South Port NZ Ltd releases Climate-Related Disclosures

YEAR ENDED 30 JUNE 2024
CLIMATE-RELATED
DISCLOSURES

Climate-Related Disclosures
South Port is developing its capacity to comprehend and
respond to the challenges that our business faces from
climate risks. The main accomplishments in the reporting
period from 1 July 2023 to 30 June 2024 are:
ͩRecruiting a Climate Change Advisor on a fixed-term basis
to increase our internal capability.
ͩConducting our first scenario analysis to understand the
impacts of climate change.
ͩFurther improving and broadening our Greenhouse Gas
(GHG) inventory, especially for Scope 3 emissions.
In preparing South Port’s CRD, the Board and Management
have elected to use the following Adoption Provisions in NZ
CS 2:
ͩAdoption provisions 1 and 2: Current and anticipated
financial impacts. A qualitative description of certain
anticipated financial impacts has been provided.
ͩAdoption provision 3: Transition planning. South Port
is progressing towards developing our transition plan,
which includes consideration of how we reduce future
GHG emissions and integration of the impact of climate
risks for all significant investment decisions and intends to
progress this in FY25.
ͩAdoption provision 6: Comparatives for metrics
(including Scope 3 GHG emissions in Year 1). Our
GHG inventory includes all relevant emissions sources.
However, we have enhanced our methodology for Scope
3 emissions. Therefore, we do not provide comparatives
for Scope 3 in this report or comparatives for other
metrics.
ͩAdoption provision 7: Analysis of trends.
As a Climate Reporting Entity (CRE) under the new Aotearoa New Zealand Climate Standards,
South Port is publishing our first Climate-Related Disclosures (CRD) and extending our
environmental reporting from previous Annual Reports. These CRD comply with the Aotearoa
New Zealand Climate Standards (NZ CS) 1, 2 and 3 issued by the New Zealand External
Reporting Board.
Important Note:
South Port has used reasonable efforts in the preparation of
this CRD to provide accurate information, but cautions reliance
being placed on representations that are necessarily subject
to significant risks, uncertainties, or assumptions. This report
contains forward-looking statements, including climate-related
metrics, climate scenarios, assumptions, estimated climate
projections, forecasts, statements of South Port’s future
intentions, estimates and judgements that may not evolve as
predicted. These statements necessarily involve assumptions,
forecasts and projections about South Port’s present and future
strategies and South Port’s future operating environment.
Such statements are inherently uncertain and subject to
limitations, particularly as inputs, available data, and information
are likely to change. South Port has sought to provide a
reasonable basis for forward-looking statements and is
committed to progressing our response to climate-related risks
and opportunities over time but is constrained by the novel
and developing nature of this subject matter. Climate-related
risk management is an emerging area and often uses data and
methodologies that are developing and uncertain. Climate-
related forward-looking statements may, therefore, be less
reliable than other statements South Port may make in its annual
reporting.
We have based these statements on our current knowledge as
at 30 October 2024. There are many factors that could cause
South Port’s actual results, performance, or achievement of
climate-related metrics to differ materially from that described,
including economic and technological viability, as well as
climatic, government, consumer, and market factors outside of
South Port’s control. South Port disclaims responsibility for any
loss suffered in reliance on these CRD. Nothing in this report
should be interpreted as capital growth, earnings, or any other
legal, financial, tax, or other advice or guidance.
Signed on behalf of South Port New Zealand Limited:
Philip Cory-Wright
Chair
30 October 2024
Nicola Greer
Chair, Audit & Risk Committee
30 October 2024
P.2

