during
2024 was approximately €80. Prices for carbon offsets vary widely, ranging from US$5 to
$50 per metric ton of CO₂e, depending on project type and certification standards. Planet
Price allows customers to also define their own internal shadow price for GHG emissions.
xlv
Remuneration
thl does not currently consider climate-related risks or opportunities within management
remuneration. This will be considered by the Remuneration Committee in FY25.
xlv
INTRODUCTIONABOUT34thl CLIMATE-RELATED DISCLOSURES 2024
GOVERNANCESTRATEGYAPPENDIX
RISK MANAGEMENT
METRICS AND TARGETS
Acronyms:
ARC – thl Audit & Risk Board Sub-Committee
BE – future-fit Break-Even goal to achieve ‘sustainability’
CO₂e – carbon dioxide equivalent: a metric measure used to compare the emissions from
various greenhouse gases based on their Global Warming Potential (GWP), by converting
amounts of other gases to the equivalent amount of carbon dioxide with the same GWP.
ERM – Enterprise Risk Management
GHG – Greenhouse Gas
GWP – Global Warming Potential
HSSC – thl Health Safety & Sustainability Board Sub-Committee
IPCC AR – Intergovernmental Panel on Climate Change Assessment Report. The IPCC is
the United Nations body for assessing the science related to climate change.
NGFS – Network for Greening the Financial System
RIC – Risk & Improvement Committee
RRN – Regional Risk Network
Scope 1 emissions – direct GHG emissions that are owned or controlled by an organisation
Scope 2 emissions – indirect GHG emissions associated with the purchase of electricity,
steam, heat, or cooling
Scope 3 emissions – indirect GHG emissions which are the result of activities from assets
not owned or controlled by an organisation, but that the organisation indirectly affects in
its value chain
TCFD – Task Force on Climate-Related Financial Disclosures
thl – Tourism Holdings Limited
Terms:
Changing Gear – the name of thl’s climate response strategy including adaptation,
decarbonisation and a just transition plan to a low-emissions future, to be developed
in FY25
Climate & Carbon Strategy – thl’s overarching programme to manage its climate risks,
opportunities and greenhouse gas inventory
future-fit – thl’s global sustainability programme
Future-Fit Business Benchmark – the science- and systems-based sustainability goals
underpinning thl’s global sustainability programme
Future Fleet – thl’s programme to decarbonise its fleet
Appendix 1 – Glossary
INTRODUCTIONABOUT35thl CLIMATE-RELATED DISCLOSURES 2024
GOVERNANCESTRATEGY
RISK MANAGEMENT
METRICS AND TARGETSAPPENDIX
Appendix – NZ CS 1 References
NZ CS 1 ReferencesLocation (page)
iGovernance 7aPage 6
iiGovernance 7bPage 6
iiiGovernance 8aPage 8
ivGovernance 8bPage 8
vGovernance 8cPage 9
viGovernance 8dPage 8 and 9
viiGovernance 9aPage 8
viiiStrategy 11cPage 19
ixStrategy 11dPage 20
xStrategy 11ePage 13 and 19
xiStrategy 12aPage 13
xiiStrategy 12bPage 3
xiiiStrategy 13Page 14
xivScenario Analysis and Narratives:
Methods and Assumptions 51a
Pages 14-16
xvStrategy 14aPage 14
xviStrategy 14bPage 19
xviiStrategy 14cPage 9
xviiiStrategy 15bPage 3
xixStrategy 16aPage 10
xxStrategy 16bPage 3
xxiRisk Management 18bPage 23
xxiiRisk Management 19aPage 17 and 23
xxiiiRisk Management 19cPage 23
xxivRisk Management 19dPage 23
xxvRisk Management 19ePage 23
xxviMetrics and Targets 21bPage 24
xxviiMetrics and Targets 21cPage 9
xxviiiMetrics and Targets 21dPage 24
xxixMetrics and Targets 22aPages 25-27 and 29
xxxMetrics and Targets 24aPage 28
xxxiMetrics and Targets 24bPage 28
NZ CS 1 ReferencesLocation (page)
xxxiiMetrics and Targets 24cPage 32
xxxiiiMetrics and Targets 24dPage 31
xxxivGreenhouse Gas Emission:
Methods and Assumptions 52
Page 29
xxxvGreenhouse Gas Emission:
Methods and Assumptions 53
Page 30
xxxviMetrics and Targets 23aPage 32
xxxviiMetrics and Targets 23bPage 33
xxxviiiMetrics and Targets 23cPage 33
xxxixMetrics and Targets 23dPage 32
xlMetrics and Targets 23ePage 32
xliMetrics and Targets 22bPage 33
xliiMetrics and Targets 22cPage 33
xliiiTransition Risks: Methods and
Assumptions 49a
Page 33
xlivTransition Risks: Methods and
Assumptions 49b
Page 33
xlvMetrics and Targets 22dPage 33
xlviPhysical Risks: Methods and
Assumptions 49a
Page 33
xlviiPhysical Risks: Methods and
Assumptions 49b
Page 33
xlviiiMetrics and Targets 22ePage 34
xlixOpportunities Alignment:
Methods and Assumptions 49a/b
Page 34
lMetrics and Targets 22fPage 34
liCapital Deployment: Methods
and Assumptions 49a/b
Page 34
liiMetrics and Targets 22gPage 34
liiiInternal Emissions Price: Methods
and Assumptions 49a
Page 34
xlivInternal Emissions Price: Methods
and Assumptions 49b
Page 34
xlvMetrics and Targets 22hPage 34
INTRODUCTIONABOUT36
thl CLIMATE-RELATED DISCLOSURES 2024
GOVERNANCESTRATEGY
RISK MANAGEMENT
METRICS AND TARGETSAPPENDIX
Independent Assurance Report
Scope of our Assurance Engagement
