FY2025 Climate-related Disclosures Report
Climate-related
Disclosures
FY25
Introduction.
Liz Coutts,
Chair
Oceania Healthcare Limited and its subsidiaries (together,
Oceania) is a retirement village and aged care operator
in New Zealand with 36 sites across the country. Oceania
listed on the NZX in 2017 and had $2.9 billion in total
assets as at 31 March 2025.
Approved on behalf of the Board on 5 June 2025
Alan Isaac,
Chair of Audit Committee and
Chair of Risk Committee
Climate-related
Disclosures
About these climate statements
This report is Oceania’s second Climate-related Disclosures
(CRD) report. It relates to the reporting period 1 April 2024
to 31 March 2025 and constitutes Oceania’s Climate
Statements in respect of that period under the Financial
Markets Conduct Act 2013 (FMCA). Under the FMCA,
Oceania is required to produce climate statements that
comply with the Aotearoa New Zealand Climate Standards
(NZCS) 1, 2 and 3 issued by the External Reporting Board
(XRB). Accordingly, this report has been prepared in
compliance with NZCS 1, 2 and 3, and covers four thematic
areas: Governance, Strategy, Risk Management and
Metrics and Targets.
Oceania has chosen to use the following NZCS 2 adoption
provisions for this FY25 report, meaning the disclosures
in this CRD do not cover these aspects of NZCS:
Adoption provision 2:
Anticipated financial impacts
Adoption provision 6:
Comparatives for metrics
Adoption provision 7:
Analysis of trends.
Disclaimer
This report is Oceania’s second mandatory CRD and sets out Oceania’s
approach to scenario analysis, Oceania’s current understanding of, and
response to, Oceania’s climate-related risks and opportunities and its
understanding of the current and anticipated impacts of climate change.
This reflects Oceania’s current understanding as at 5 June 2025 in respect
of the 12 months ended 31 March 2025. Climate-related risk management
is an emerging area, and often uses data and methodologies that are
developing and uncertain. In particular, there are inherent uncertainties
associated with the calculation of an entity’s GHG emissions inventory,
including but not limited to, a lack of availability of data and reliance on
assumptions and estimates. Oceania acknowledges that the understanding
of climate risk and GHG emissions measurement, and the inputs needed to
assist with this understanding, are constantly evolving.
This CRD report contains disclosures that rely on early and evolving
assessments of current and forward looking information, calculations
based on incomplete and estimated data, and Oceania’s related
judgements, opinions and assumptions.
This CRD contains forward looking statements, including climate-related
scenarios, targets, assumptions, climate projections, forecasts, statements
of Oceania’s future intentions, and estimates and judgements that may
not evolve as predicted. Those statements and opinions have been based
on the information available at the date of publication. Oceania (including
its directors, officers and employees) do not:
• represent that those statements and opinions will not change, or will
remain correct after publishing this CRD report, or
• promise to revise or update those statements and opinions if events or
circumstances change or unanticipated events happen after publishing
this CRD report.
In particular, these statements involve assumptions, forecasts and projections
about Oceania’s present and future strategies and Oceania’s future operating
environment. Such statements are inherently uncertain and subject to
limitations, particularly as inputs, available data and information are likely
to change. As such, Oceania cautions reliance on climate-related forward-
looking statements that are necessarily less reliable than other statements
Oceania may make in its annual financial reporting. Primary users should
not rely on forward-looking statements and opinions as a guarantee of what
will happen, as these are often predictions based on information available at
the time, which may be affected by mistaken assumptions, unknown risks,
or other uncertainties (many of which are outside Oceania’s control). Those
statements may differ materially from results Oceania eventually achieves.
The risks and opportunities described in this CRD report, Oceania’s transition
plan objectives, and Oceania’s strategies to achieve its targets, may not
eventuate or may be more or less significant than anticipated. There are
many factors that could cause Oceania’s actual results, performance or
achievement of climate-related metrics (including targets) to differ materially
from that described, including economic and technological viability,
climatic, government, consumer, and market factors outside of Oceania’s
control. Oceania has sought to provide a reasonable basis for forward-
looking statements and is committed to progressing its response to climate-
related risks and opportunities over time but is constrained by the novel and
developing nature of this subject matter. Oceania gives no representation,
warranty or assurance that actual outcomes or performances will not
materially differ from the forward-looking statements. To the maximum extent
permitted by law, Oceania (including its directors, officers and employees)
does not accept any liability whatsoever for any loss arising directly or
indirectly from any use of the information contained in this CRD report.
This disclaimer should be read along with other methodologies, assumptions
and uncertainties and limitations contained in this CRD including the
assumptions and uncertainties relating to each GHG emission source
contained in Oceania’s GHG emissions inventory, which can be found in the
Appendices. All amounts disclosed in this report are estimates and are in NZD.
This report is not an offer document and does not constitute an offer or
invitation or investment recommendation to distribute or purchase securities,
shares, or other interests. Nothing in this report should be interpreted as
capital growth, earnings or any other legal, financial, tax or other advice
or guidance. For detailed information on Oceania’s financial performance,
please refer to Oceania’s Annual Report, on Oceania’s website, available
at https://oceaniahealthcare.co.nz/investor-centre/reports-presentations/.
Oceania
Climate-Related Disclosures FY2025
Introduction
2
Governance
8
Strategy
28
Risk Management
31
Metrics and Targets
41
Appendices
Contents
1
Oceania
Climate-Related Disclosures FY2025
“This second Climate-related Disclosures report marks another step
forward in strengthening our understanding of climate-related risks and
opportunities across our operations. This year, we’re pleased to report
our first climate transition plan – laying the foundation for how we’ll
respond to the risks and opportunities ahead.”