BOARD OVERSIGHT
The Board of Directors oversees how the Company identifies and handles climate-
related risks and opportunities. This includes setting the risk appetite and tolerance,
and approving South Port’s strategy, any future targets, and controls for responding to
climate change.
The Board’s Audit and Risk Committee is responsible for the Company's response to
climate-related risks. This committee meets at least twice a year, with climate-related
risk as a standing agenda item. The Audit and Risk Committee met three times during
FY24.
The Board delegates the overall responsibility of managing risk to the CEO.
Directors are responsible for their own continuous education and to keep themselves
up to date on relevant climate-related issues that may affect the Port. The Board
itself is responsible for incorporating specific skill and knowledge requirements into
management positions that ensure competency to deal with climate-related risks and
opportunities. An external party was engaged to deliver CRD training to the Board
during FY24.
The Board requires the Executive Leadership Team (ELT) to provide all relevant
information to them and to engage external experts where required knowledge is not
available within the organisation.
Climate risks & opportunities are a
standing item at Board Audit & Risk
Committee meetings.
Strategies, metrics
and targets
Climate Risk and
Opp Register
Board Papers
Sustainability
Committee
Board Audit and Risk
Committee
Board of
Directors
Executive
Leadership Team
GOVERNANCE
Risk and
Technology
Manager
MANAGEMENT'S ROLE
The CEO, CFO, and the Infrastructure & Environmental Manager take responsibility for
assessing and managing climate-related risks and opportunities at ELT level, supported
by the Risk and Technology Manager. We are currently recruiting for a Sustainability
Advisor who will report to the Infrastructure & Environmental Manager.
The ELT submits updates to the Board as appropriate, which are included in the monthly
board papers along with the climate risk and opportunity register. The ELT has to date
informally considered risks and opportunities related to climate change as part of its
business-as-usual operations, including consideration of plans, metrics and initiatives
developed by the relevant Departments and the Sustainability Committee. This is the
primary mechanism by which management is informed about, makes decisions on, and
monitors, climate-related risks and opportunities. The Sustainability Committee meets
at least nine times a year, with these meetings aligned with the ELT meetings. Work
undertaken by the Sustainability Committee is presented to the Board by the ELT for
review, discussion, and approval. This includes metrics for managing climate-related risks
and opportunities. The CEO and ELT evaluate any new or amended business strategy
with reference to the climate risk and opportunity register, and this analysis is submitted
to the Board where the potential impacts of the risk or opportunity are considered
material. In the reporting period, there were at least 14 occasions where the Board
engaged with the ELT on climate-related issues.
TABLE OF CONTENTS
P.3
Section 01
Section 02
Section 03
Section 04
Governance P. 03
Strategy P. 05
Risk Management P. 09
Metrics and Targets P. 11

P.4

STRATEGY
South Port’s purpose is to facilitate the best logistics solutions
for the region. We achieve this through the provision of wharf
infrastructure, warehousing, marine, and cargo handling
activities, while developing and influencing optimal logistics
solutions along the supply chain with port linkages. Owing to
the long-term nature of infrastructure, the Port has generally
made decisions with a long-term view. Over the last few years,
we have invested in building our capabilities to understand and
manage climate change risks and opportunities and will look to
integrate the insights into our future processes. Although the
world has started to see the impacts of climate change, South
Port has not experienced any material impact to our operations
to date.
SCENARIO ANALYSIS
In the 2023 - 2024 reporting year, we employed a Climate
Change Advisor for a fixed-term and conducted a qualitative
study on the effects of climate-related forces on our strategy
and value chain. The scope of the analysis was focused on the
Port’s immediate geographic terrain and the domestic trade
structure.
This allowed an investigation of the core physical exposure, and
the exposure to a shift in domestic economic structure for the
timeframe of 2024-2050. This study was conducted internally
without the specific involvement of external stakeholders as a
standalone piece of work, but the results were assessed against
South Port’s risk management processes to ensure a consistent
approach was taken.
This process included an initial climate-related risk assessment,
including scenario analysis. The assessment involved
collaborative workshops with internal stakeholders, including
the ELT and other relevant roles. Outcomes from the workshops
included establishing the scope and boundaries of the risk
assessment. This included determining value chain inclusions,
time horizons, frequency of assessment, and identifying key risk
areas.
The Board had the opportunity to participate in and view
recordings of scenario analysis workshops undertaken. These
were conducted by the Climate Change Advisor and overseen
by the CFO. No external stakeholders or partners were involved
in the scenario analysis process. The scenario analysis technical
report highlighting the projected impacts of climate-related
forces was then shared with the Board for their feedback.
To create different scenarios for the Port, we followed a series
of steps based on 15 factors that affect the Port's operations
and environment. These factors include social, technological,
legal, political, economic, and environmental aspects. We used
these factors to create narratives that show how the Port could
be affected by different situations in the future. We looked at the
whole system that the Port is part of, not just one part of it. We
also considered that the factors were broad enough to cover
different levels of change, from global to local.
These timelines are linked to our strategic planning horizons for
capital expenditure. Small land-based mobile plant and equipment
are aligned with shorter to medium timeframes whereas larger
land based, and floating plant are medium-to longer-term focused.
Our asset management plan and property masterplan are key
documents that align with both the medium- and longer-term
horizons.
The time horizons set out for scenario analysis are also aligned to
the time horizons used for the risk identification.
CLIMATE-RELATED RISKS AND OPPORTUNITIES
TIME HORIZONS
LONG-TERM
2041 - 2050
SHORT-TERM
Now - 2030
MEDIUM-TERM
2031 - 2040
Aligns with the remaining useful life of some
critical assets. Additionally, it is indicative of the NZ
Government’s level of decarbonisation ambition.
Aligns with the lifecycle of our assets and corresponds
with the timeframe when dynamics of a dominant
scenario will be materially entrenched.
Long-term horizon out to 2050 aligns with international
emission reduction targets (Paris Agreement, 2050). It
represents the last stage of total institutionalisation of
preceding legislative/economic/policy dynamics.
South Port opted for three scenarios as per the overview in the table
below. The 'Orderly' (Net Zero 2050) scenario has an emphasis on
transition risks which we are specifically exposed to through the
clients using our port. Conversely, the 'Hot house' (Current Policy)
scenario focuses on physical risks that affect us significantly as
we are a key part of the region's infrastructure with assets that
inherently have a long lifespan. The 'Disorderly' (Delayed Transition)
scenario is the third climate-related scenario and shows a mix of
both transition and physical risk.
The adopted scenarios were preferred for two reasons: First,
the scenarios expose South Port’s business model to maximum
plausible physical/transitional risks and thus explore South Port’s
strategic resilience to both abrupt and systemic manifestations of
climate-related forces. Such an experimental exposure provides an
optimal tool to stress-test South Port’s business and processes.
Secondly, the scenarios maximise intra-sectoral alignment and
comparability within the sector, as the generated scenario narratives
closely align with the transport sector-specific scenarios developed
by the consultancy firm KPMG, in partnership with the Aotearoa
Circle, in direct collaboration with primary sectoral stakeholders. As
a result, South Port’s generated scenarios are not only specifically
tailored for maximum and targeted applicability to South Port’s
business model, but are also aligned with the transport sector
scenarios.
The scenarios adopted covered all of South Port’s operations.
P.5