Ernst & Young Limited (‘EY’, ‘we’) were engaged by Tourism Holdings Limited (‘thl’) to
provide reasonable assurance over the following Subject Matter disclosed in thl’s FY24
Climate Statements (the ‘Report’) for the year ended 30 June 2024 in accordance with
the noted Criteria, as defined in the following table:
Reasonable Assurance Subject MatterCriteria
Total Scope 1 and 2 greenhouse gas (‘GHG’) emissions
as per page 25 in the Report
Aotearoa New Zealand Climate
Standards (“NZ CS”)
In addition, we were engaged by thl to provide limited assurance over the following
Subject Matter in accordance with the noted Criteria, as defined in the following table:
Limited Assurance Subject MatterCriteria
Total Scope 3 GHG emissions as per page 25 in
the Report
Aotearoa New Zealand Climate
Standards (“NZ CS”)
In applying NZ CS it is necessary to make judgements related to the standards adopted
in the measurement and reporting of GHG emissions. The methods and assumptions
used by thl are described on pages 29 to 31 of the Report, as are the estimation
uncertainties inherent in the methods used.
Other than as described in the preceding paragraphs, which set out the scope
of our engagement, we did not perform assurance procedures on the remaining
information included in the Report, and accordingly, we do not express a conclusion
on this information.
thl’s Responsibility
The Directors are responsible, on behalf of thl, for the preparation and fair presentation
of the Report in accordance with NZ CS. This responsibility includes establishing and
maintaining internal controls, maintaining adequate records and making estimates
that are relevant to the preparation of the Report, such that it is free from material
misstatement, whether due to fraud or error.
EY’s Responsibilities
For the reasonable assurance engagement, our responsibility is to express an opinion
on the Reasonable Assurance Subject Matter based on the evidence we have obtained.
For the limited assurance engagement, our responsibility is to express a conclusion on
the Limited Assurance Subject Matter based on the evidence we have obtained.
Ernst & Young provides financial statement audit and review services to thl. Partners
and employees of our firm may deal with the Entity on normal terms within the ordinary
course of trading activities of the business of thl. We have no other relationship with,
or interest in, thl.
Our Independence and Quality Management
We have complied with the independence and other ethical requirements of the
Professional and Ethical Standard 1 International Code of Ethics for Assurance
Practitioners (including International Independence Standards) (New Zealand) issued
by the New Zealand Auditing and Assurance Standards Board, which is founded on
fundamental principles of integrity, objectivity, professional competence and due care,
confidentiality and professional behaviour.
The firm applies Professional and Ethical Standard 3 Quality Management for
Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance
or Related Services Engagements, which requires the firm to design, implement and
operate a system of quality management including policies or procedures regarding
compliance with ethical requirements, professional standards and applicable legal and
regulatory requirements.
Independent Assurance Report to the Directors of Tourism Holdings Limited (‘thl’)
Our Conclusions:
Reasonable Assurance Opinion for Scope 1 and 2 GHG emissions
In our opinion, the Scope 1 and 2 GHG emissions for the year ended 30 June 2024, as
reported in thl’s FY24 Climate Statement, are prepared, in all material respects, in
accordance with the Criteria defined below.
Limited Assurance Conclusion for Scope 3 GHG emissions
Based on our limited assurance procedures performed and the evidence we have
obtained, nothing has come to our attention that causes us to believe that thl’s Scope 3
GHG emissions as reported in thl’s FY24 Climate Statement for the year ended 30 June
2024 have not been prepared, in all material respects, in accordance with the Criteria
defined below.
INTRODUCTIONABOUT37thl CLIMATE-RELATED DISCLOSURES 2024
GOVERNANCESTRATEGY
RISK MANAGEMENT
METRICS AND TARGETSAPPENDIX
Our approach to conducting the assurance procedures
We have performed our engagement in accordance with International Standard for
Assurance Engagements (New Zealand): Assurance Engagements Other than Audits
or Reviews of Historical Financial Information (‘ISAE (NZ) 3000’) and ISAE (NZ) 3410
Assurance Engagements on Greenhouse Gas Emissions.
A reasonable assurance engagement involves performing procedures to obtain
evidence about the quantification of emissions and related information in the
Report. The nature, timing and extent of procedures selected depend on the
assurance practitioner’s judgement, including the assessment of the risks of material
misstatement, whether due to fraud or error, in the Report.