Stephanie Spicer – Head of Sustainability & Corporate Responsibility
2
Oceania
Climate-Related Disclosures FY2025
The Oceania Board of Directors is the governance body ultimately
responsible for overseeing both the implementation of Oceania’s
Sustainability Framework and strategy, and Oceania’s climate-
related risks and opportunities.
In the reporting period, the Board was supported by three Board
Committees in relation to climate-related issues:
• the Sustainability Committee, which has delegated responsibility
for overseeing implementation of Oceania’s sustainability
(including climate-related) strategy, and Oceania’s strategic
approach to climate-related risks and opportunities, as well
as reviewing external sustainability reporting and publications,
excluding mandatory climate statements, which are the
responsibility of the Audit Committee;
• the Audit Committee, which has delegated responsibility
for reviewing, and recommending to the Board for approval,
Oceania’s annual climate statements; and
• the Risk Committee, which considers Oceania’s top risks and
risk mitigation plans at least twice yearly. Top risks include
climate risk (which otherwise falls within the mandate of the
Sustainability Committee).
Governance
Oceania Climate Governance
BOARD OF DIRECTORS
MEETS AT LEAST SEVEN TIMES ANNUALLY
Governance body ultimately responsible for oversight and implementation of Oceania’s Sustainability
Framework, strategy and of Oceania’s climate-related risks and opportunities.
SUSTAINABILITY STEERING GROUP
MEETS FOUR TIMES ANNUALLY
Responsible for reviewing and recommending proposed sustainability priorities,
goals, targets and strategies and for monitoring progress in achieving them.
EXECUTIVE MANAGEMENT
AUDIT
COMMITTEE
MEETS FOUR TIMES
ANNUALLY
Responsible for reviewing
and recommending
Oceania’s group climate
statements to the Board
for approval.
SUSTAINABILITY
COMMITTEE
MEETS FOUR TIMES
ANNUALLY
Responsible for reviewing
progress towards achieving
climate-related targets,
and reviewing progress
towards identifying and
addressing climate-
related risks.
RISK
COMMITTEE
MEETS TWO
1
TIMES
ANNUALLY
Responsible for oversight
of enterprise risk
management, including
climate change as
a top risk.
1. The Board Risk Committee Charter was updated in March 2025 to require the Board Risk Committee
to meet not less than two times per annum.
3
Oceania
Climate-Related Disclosures FY2025
Governance
Sustainability Committee
The Sustainability Committee was established in September
2022 and members include the Chair of the Board and two
other directors, with an open invitation to all directors to attend.
The Sustainability Committee has delegated responsibility
for assisting the Board to provide leadership for sustainability
initiatives, including climate-related initiatives. The Sustainability
Committee is responsible for reviewing progress toward achieving
climate-related targets and oversees the implementation of
Oceania’s sustainability strategy including its strategic approach
to climate-related risks and opportunities. It reviews progress
towards identifying and addressing climate-related issues.
The Sustainability Committee Charter specifically includes
climate-related responsibilities.
The Sustainability Committee meets at least four times annually,
with three meetings in FY25 (as the fourth was held on 1 April 2025
in the new financial year). Oceania’s climate-related work was on
the agenda for each of these meetings in FY25. The Sustainability
Committee Chair updates the full Board on its discussions, as
part of the Committee update to the Board, at the Board meeting
following each Committee meeting. All Sustainability Committee
papers are available to the full Board and an opportunity is
given to each Board member to submit questions and attend
the Committee as required. Specific items, for example items
concerning climate-related risks and opportunities, may be tabled
at full Board meetings for noting or approval, as appropriate.
In FY25, climate-related items tabled for the full Board included
sign-off of Oceania’s FY24 CRD, a director education session and
climate and sustainability considerations at the Board strategy
session (see the timeline on pages 4-5 for further details).
Audit Committee
The Audit Committee assists the Board with oversight of climate-
related reporting. It is responsible for reviewing and recommending
to the Board for approval Oceania’s group climate statements
under the FMCA. It is also responsible for considering and
reviewing all significant changes in climate-related reporting
requirements, including regulator guidance. The Audit Committee
is responsible for ensuring Oceania’s climate statements are
presented in accordance with the NZCS and is responsible for
external review and any assurance in relation to the climate
statements.
1
The Sustainability Committee is invited to review
and provide input on the climate statements before the Audit
Committee recommends them to the Board for approval.
1. In the reporting period, independent limited assurance over Oceania’s full Scopes 1, 2 and 3 emissions
disclosures was provided by Ernst & Young Limited.
Risk Committee
The Risk Committee, regularly reviews all top risks applicable
to Oceania (including climate risk). Climate risk is owned by
the CFO and Chief Property and Operating Officer. The Risk
Committee reviews Oceania’s top risks and risk mitigation
plans at least twice yearly.
Board and Committee engagements on climate in FY25 are
set out in the diagram on the following pages.
Solar PV panel installation on Meadowbank Village’s
new Ōrākei building.
4
Oceania
Climate-Related Disclosures FY2025
Governance
Oceania Board and Committee
engagements on climate-
related issues in FY25
April 2024
Climate considerations discussed
as part of Board Strategy Day.
May 2024
Review of Draft Emissions Report and Draft CRD.
Recommendation of the GHG Emissions Report for FY24 for Board approval.
Consideration of exposure to climate-related physical hazards during review
of developments.
Approval of GHG Emissions Report for FY24, the Sustainability Charter and FY24
Annual Report, which included the Sustainability Framework and workstream
progress and metrics.
Approval of corporate budget including capital for sustainability related projects.
Update on Sustainability Linked Loan including progress of Year 3 Sustainability
Performance Target (SPT) for GHG/KPI.
Update on Sustainability Framework and workstream progress.
June 2024
Review and recommendation of FY24
CRD and independent assurance
report on FY24 GHG Emissions
Inventory for Board approval.
Approval of FY24 CRD.
Sustainability key workstream
update (as part of CFO report).