Orderly (Net Zero 2050)Disorderly (Delayed Transition)Hot House (Current Policy)
Policy Ambition1.5°C2.0°C3.0°C
PathwaysRCP2.6
SSP1-1.9
NGFS Net Zero 2050
RCP2.6
SSP1-2.6
NGFS Delayed Transition
RCP8.5
SSP3-7.0
NGFS Current Policy
Policy ReactionIntermediate and smoothDelayedNone
Physical Risks SeverityModerateModerateExtreme
Transition Risks SeverityModerateHighLow
Freight mode shareSignificant shift from road to rail
and coastal shipping
Slight shift from road to rail and
coastal shipping
Mode share remains
unchanged
ORDERLY - NET ZERO 2050
This scenario depicts a rapid and ambitious transition to a low-
carbon future, driven by strong societal demand for climate action
and international cooperation on climate policy. The pathway to
Net Zero 2050 involves an initial burst of activity to decarbonise
society and the economy, followed by sustained efforts to maintain
low emissions across all sectors. Renewable energy sources,
energy efficiency, and afforestation are key enablers of this
transition.
Domestic freight is assumed to shift increasingly towards coastal
shipping and rail, which directly affects our business. The global
shipping industry leans heavily towards using synthetic fuels, such
as green ammonia, which are produced from renewable electricity.
These fuels have the potential to offer a cleaner and cheaper
alternative to fossil fuels and could reduce the dependence on
oil imports. The structure of cargo flowing through South Port is
altered, with lower agricultural output from Southland due to land
use changes and reduced import of petrol-based products.
DISORDERLY - DELAYED TRANSITION*
Business as usual is assumed to persist until the effects of climate
change and the social responses become unavoidable. A series
of severe climate disasters in major economies triggers a sudden
and radical shift to a low-carbon world. Many businesses that
are not resilient or strategically exposed to climate risks collapse
under financial and legal pressure. After the shock, the economy
gradually recovers in the new paradigm.
* South Port’s Disorderly and Hot House scenarios did not expressly include carbon
sequestration from afforestation or nature-based solutions, as anticipated by NZ CS 3,
paragraph 51(a)(iii)
The freight sector is constrained by a lack of modal diversity
and high operational costs due to expensive alternative fuels.
The production of primary industries based on conventional
agriculture and forestry is drastically reduced. The Port faces a
dramatic change in cargo volumes.
HOT HOUSE - CURRENT POLICY*
The world continues to rely heavily on fossil fuels and
greenhouse gas emissions keep rising. The global average
temperature increases with severe consequences for the
climate system and human society. Domestically, the mixture of
internal economic pressures and international inaction ensures
that climate mitigation policy is not pursued. Occasional severe
climate events are more potent and support the drive toward
climate adaptation measures.
While the change in weather patterns reduces the output of the
agricultural sector in some geographies, Southland’s primary
industries are not critically impacted. Together with a stable
domestic economic structure, cargo volumes increase at the
Port.
P.5
P.6