A limited assurance engagement involves assessing the suitability in the circumstances
of thl’s use of the Criteria as the basis for the preparation of the Report, assessing the
risks of material misstatement of the Report whether due to fraud or error, responding
to the assessed risks as necessary in the circumstances and evaluating the overall
presentation of the Report.
Procedures performed in a limited assurance engagement vary in nature and
timing from, and are less in extent than, for a reasonable assurance engagement.
Consequently, the level of assurance obtained in a limited assurance engagement is
substantially lower than the assurance that would have been obtained had a reasonable
assurance engagement been performed. Our procedures were designed to obtain a
limited level of assurance on which to base our conclusion and do not provide all the
evidence that would be required to provide a reasonable level of assurance.
Description of assurance procedures performed
A limited assurance engagement consists of making enquiries, primarily of persons
responsible for preparing the Report and related information, and applying analytical
and other relevant procedures.
Our procedures included:
•
Conducting interviews with personnel to understand the business and relevant
reporting processes;
•
Assessing thl’s organisational and operational boundaries to assess the completeness
of greenhouse gas emissions sources;
•
Identifying and testing assumptions supporting calculations;
•
Comparing year on year activity-based greenhouse gas and energy data, where possible;
•
Considering sources of GHG emissions and the appropriateness of the measurement
methodology;
•
Limited testing of calculations and aggregations; and
•
Considering the presentation of the information within the Report.
Although we considered the effectiveness of management’s internal controls when
determining the nature and extent of our procedures, our assurance engagement was not
designed to provide assurance on internal controls. Our procedures did not include testing
controls or performing procedures relating to checking aggregation or calculation of data
within IT systems.
Additional reasonable assurance procedures we performed were based on professional
judgement and included, but were not limited to:
•
For our reasonable assurance of Scope 1 and Scope 2 greenhouse gas emissions, on
a sample basis, agreed underlying data to source information to assess completeness
of performance data, which included invoices, system extracts and other records.
We believe that the evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion.
Inherent Uncertainties
The GHG quantification process is subject to scientific uncertainty, which arises because
of incomplete scientific knowledge about the measurement of GHGs. Additionally, GHG
procedures are subject to estimation uncertainty resulting from the measurement and
calculation processes used to quantify emissions within the bounds of existing scientific
knowledge.
Use of our Assurance Report
We disclaim any assumption of responsibility for any reliance on this assurance report
to any persons other than the Directors of thl, or for any purpose other than that for which
it was prepared.
Ernst & Young Limited
Auckland
21 October 2024
INTRODUCTIONABOUT38thl CLIMATE-RELATED DISCLOSURES 2024
GOVERNANCESTRATEGY
RISK MANAGEMENT
METRICS AND TARGETSAPPENDIX
THLONLINE.COM
---
Tourism Holdings Limited
Tel: +64 9 336 4299
The Beach House
Fax: +64 9 309 9269
Level 1, 83 Beach Road
www.thlonline.com
Auckland City
PO Box 4293, Shortland Street
Auckland 1140, New Zealand
29 October 2024
NZX | ASX | MEDIA RELEASE
TOURISM HOLDINGS LIMITED (thl)
THL RELEASES FY24 CLIMATE STATEMENTS
thl (NZX/ASX: THL) advises that it has published its FY24 Climate Statements. A copy is attached to this
announcement.
This is thl’s first report under the mandatory NZ Climate Standards regime and covers the twelve months
to 30 June 2024. The report should be read in conjunction with thl’s FY24 Integrated Annual Report.
The report is available on thl’s website at www.thlonline.com.
For any questions relating to the report, please contact:
Juhi Shareef
Chief Responsibility Officer
juhi.shareef@thlonline.com
ENDS
Authorised by:
Grant Webster
Chief Executive Officer, Tourism Holdings Limited
For further information contact:
Media:
Grant Webster
thl Chief Executive Officer
Direct Dial: +64 9 336 4255
Mobile: +64 21 449 210
Investors and Analysts:
Amir Ansari
Manager – Strategy & Development; Company Secretary
Direct Dial: +64 9 336 4203
Mobile: +64 21 163 8053
About thl (www.thlonline.com)
thl is a global tourism operator listed on the NZX and ASX (code: THL) and is the largest commercial RV rental operator in the world.
In New Zealand/Australia, thl operates rental brands (Maui, Britz, Apollo, Mighty, Hippie, Cheapa Campa), manufacturing (Action
Manufacturing, Apollo), retail brands (Talvor, Kea, Winnebago, Adria, Coromal, Windsor), retail dealerships (RV Super Centre,
Apollo RV Sales, Kratzmann, George Day, Sydney RV, Camperagent), travel technology (Triptech) and tourism attractions (Kiwi
Experience and the Discover Waitomo Group, which includes Waitomo Glowworm Caves, Ruakuri Cave, Aranui Cave and The
Legendary Black Water Rafting Co.). In North America, thl operates the Road Bear RV, El Monte RV, CanaDream, Britz and Mighty
rental brands. In UK and Europe, thl operates the Just go, Apollo and Bunk Campers rental brands.
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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