August 2024
Consideration of Oceania’s
approach to solar photovoltaic
(PV) panels during review of
community facilities at Franklin
development site.
Sustainability key workstream
update (as part of CFO report).
Board Sustainability Committee Development Committee Risk Committee Audit Committee
KEY:
5
Oceania
Climate-Related Disclosures FY2025
Governance
October 2024
Review of top risks including
climate risk.
Consideration of sustainability
issues during review
of developments.
November 2024
Update on progress towards
GHG emissions reduction target.
Sustainability Framework
priorities for FY25 and FY26 and
associated metrics and targets.
Update on CRD Roadmap.
February 2025
Introduction of revised Board
Paper template requiring
sustainability and climate
considerations.
Director education session
with external provider.
Sustainability Framework key
workstream update.
March 2025
Review of top risks profile including climate risk.
Sustainability Framework key workstream update.
Sustainability and climate considerations
discussed as part of Board Strategy Day.
April 2025
1
Update on progress towards
GHG emissions reduction
targets and CRD programme.
Update on Sustainability
Framework priorities and
Sustainability Linked
Loan performance.
1. The Sustainability Committee meets four
times annually, with three meetings in FY25
(as the fourth was held on 1 April 2025).
September 2024
Review of sustainability related KPIs, metrics and targets
as they relate to the Sustainability Framework goals and
Sustainability Linked Loan.
Review of Oceania’s GHG emissions performance and
reduction plan.
FY25 CRD Roadmap.
Approval of paper considering Oceania’s emissions reduction
target in the renewal of a supply contract.
Approval of land purchase, including consideration of
exposure to climate-related physical hazards.
Board Sustainability Committee Development Committee Risk Committee Audit Committee
KEY:
“Our climate governance is not a once-a-year agenda item.
The cadence of Board Committee discussions demonstrates
how climate is embedded across our planning, risk, and
processes throughout the year.”
Kathryn Waugh – Chief Financial Officer
6
Oceania
Climate-Related Disclosures FY2025
Governance
Management
Oceania’s Management Sustainability Steering Group (the
Steering Group) was established in September 2022 to lead
implementation of Oceania’s sustainability agenda. The Steering
Group meets four times per year (three times in FY25) and consists
of the Executive Team (being the CEO, CFO, Chief Property and
Operating Officer, Chief Legal and Risk Officer, Chief Sales and
Marketing Officer, Director Clinical and Care Services) and the
Head of Sustainability. Climate has been a standing agenda
item in FY25.
A key responsibility of the Steering Group is to review and
recommend proposed sustainability (including climate-related)
priorities, goals and targets and strategies and monitor Oceania’s
progress in achieving them. Towards the end of the reporting
period, the Steering Group took on the ongoing identification and
oversight of climate-related risks and opportunities. In FY25, the
Steering Group was supported by internal subject matter experts
(SMEs) who reviewed and consolidated climate-related risks, and
suggested relevant updates to the climate risk register (see Risk
Management for more information on this process). In addition, the
Steering Group is from time to time supported by external experts.
As the full Oceania Executive is represented on the Steering Group,
the Steering Group meetings themselves are the primary method
for informing management about climate-related issues.
Amongst Oceania’s Executive, the CFO has primary accountability
for Oceania’s climate-related risk management programme
and preparation of Oceania’s climate statements under the
FMCA, working with the Head of Sustainability and Chief Legal
and Risk Officer as an informal climate working group that
meets as needed. At a management level the CFO and Chief
Property and Operating Officer hold responsibility for realising
climate-related opportunities.
The Steering Group meetings are normally scheduled to take
place before each meeting of the Sustainability Committee.
Updates to the Steering Group are provided by the Head
of Sustainability, relevant Executive members and external
advisors from time to time. The CEO, CFO, Chief Legal and Risk
Officer, Chief Property and Operating Officer and the Head of
Sustainability attend the Sustainability Committee meetings.
This allows for regular discussion and engagement between
management and the Board to discuss climate-related matters,
with information flowing between management and the
Board, and between management and business leaders. The
Sustainability Committee has been provided with a Roadmap
for Oceania’s delivery of its group climate statements.
The Sands, Auckland, certified to Homestar 6 Built rating.
7
Oceania
Climate-Related Disclosures FY2025
Governance
Board climate skills evaluation and training
The Board monitors expertise across its directors to ensure it has
an appropriate skills matrix
1
, including climate-related skills. In
FY25, the Board updated its climate competency self-assessment
(first completed in FY24), to inform its climate-related training
for FY25. Full Board training, focusing on the development areas
identified through the self-assessment, took place at the February
2025 Board meeting. Members of the Management Steering Group
also attended this training session. The training in the reporting
period built on previous upskilling initiatives including external
training and deep dives on environmental and climate change
issues in previous reporting periods.
Tracking metrics and achieving targets
The Sustainability Committee reviews progress towards
achievement of Oceania’s sustainability (including climate-related)
targets. As discussed further in the Metrics and Targets section of
this CRD report, the Board approved Oceania’s near-term science-
based emissions reduction targets which were then validated
by the Science Based Target initiative (SBTi) in May 2024. The
Sustainability Committee reviews progress against these targets,
which is then reported to the full Board as appropriate. In future,
the Board may consider other climate-related metrics and targets
as these are developed by Oceania.
Remuneration
Performance metrics are included in Executive and other senior
management remuneration. In FY25, achieving the SBTi-approved
annual Scope 1 and 2 GHG emissions reduction target served as a
gateway hurdle for the FY25 Short Term Incentive.