Climate-Related Risks and Opportunities
(Anticipated Time Horizon)Orderly DisorderlyHot HouseAnticipated Impact
Anticipated Financial Impact
(Qualitative)Proposed Business Response
Increased sea level rise and rainfall results in disruption to on-land freight
routes (roads, bridges, railways) that connect the Port to Southland.
Medium/Long-term
Sea level rise, storm and tide surges impacting operations and damaging
ships, infrastructure and equipment.
Medium/Long-term
An increase in the number of high-wind days, that disrupt land-based and
marine activities.
Medium/Long-term
Increase in the number of times, and
the length of the periods, in which
South Port cannot offload or receive
cargo, operational inputs or staff due to
transit routes being unavailable.
Reduced revenues as port operations are
disrupted.
Significant costs of repairs and operational
downtime.
South Port intends to integrate GHG
emissions consideration in significant capital
investment decisions.
Increasing cost of carbon associated with fossil fuel taxes.
Medium/Long-term
Increased insurance premiums, larger excesses, and reduced scope of
coverage.
Medium/Long-term
Industrial and commercial demand for diesel decreases in Southland and
regional wood producers in Southland and Otago divert wood exports for
local consumption as biomass for process heat.
Medium/Long-term
Increasing costs of commercial farming of ruminants drives down regional
production of meat and dairy. Demand for fossil fuels and farming inputs
(like fertiliser and stock food) decreases. Decrease in yields across regional
forestry and agriculture as a result of climate-related impacts.
Medium/Long-term
A delay in transitioning and increased demand for low carbon machinery,
impacts on supply and drive increased costs.
Medium/Long-term
Shift in type of cargo and cargo volumes
with lower imports of diesel and
agricultural inputs and lower exports of
meat, dairy products and wood.
Shift in capital allocation to invest in end-
of-trip infrastructure for alternative fueling,
like hydrogen, bioenergy, or diesel-electric
hybrid.
Increased insurance costs and potential
stranded assets.
Reduced revenues due to fewer port calls.
Increased capital expenditure to transition to
low carbon equipment.
Intention to adopt strategies to build resilience
into the supply chain.
National policy settings and Government investment drive an increase in
coastal shipping’s share of domestic freight movement.
Medium-term
Large-scale infrastructure climate resilience projects and large-scale
rebuilds from climate-induced extreme weather events drive a significant
increase in building and construction material imports.
Medium-term
Increase in coastal shipping, exports
from seafood and imports due to higher
economic activity in the region.
Higher revenue from increasing number of port
calls.
South Port intends to work with customers
and other external parties to determine future
infrastructure requirements to take advantage
of increased cargo throughout.
Physical Risk
Transition Risk
Transition Opportunity
STRATEGY
South Port is not aware of any current material climate-related physical or transition impacts. The material climate-related risks and
opportunities identified in South Port’s scenario analysis process to date, together with anticipated impacts, are listed in the table below.
→ → →
→ → →→ → →
→ → →
→ → →→ → →
→ → →
→ → →→ → →
P.7