1. See a snapshot of the Board’s skill set in the Annual Report 2025, on pages 32 and 33.
Management and Board working
together on climate-related issues
In FY25, Oceania engaged external experts to support the
development of its first climate transition plan. This work
included updating scenario narratives and refining climate-
related risks and opportunities. The process was informed by
workshops with the Executive Leadership Team and subject
matter experts, and was integrated with Oceania’s broader
strategic reset. Outputs from these sessions - including the
updated scenario narratives and draft transition plan - were
provided to the Board for feedback following the March 2025
Strategy Day. The Sustainability Committee also reviewed
the draft transition plan and associated risk and opportunity
disclosures. Through this process, management kept
governance engaged and informed on progress.
8
Oceania
Climate-Related Disclosures FY2025
Oceania’s strategy and business model
Oceania is a leading provider of retirement village and aged
care centres in New Zealand, operating 36
1
villages and serving
approximately 3,900 residents nationwide.
Business model
Oceania designs, develops, sells, and operates retirement villages,
offering both independent living options (apartments and villas),
and aged care services (care suites and care beds). These care
services include rest home level care, hospital level care and, at
select locations, dementia care.
The developments, innovations, and experiences provided by
Oceania are inspired by the evolving needs and expectations of
older New Zealanders, backed by extensive clinical experience.
Strategy and Sustainability Framework
Oceania’s integrated approach to strategy is demonstrated by
its four strategic pillars, which were recently updated as part of
its new five year strategy.
2
Strategy
Oceania Strategic Pillars
Inspired Living Connected CareEmpowered People Purposeful Impact
Elevating the ageing
experience through
thoughtful environments
and tailored wellbeing
services that support the
whole person
Delivering seamless
transitions across lifestyle,
health and care, strengthened
by trusted relationships
with family, whānau, and
community, and supported
by smart technology.
Supporting a dedicated,
high performing workforce
to deliver outstanding care
and experiences, backed
by strong leadership and
a culture aligned with our
strategic purpose.
Building long term,
sustainable growth through
innovation, operational
excellence, and investments
that create social and
environmental value.
1. This total reflects the settlement of a divested site, which occurred after the balance date of 31 March 2025.
2. Please see FY25 annual integrated report for further information on Oceania’s strategic reset available on our website, at https://oceaniahealthcare.co.nz/investor-centre/reports-presentations/.
Solar PV panel installation at The Helier, Auckland.
Oceania’s
Sustainability
Framework
9
Oceania
Climate-Related Disclosures FY2025
Strategy
Sustainability is integrated into Oceania’s strategy. Oceania
aspires to create sustainable retirement and aged care living
experiences for older New Zealanders through the delivery of
its Sustainability Framework 2023 – 2030. This Framework
integrates Oceania’s four strategic pillars by aligning goals
and aspirations across these four areas, informed by its FY23
materiality assessment.
Oceania is integrating sustainability into its strategic thinking
and growth initiatives as represented in its Purposeful Impact
pillar. Oceania has set a science-based near term GHG emissions
reduction target with the SBTi (see Metrics and Targets section)
and is seeking to integrate climate resilience across its business.
Aspiration
We are an employer
of choice
Goals
We attract, grow and
retain great people.
We provide a safe, diverse,
equitable and inclusive
workplace that fosters
our people’s development
and capability.
Empowered
People
Aspiration
We enable our
residents to live
a sustainable
and fulfilled life
Goals
We prioritise resident wellbeing through
conscious design and exceptional services.
We actively engage with our residents, people
and local community to create positive social
and environmental outcomes.
Inspired Living
Purposeful Impact
Aspiration
We integrate
sustainability
into our thinking,
strategy
and growth
initiatives
Goals
We adopt a long term value focus
when making investment decisions
and allocating capital.
We reduce our GHG emissions in line
with our science based target and
integrate climate resilience
into our business.
Aspiration
We use resources
sustainably to build homes
that seamlessly integrate
with, and benefit, the
local community
Goals
We design with a focus on the
local environment, community
needs and cultural values
of each location.
We minimise our
environmental impact and
support a circular economy.
Connected Care
We are creating
sustainable retirement
and aged care living
experiences for today,
and for our people
of tomorrow.
10
Oceania
Climate-Related Disclosures FY2025
Strategy
Physical impacts
Oceania did not experience material physical climate-related impacts in FY25.
Transition impacts
InsuranceThe weather events of 2023, such as the Auckland Anniversary weekend floods and Cyclone
Gabrielle
1
, contributed to pressure on the New Zealand insurance market. In FY25, Oceania
continued to experience the effects, albeit immaterial, of weather-related events on its
insurance cover, premiums and, to a related extent, policy excesses.
While the financial impact remained immaterial during this period, the broader trend of
increasing insurance premiums and potential impact on policy excesses is expected to persist.
Given Oceania’s property portfolio across New Zealand, it recognises the importance of
monitoring these evolving insurance market dynamics.
RegulationOceania continues to put in place processes, procedures and systems to support compliance
with climate disclosure requirements and to embed climate resilience into its business.
During the reporting period, no new implementation milestones were introduced under the
Ministry for Business, Innovation and Employment’s Building for Climate Change programme.
2
However, insulation and energy efficiency measures – specifically the H1 changes to the
Building Code aimed at improving thermal performance – are already in place. There was no
material financial impact in the reporting period.
At certain developments, Oceania designs and builds to standards that exceed minimum
Building Code requirements, guided by New Zealand Green Building Council (NZGBC)
Homestar certification (Oceania is also piloting NZGBC Green Star certification at Franklin
Village). Further details on Oceania’s capital deployment towards these developments is
provided in the Metrics and Targets section on page 39.
Current climate-related impacts
This table sets out management’s view of Oceania’s material current
climate-related impacts in FY25.
1. For the purposes of this climate-related disclosure, Oceania has not assessed whether these individual events are climate change related.
2. A consultation on H1 Energy Efficiency Standards closed in February 2025
Awatere, Hamilton, certified to Homestar 6 Built rating.
11
Oceania
Climate-Related Disclosures FY2025
Strategy
Scenario analysis
Oceania has used climate-related scenario analysis to support
its understanding of climate-related risks and opportunities. In
FY24, Oceania developed three climate-related scenarios to help
assess its climate-related risks and opportunities, and to help it
understand the resilience of its business model and strategy. This
qualitative exercise was facilitated by an external provider and
drew on the NZGBC’s Construction and Property Sector Scenarios
1
.
In FY25, Oceania updated its scenario analysis process. It
redefined its scenarios, drawing on the sector-developed Health
Sector Scenarios
2
, revised its climate risk and opportunity register
and retested the resilience of its strategy. A summary of Oceania’s
updated scenario narratives is set out on pages 15-17.
Sector scenario development
Oceania contributed to the development of climate-related scenarios
for both the Construction and Property Sector, and the Health Sector
(together, the Sector Scenarios), participating as a member of the
respective Technical Working Groups.
These Sector Scenarios aligned with the International Panel on
Climate Change (IPCC) Shared Socioeconomic Pathways (SSPs) and
the Climate Change Commission’s Tailwinds, Headwinds and Current
Policies scenarios. The Construction and Property Sector Scenarios
also aligned with the Network for Greening the Financial System
(NGFS) archetypes of Orderly, Disorderly and Hothouse World,
as well as the IEA World Outlook Energy scenarios. Both Sector
Scenarios considered similar timeframes being short term (present
day to 2030), mid-term (2031-2050) and long term (2051-2100).
1. New Zealand Green Business Council (NZGBC). 2023. Climate Scenarios for the Construction and Property Sector. Facilitated by Beca and available at https://nzgbc.org.nz/news-and-media/property-and-construction-sector-release-climate-scenarios-for-new-zealand.
2. Sustainable Healthcare Aotearoa. 2024. Climate Change Scenarios for the Health Sector. Facilitated by Tonkin + Taylor and available at https://www.esr.cri.nz/digital-library/climate-change-scenarios-for-the-health-sector/
12
Oceania
Climate-Related Disclosures FY2025
Strategy
Overview of scenario analysis process
Oceania’s scenario analysis was based on the Sector Scenarios,
which in turn incorporated the international archetypes listed
above. The Sector Scenarios cover entities with similar climate-
related property and health sector risks.
Oceania’s entity level scenario analysis process was conducted
with input from management and subject matter experts including
clinical, operational and functional expertise. Across a series of
workshops, with executive sponsorship from the CFO, Oceania
developed three climate scenarios from the Sector Scenarios:
Orderly, Disorderly and Hothouse World. These three scenarios
were chosen because they cover a plausible range of futures
and, therefore, are useful to test and identify a range of physical
and transition risks and opportunities under different levels
of uncertainty. While Oceania’s scenario analysis includes a
1.5°C (Orderly scenario) pathway in compliance with NZ CS 1,
it acknowledges that current global emissions trajectories and
recent temperature records suggest that limiting warming to
1.5°C is becoming increasingly challenging. Oceania’s scenarios
incorporate driving forces and critical uncertainties from the
Sector Scenarios, prioritised specifically for Oceania, allowing it
to test the resilience of its business model and strategy to climate-
related risks and opportunities. With the inclusion of driving forces
from the Health Sector scenarios in FY25, scenario narratives
were updated.
Oceania’s scenario narratives incorporate various elements of the
Sector Scenarios. For example, narrative from the Property and
Construction Sector Scenario relating to energy and electricity
demand and changes to building regulations and supply chain,
and narrative from the Health Sector scenarios relating to
communities, the effects of global trade volatility, rising costs
for senior citizens and technological advancements in care.
Where applicable, these narrative elements have been adapted
or expanded to reflect the specific context of the aged care sector.
Oceania has not performed additional modelling beyond that used
to create the international archetypes, which Oceania relied on to
develop the Sector Scenarios.
Oceania’s scenario analysis process was a standalone exercise in
FY24, subsequently refined in FY25. As in the previous year, the
outputs fed into Oceania’s most recent Board strategy day.
The steps taken by Oceania in its scenario analysis process
are outlined below:
Step 1Involved in the Sector Scenarios development and analysis.
Step 2Engaged key internal stakeholders to update Oceania’s climate scenarios and refine climate-related
risks and opportunities.
Step 3 Defined (and reconfirmed in FY25) scope and boundary including the focal question, time horizons,
and value chain.
Step 4 Identified and prioritised driving forces, including those from the Health Sector scenarios in FY25,
considering these across political, social and economic perspectives and select emissions pathways.
Step 5 Aligned Sector Scenarios (and their use of scenario architecture) and developed (and, in FY25,
updated) draft narratives.
Step 6 Refined scenarios, including review and feedback from the Board.
Step 7 Qualitatively assessed the resilience of Oceania’s business model and strategy using Oceania’s
climate-related scenarios to inform Oceania’s FY25 strategic reset and transition planning.
13
Oceania
Climate-Related Disclosures FY2025
Strategy
Time horizons
An overview of the time horizons considered as part of the scenario analysis process, and the link to Oceania’s strategic planning horizons
and capital deployment plans, is set out in the table below. These are aligned with the timeframes in the Sector Scenarios:
Short-termPresent day – 2030Aligns with Oceania’s near-term capital allocation and funding cycle, Oceania’s
refurbishment cycles and process, near-term GHG reduction targets, and the need
for global emissions to halve by 2030.
Medium-term2031 – 2050Aligns with capital allocation for next wave of Oceania’s funding strategy, home
ownership trends, evolution of human capital elements, NZ and global net zero by
2050 ambitions.
Long-term2051 – 2080
1
Aligns with ownership and operation of long-lived assets subject to the long-term
impacts of climate change, building conversion trends, and design lifespans.