Climate-Related Risks and Opportunities
(Anticipated Time Horizon)Orderly DisorderlyHot HouseAnticipated Impact
Anticipated Financial Impact
(Qualitative)Proposed Business Response
Increased sea level rise and rainfall results in disruption to on-land freight
routes (roads, bridges, railways) that connect the Port to Southland.
Medium/Long-term
Sea level rise, storm and tide surges impacting operations and damaging
ships, infrastructure and equipment.
Medium/Long-term
An increase in the number of high-wind days, that disrupt land-based and
marine activities.
Medium/Long-term
Increase in the number of times, and
the length of the periods, in which
South Port cannot offload or receive
cargo, operational inputs or staff due to
transit routes being unavailable.
Reduced revenues as port operations are
disrupted.
Significant costs of repairs and operational
downtime.
South Port intends to integrate GHG
emissions consideration in significant capital
investment decisions.
Increasing cost of carbon associated with fossil fuel taxes.
Medium/Long-term
Increased insurance premiums, larger excesses, and reduced scope of
coverage.
Medium/Long-term
Industrial and commercial demand for diesel decreases in Southland and
regional wood producers in Southland and Otago divert wood exports for
local consumption as biomass for process heat.
Medium/Long-term
Increasing costs of commercial farming of ruminants drives down regional
production of meat and dairy. Demand for fossil fuels and farming inputs
(like fertiliser and stock food) decreases. Decrease in yields across regional
forestry and agriculture as a result of climate-related impacts.
Medium/Long-term
A delay in transitioning and increased demand for low carbon machinery,
impacts on supply and drive increased costs.
Medium/Long-term
Shift in type of cargo and cargo volumes
with lower imports of diesel and
agricultural inputs and lower exports of
meat, dairy products and wood.
Shift in capital allocation to invest in end-
of-trip infrastructure for alternative fueling,
like hydrogen, bioenergy, or diesel-electric
hybrid.
Increased insurance costs and potential
stranded assets.
Reduced revenues due to fewer port calls.
Increased capital expenditure to transition to
low carbon equipment.
Intention to adopt strategies to build resilience
into the supply chain.
National policy settings and Government investment drive an increase in
coastal shipping’s share of domestic freight movement.
Medium-term
Large-scale infrastructure climate resilience projects and large-scale
rebuilds from climate-induced extreme weather events drive a significant
increase in building and construction material imports.
Medium-term
Increase in coastal shipping, exports
from seafood and imports due to higher
economic activity in the region.
Higher revenue from increasing number of port
calls.
South Port intends to work with customers
and other external parties to determine future
infrastructure requirements to take advantage
of increased cargo throughout.
Represents time
(short/medium/long-
term)
KEY
→ → →
Represents potential
impact over short/
medium/long-term
timeframes
P.7
P.8

Carry out formal
assessment to
determine risk
RISK MANAGEMENT
01
IDENTIFY
Identify high-level risk
hotspots and drivers
along value chain
Carry out initial
screening of potential
risks
For all potential risks, we identify where, when, why, and how, the potential risk could
prevent the achievement of strategies, plans, and objectives.
We allocate the risk to one of the nine risk categories, which allows us to identify risk
hotspots including fuel technologies, predicted weather patterns, emerging or contracting
markets, or new regulation.
Internal and external stakeholders are consulted where relevant to ensure wider context
is understood and all risks are identified.
Potential risks are submitted to South Port's Climate Risk and Opportunity Register
and then evaluated as to: the type of risk and its driver; how the risk may present itself
in South Port’s context; the potential financial impact; the likelihood of impact and the
expected time horizon; and any assumptions or sources of information used in the
assessment.
Risks that are rated as 'low' do not require any further action except to record and
monitor. For inherent risks rated other than low, controls are put in place to address the
risk. Controls are categorised as either preventative, detective or corrective controls.
The Company’s Risk Impact Matrix has been updated to incorporate an additional risk
category, Climate. This category includes assessment criteria relating to the potential
impact a climate-related scenario would have on our assets, and the timeframe of
impacts materialising. The assessment assists us to proportionately assess climate-
related risks against the Port’s other material risks.
ASSESS
02
Screened risks are rated on a scale from Low to Extreme.
Depending on the context, the evaluation may require engagement with specialised
external experts, predictive modelling, engagement with stakeholders in the value chain
linked to the hazard, etc. This is a judgement call for the ELT in conjunction with the
Board. All climate-related risks are assessed using the Company's Risk Management
Framework, with the top risks being included in the Material Risk Register for
consideration by the Audit and Risk Committee.
This risk assessment aligns to the current business risk framework at South Port. The ELT
complete inherent risk assessments for all risks identified, rating the likelihood and impact
of the various risks. Key controls and mitigation processes are then noted, resulting in
a residual risk score. The Material Risk Register is then reviewed and approved by the
Board.
This table summarises South Port’s approach to climate-related risk management which is integrated into the Company’s overall risk
management processes.
P.9