1. This is shorter than the long-term time frame for the Sector Scenarios which extended to 2100.
Community Building,
Franklin, Auckland,
designed to Green Star 5.
Image is indicative only
and subject to change.
14
Oceania
Climate-Related Disclosures FY2025
Strategy
Description of scenarios
This table provides a brief overview of the various emissions
reduction pathways in each of Oceania’s climate-related
scenarios, the assumptions underlying each pathway and
sources of data. A summary of each scenario narrative is
included on the following pages.
1
Climate-related scenarios are a
plausible, challenging description of
how the future may develop (based
on assumptions about external driving
forces, including those which may lead
to physical and transition risks). Climate-
related scenarios are not intended to
be probabilistic or predictive, or to
identify the ‘most likely’ outcomes of
climate change. They are intended to
provide an opportunity for entities to test
their strategies against these potential
futures. They also help to develop
internal capacity to better understand
and prepare for the uncertain future
impacts of climate change.
Oceania Scenario nameOrderlyDisorderlyHothouse World
Alignment to Sector Scenarios
Health Sector Ambitious and Orderly Delayed and DisorderlyHothouse World
Property and Construction SectorOrderlyDisorderlyHothouse World
Scenario archetypes used by
Sector Scenarios:
Network for Greening the
Financial System
IPCC scenario (AR6) for
global narrative
2
IPCC scenario (AR5) for NIWA’s
downscaled physical risk data
Net Zero 2050 (1.5°C)
IPCC SSP1-1.9
RCP2.6
3
Delayed Transition
IPCC SSP2-4.5
RCP4.5
4
Current Policies
IPCC SSP3-7.0
RCP8.5
Global temperature outcomes
<1.5°C~2.7°C>3°C
Relative severity of physical impactLowestMediumHighest
Relative severity of transition impactsHighHighestLowest
Domestic policy responseImmediate, rapid and
well signalled
Delayed until the mid-2030s
and then abrupt and volatile
Reactive
Relative pace of technology changeFast pace of changeMedium pace of changeSlow pace of change
Relative pace of behaviour changeFast SlowSlow
Relative health impactsLowestMediumHighest
1. Oceania’s climate scenario narratives do not expressly include carbon sequestration from afforestation or nature-based solutions, as anticipated by NZ CS 3, paragraph 51(a)(iii).
2. Oceania used these narratives for transition risk testing. In FY25, Oceania changed the global narrative used for its Disorderly scenario to make it more distinct from its Orderly scenario
and to align with the Health Sector Scenario of Delayed and Disorderly. These changes did not materiality affect Oceania’s risks and opportunities.
3. Note RCP2.6 formed the lower bound of the physical risk assessment and hence is associated with an Orderly scenario insofar as RCP2.6 is associated with a ~1.5°C warming above
pre-industrial levels, by 2100. This differs from the global SSP narrative scenario as NIWA has not downscaled SSP1-1.9 for New Zealand and the closest downscaled scenario is SSP1-2.6.
4. The Disorderly scenario describes a hypothetical world where warming is approximately 2.7°C by 2100. Oceania has aligned the RCP4.5 scenario as this reflects the mid-tier level of risk
for Oceania’s physical risk assessment, for which the IPCC estimates as representing a mid-term warming of 2.0°C by 2050.
15
Oceania
Climate-Related Disclosures FY2025
Strategy
Short term (2025 to 2030)
New Zealand introduces ambitious climate policies,
including updated building regulations to improve operational
efficiency, cap embodied carbon, and circular economy
regulations. Rising electricity demand and prices are abated
by investment in new, distributed energy solutions. The aged
care labour market is stable, supported by steady immigration
and technological advancements in care.
Global trade volatility works positively to accelerate
decarbonisation but does divert some funds from aged care,
resulting in rising costs for senior citizens. Health outcomes
worsen due to disparities and continued healthcare strain.
There are intermittent and temporary shortages of medical
supplies. Retirement villages and aged care service providers
face increased demand for services but increasing operational
and compliance costs.
Medium term (2031 to 2050)
Achievable and effective climate policies support
organisations’ commitment to climate targets, climate
resilience measures are standardised, and there is managed
retreat where appropriate. Strengthened building regulations
and supply chain innovations make low carbon materials
cost effective, driving embodied emissions reductions.
Innovations in the supply chain protect against disruptions
and evolve to make low carbon materials more cost effective
than traditional options by 2040. Rising carbon prices and
subsidies accelerate low carbon methods. Proactive carbon
pricing positively supports continued global trade.
Globally, energy grids shift to renewables, with New Zealand’s
grid reaching nearly 100% renewable generation by 2050,
with decentralised solutions offsetting growing pressure
on government infrastructure. Population growth increases
demand for healthcare and some aged care providers
expand into broader community based care. Urban greening
initiatives mitigate extreme heat. Public and private financing
supports emissions reductions and climate resilience.
Consumer demand for sustainable services grows. Companies
that fail to meet ambitious, science based reduction targets
could face reputational impairment and loss of market share.
Long term (2051 to 2080)
Evolving building regulations keep enhancing resilience
against extreme weather. Rising carbon prices and waste
levies reinforce principles of a circular economy. New Zealand
maintains near 100% renewable generation, but blackouts
make on site generation critical for many aged care providers.
The labour market remains stable, attracting skilled workers
through climate migration.
Robust policy frameworks balance climate goals with social
welfare, ensuring that healthcare subsidies are economically
sufficient and sustainable. The aged care sector offers
diversified services and contributes to improved health
outcomes for aged New Zealanders. There is some inequity
between aged care operators, with those who proactively and
continuously evolve their sustainability practices more likely
to prosper. The frequency of heatwaves and other extreme
weather stabilises, along with associated health risks, but
ongoing management is still required.
Orderly Scenario
Physical
Transition
The Orderly scenario describes a future where the world is able to limit warming to within 1.5°C. Effective but
ambitious decarbonisation targets and policies are introduced quickly, resulting in a rapid but steady decline in
emissions to achieve net zero by 2050. The scenario assumes a moderate level transition risk to meet net zero 2050
goals and the comparatively lower exposure to physical risks compared to Disorderly and Hothouse scenarios.
Heavy rainfall events
1
2090
3
: +3%
Number of Days >25°C
1
2090
3
: +22 days per year
Sea level rise
2
2040: 0.2m
2090
3
: 0.4m
Drought exposure
4
Eastern side of both islands:
Increasing exposure
Western side of both islands:
Decreasing exposure
Total population
5
2025: 5.22m
2050: 6.13m
Risk to supply
chain continuity
5
Minor increase
Population > 65 yrs
5
2025: +17.5%
2050: +23.3%
Whole of life building
GHG reduction rules
6
2025: 20%
2050: 90%
Government aged
care spending
5
2030–40: Minor reduction
2040–50: Minor increase
Life expectancy changes
5
General population:
Moderate increase
Communities of need:
Minor increase
1. MfE, Auckland Climate Projections Map, using SSP1-
2.6. Annual data. Base period is 1986-2005, future
period is 2080-2099.
2. NIWA Coastal Flood Layers Viewer, 2023, Eagle
Technology, LINZ, StatsNZ, NIWA, Natural Earth
3. Projections of climate-related hazards for 2090 were
more readily available than for 2080. Differences
between 2080s and 2090s projections are immaterial
to decision-making in the context of Oceania’s long-
term time horizon.
4. Climate projections insights, Ministry for Environment
5. Health Sector Scenarios
6. Construction & Property Sector Scenarios
<1.5°C
16
Oceania
Climate-Related Disclosures FY2025
Strategy
Short term (2025 to 2030)
The government’s funding and response to climate change
is slow, constrained by other national priorities and the
need to manage increasingly stressed physical and social
infrastructure. Uncertain or ineffective climate policies delay
investments, and stagnant building regulations hinder low
carbon design.
Globally, carbon price volatility and trade issues result in
sporadic decarbonisation efforts. Rising electricity and other
supply chain costs, coupled with insufficient healthcare
subsidies, also strain the aged care sector in New Zealand.
The labour market suffers from a ‘brain drain’ as workers
seek greater financial security in offshore economies. Global
and regional trade conflicts lead to increasing use of tariffs
impacting the cost of the overall supply chain.
Medium term (2031 to 2050)
Sudden and uncoordinated policy implementation in the
2030s, results in extreme costs of compliance for the aged
care sector. Failure to meet emissions targets results in
reliance on costly international offsets. Rapid policy shifts
to avoid global sanctions lead to public and industry
pushback, and difficulties with compliance. Government
spending on superannuation and aged care becomes
increasingly constrained from 2030s as funding is diverted
to national decarbonisation and recovery from weather
events. Reduced aged care subsidies increase reliance
on informal caregiving at home.
Aged care operators that proactively invested in low carbon,
climate resilient design and energy security, now benefit
from regulatory compliance, lower funding costs, and
investor confidence, while other operators face high costs,
reputational damage, and a risk of asset stranding.
Abruptly introduced carbon caps cause project delay and an
increase in operational costs. Demand for energy increases,
but supply is volatile, with increasing frequency and duration
of blackouts, necessitating more frequent activation of
emergency plans. Extreme weather causes increasing health
risks for older people, and insurance providers withdraw from
high risk locations. Workforce shortages persist, and climate
migration adds to strain on the healthcare system.
Long term (2051 to 2080)
Climate policy focuses on adaptation and immigration
management but alongside growing social inequity and
regionalism. Lack of affordable housing policies stresses social
infrastructure. Ongoing financial constraints in the aged care
sector delay further adoption of climate resilient technologies,
but public private partnerships drive some improvement in
the sector.
Rising insurance costs and asset devaluation challenge the
financial stability of some aged care providers, leading to
consolidation or closure. Social inequity continues to fragment
and disrupt communities with increasingly inequitable access
to quality care. Building regulations evolve, but supply chains
remain volatile. Adaptation measures improve stability, but
extreme weather events and health risks persist.
Disorderly Scenario
The Disorderly scenario describes a future where there is limited success in managing climate change, and warming
reaches approximately 2.7°C by 2100. Significant decarbonisation is delayed until the 2030s, due to delayed policy and
market transition, requiring a more rapid, reactive and costly response. This scenario assumes the highest transition risks
as New Zealand attempts to meet net zero targets by 2050, but still experiences some escalation in physical climate risks.
Heavy rainfall events
1
2090
3
: +8%
Number of Days >25°C
1
2090
3
: +51 days per year
Sea level rise
2
2040: 0.2m
2090
3
: 0.5m
Drought exposure
4
Eastern side of both islands:
Increasing exposure
Western side of both islands:
Decreasing exposure
Total population
5
2025: 5.22m
2050: 6.13m
Risk to supply
chain continuity
5
Major increase
Population > 65 yrs
5
2025: +17.5%
2050: +23.3%
Whole of life building
GHG reduction rules
6
2025: 0%
2050: 80%
Government aged
care spending
5
2030–40: Moderate reduction
2040–50: Moderate reduction
Life expectancy changes
5
General population:
Minor decline
Communities of need:
Moderate decline
~2.7°C
1. MfE, Auckland Climate Projections Map, using SSP2-
4.5. Annual data. Base period is 1986-2005, future
period is 2080-2099.
2. NIWA Coastal Flood Layers Viewer, 2023, Eagle
Technology, LINZ, StatsNZ, NIWA, Natural Earth
3. Projections of climate-related hazards for 2090 were
more readily available than for 2080. Differences
between 2080s and 2090s projections are immaterial
to decision-making in the context of Oceania’s long-
term time horizon
4. Climate projections insights, Ministry for Environment
5. Health Sector Scenarios
6. Construction & Property Sector Scenarios, based on
SSP1-2.6.