Risk treatments are identified to mitigate the risk to a tolerable level. Internal and external
stakeholders should be consulted where relevant.
All major capex spend requires financial analysis to be completed prior to approval.
South Port uses a weighted average cost of capital (WACC) model to ensure that capital
deployment meets internal hurdles before proceeding with new projects. Future modelling
will need to formally incorporate climate-risk analysis into the decision-making process.
Currently South Port does not apply an internal carbon price in this process or track capital
deployment specifically to address climate risks, but South Port intends to investigate the
use of an internal carbon price in FY25.
Future capital deployment decisions are expected to include climate-risk relating to
adaptation (e.g. preparedness for extreme weather events), and also mitigation (e.g.
considering carbon emissions linked to purchasing new equipment).
Identify potential
adaptation measures
Carry out financial
analysis
Develop
implementation and
review plan
Further treatment actions are determined in order to mitigate the risk. Actions are
documented to enable monitoring. Business unit managers are appointed to identify,
implement and monitor controls and their effectiveness in mitigating risks. The Audit and
Risk Committee has overall responsibility to ensure that risk management strategies and
policies are implemented and managed appropriately, including supporting the annual
review of risks and management approaches. South Port is planning to develop its
transition plan to respond to identified climate-related risks and opportunities over the
coming year.
RISK MANAGEMENT
04
MONITORING AND REVIEW
Monitoring of climate-related risks is undertaken annually to refresh our climate-related
risk assessment and ensure the risk remains within tolerable levels and the controls and
treatments remain effective.
During the review, the effectiveness of the controls is assessed and depending on the
operating effectiveness rating, the control assessment frequency is set.
03
MANAGE
MONITOR
P.9
P.1 0

METRICS AND TARGETS
ORGANISATIONAL BOUNDARIES
South Port applies an operational control approach to consolidate GHG emissions. That
means South Port accounts for 100% of the GHG emissions from operations over which
it has the full authority to introduce and implement operating policies.
South Port only has one subsidiary, Awarua Holdings Ltd, which is 100% owned by
the Port. There are no GHG emissions associated with Awarua Holdings that are not
captured directly by the Port's activities.
GHG EMISSIONS INVENTORY
South Port began measuring its GHG emissions in 2019, focusing mainly on Scope 1 and
2 emissions. Over time, we have improved the methodology for collecting and calculating
Scope 3 emissions to cover our value chain. In this context, the 2024 inventory (July
2023 to June 2024) includes new categories that reflect the completeness of emissions
that can be attributed to the organisation's operations within the declared boundary.
The inventory has been prepared in accordance with the Greenhouse Gas Protocol: A
Corporate Accounting and Reporting Standard 2004 (GHG Protocol), the Greenhouse
Gas Protocol: Corporate Value Chain (Scope 3) Accounting and Reporting Standard, with
guidance provided by the Greenhouse Gas Protocol: Technical Guidance for Calculating
Scope 3 Emissions (version 1.0) (Technical Guidance).
The emission factors (EFs) applied for the calculation are mostly referenced to
"Measuring emissions: A guide for organisations: 2023 summary of emission factors"
(MfE 2023). For those Scope 3 categories not addressed by the MfE, the United States
Environmentally-Extended Input-Output model, by US EPA (calculations via GZA Scope
3 Calculator workbook) was applied to calculate emissions based on expenses (mainly
Categories 1 and 2), and the "Conversion factors 2023" from the United Kingdom's
Department for Energy Security and Net Zero, for Well-to-Tank (WTT) and recycling
factors.
SCOPE 1
Direct GHG emissions occurring from
sources that are owned or controlled
by the Company (e.g. fuel).
SCOPE 2
Indirect GHG emissions occurring from
the generation of purchased electricity
consumed by the Company.
SCOPE 3
Other indirect GHG emissions occurring
as a consequence of the activities of
the Company, but generated from
sources not owned or controlled by the
Company (e.g. air travel).
GHG INVENTORY BY SCOPE - FY24
Exclusion of Sources
To ensure the consistency of the
approach adopted (Operational
Boundary), South Port excluded the
following sources of Scope 3 emissions:
›Category 8 Upstream leased
assets: South Port did not lease
any assets in FY24.
›Category 9 Downstream
transportation and distribution:
South Port did not sell any
products in FY24.
›Category 10 Processing of sold
products: South Port did not sell
any products in FY24.
›Category 11 Use of sold products:
South Port did not sell any goods
or services in FY24 that generated
emissions not captured by Scope
1 and 2.
›Category 12 End-of-life treatment
of sold products: South Port did
not sell any products in FY24.
›Category 14 Franchises: South
Port does not have franchises.
›Category 15 Investments: South
Port did not make any investments
or provide financial services in
FY24.
2,857
Measured
Scope 3
451
Scope 2
1,849
Scope 1
tonnes of CO
2
e
5,157
P.1 1

GHG EMISSIONS SUMMARY FOR THE YEAR ENDED 30 JUNE 2024
CLIMATE-RELATED METRICS
South Port is yet to establish any GHG emissions reduction
targets. We also do not currently use industry-specific indicators
to track climate-related risks and opportunities. However, we
may refine our approach in the future as the Port sector in New
Zealand is currently working together to draft sector guidance
for future use.
Without having undertaken any formal vulnerability assessment
as required by the Climate Standards, South Port’s current
working assessment is that, under a hot house scenario,
up to 100% of our assets and business activities could be
vulnerable to climate-related transition and physical risks. South
Port intends to undertake work to better understand these
vulnerabilities in FY25.
Climate change may also present opportunities. South Port
has not yet quantified any anticipated impacts of these
opportunities.
No assets or business activities were specifically aligned with
climate-related opportunities during FY24.
In relation to capital deployment, management informally considers
climate risks and opportunities when undertaking capex projects,
for example, the impact of sea level rise when preparing drainage
designs at the Port. However, there was no capex spend
undertaken in FY24 that relates specifically to the climate-related
risks and opportunities identified as part of the scenario analysis.
South Port currently does not have an internal carbon emissions
price.
No management remuneration was linked to climate-related risks
and opportunities for the year ended 30 June 2024.
No assurance has been provided over GHG emissions in FY24.
South Port adopted procedures using external advice for assessing
the methodologies and assumptions in South Port's carbon
inventory collation processes. These procedures were followed in
FY24, and provide a strong foundation for FY25 when assurance is
required for GHG emissions.
Marine Diesel
LPG
Automotive Diesel - Stationary Combustion
Automotive Diesel
100
200
300
400
500
600
700
800
900
1,000
1,100
1,200
0
Electricity Consumption
Petrol - Unleaded 91
Petrol - Premium
Fuel- and Energy-Related Activities* (purchased fuels) Category 3
Fuel- and Energy-Related Activities* (transmission and distribution losses) Category 3
Capital goods Category 2
Purchased goods and services Category 1
Disposal Non-municipal solid waste Category 5
Disposal General Waste Category 5
Upstream Transportation and Distribution Category 4
Business Travel - Air Travel Category 6
Wastewater Category 5
Recycling Category 5
Solid Waste Collection Category 5
Employee Commuting Category 7
Business Travel - Hotel Category 6
Business Travel - Car Travel Category 6
Downstream Leased Assets (Fuel) Category 13
Downstream Leased Assets (Purchased Electricity) Category 13
Other: Water Supply
Scope 1
Scope 2Measured Scope 3
*not included in Scope 1 or Scope 2
tC0
₂
e
- FY24
P.1 1
P.1 2

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30 October 2024

NZX Announcement / Media Release
SOUTH PORT NEW ZEALAND LIMITED
South Port NZ Ltd releases Climate-Related Disclosures


South Port New Zealand Limited (SPN) is pleased to advise that its Climate-Related
Disclosures Report has been released for the reporting period ended 30 June 2024.

A copy is attached and is also available at https://southport.co.nz/annual-report/2024


For further information contact:

Mr Nigel Gear
Chief Executive
South Port New Zealand Ltd
Tel: (03) 212 8159
Email: ngear@southport.co.nz

Mr Philip Cory-Wright
Chair
South Port New Zealand Ltd
Mobile: 021 767 828
Email: philip@cory-wright.co.nz

Media: Charlotte Scoles
Communications Advisor
South Port New Zealand Ltd
Tel: 021 775 298
Email: cscoles@southport.co.nz