Physical
Transition
17
Oceania
Climate-Related Disclosures FY2025
Strategy
Short term (2025 to 2030)
Aged care providers navigate the lack of government
action on climate change, policy uncertainty, and outdated
building regulations. Investment in national energy solutions
is slow and uncoordinated, power outages start to become
more frequent, and backup power generation becomes
a growing concern. The lack of effective climate policies
undermines the implementation of low carbon design and
circular economy regulations. Workforce shortages also
intensify due to stronger offshore economies.
Climate driven migration places pressure on urban housing,
creating some competition for aged care beds. Supply chain
volatility disrupts access to essential medical supplies,
while rising temperatures lead to an increase in heat
related illnesses, particularly among the elderly.
Medium term (2031 to 2050)
Government coordination of policy change remains
limited, and incentives for emissions reductions are lacking.
Significant shortcomings in the emissions trading scheme
and other climate policies delay upgrades to energy
efficient production. Aged care facilities and retirement
villages experience increasingly frequent power disruptions,
affecting the provision of care and the maintenance of
safe, cool environments – particularly during heatwaves.
Prolonged blackouts necessitate private investment in on
site energy solutions.
Hothouse Scenario
The Hothouse scenario describes a future where limited
effective policies have been implemented to reduce
emissions, which continue to rise, with warming > 3°C.
This scenario involves fewer policy and market transition
risks but extreme physical climate risks.
Heavy rainfall events
1
2090
3
: +10%
Number of Days >25°C
1
2090
3
: +78 days per year
Sea level rise
2
2040: 0.2m
2090
3
: 0.7m
Drought exposure
4
Eastern side of both islands:
Increasing exposure
Western side of both islands:
Decreasing exposure
Total population
5
2025: 5.25m
2050: 6.93m
Risk to supply
chain continuity
5
Extreme increase
Population > 65 yrs
5
2025: +17%
2050: +22%
Whole of life building
GHG reduction rules
6
2025: 0%
2050: 50%
Government aged
care spending
5
2030–40: Minor reduction
2040–50: Moderate reduction
Life expectancy changes
5
General population:
Moderate decline
Communities of need:
Major decline
Globally, the failure to meet carbon targets results in
runaway global warming, with increasingly intense and
frequent incidences of drought, extreme weather, wildfires
and floods – all contributing to rising resource scarcity and
material costs. Climate driven migration increases demand for
aged care, but many incoming residents don’t necessarily have
the financial security or means to access premium facilities.
Supply chain failures drive up costs for medical supplies, and
public health organisations are prioritised during shortages.
There is increasing demand for privately funded health services,
highlighting the growing disparities in access to healthcare
for New Zealanders. Workforce shortages persist.
Long term (2051 to 2080)
There is marked social inequity and political instability,
and withdrawal of international investment and credit from
New Zealand. Climate driven migration strains New Zealand
housing and healthcare services. Building regulations start to
evolve, reactively addressing the need for buildings to withstand
climate impacts. There is little to no government funding for
the construction of climate resilient buildings. Supply chain
volatility results in unreliable deliveries of medical and other
supplies, significantly increasing operating costs and risk.
Extreme weather events cause significant and expensive
damage and disruption to aged care operations. Power and
water outages are frequent, making self-sufficient energy
and water solutions essential. People move away from coastal
hazards and areas exposed to flooding with little government
coordination of managed retreat.
Public healthcare funding continues to decline, leaving
the public sector overwhelmed and driving increased
demand for private healthcare, which remains highly
inequitable due to cost.
Globally, social cohesion degrades, and conflict increases.
Older people become more vulnerable. Political polarisation
and conflict undermine governments, increasing regionalism.
>3°C
1. MfE, Auckland Climate Projections Map, using SSP3-
7.0. Annual data. Base period is 1986-2005, future
period is 2080-2099
2. NIWA Coastal Flood Layers Viewer, 2023, Eagle
Technology, LINZ, StatsNZ, NIWA, Natural Earth
3. Projections of climate-related hazards for 2090 were
more readily available than for 2080. Differences
between 2080s and 2090s projections are immaterial
to decision-making in the context of Oceania’s long-
term time horizon
4. Climate projections insights, Ministry for Environment
5. Health Sector Scenarios
6. Construction & Property Sector Scenarios
Physical
Transition
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Oceania
Climate-Related Disclosures FY2025
Strategy
Climate-related risks and opportunities
As part of the scenario analysis process, Oceania undertook a climate-related risk and opportunity assessment with its SMEs, with reference to its climate-related scenarios.
The time horizons for this risk and opportunity assessment were consistent with those adopted for scenario analysis as set out on page 13.
Material Climate-related Risks
RiskTypeTime Horizon
1
Scenario
(where the risk
is greatest)Anticipated impacts of the risk
Risk of acute weather events on infrastructure
and property
As acute extreme weather events
2
become
increasingly frequent and intense, this may
cause significant or sustained damage
to Oceania land and buildings, as well as
critical infrastructure such as power, water
and telecommunications that support
Oceania’s villages.
Physical (acute)Medium
Long
Disorderly
Hothouse
Damage to infrastructure (including water, power and telecommunications) would disrupt
business operations and impact resident and employee experience, wellbeing and safety.
Oceania’s assets at risk include site roading, cladding and components, basements, carparks,
storage of critical infrastructure, lifts, roofing, guttering, fences, gas and water pipes, shifting
foundations, paint and flashings.
The range of reasonably anticipated impacts to operations include:
• outages to power, water and communications
• disruption to site access
• evacuation and need for temporary accommodation
• loss of revenue
• impact on resident and employee experience and wellbeing (see also 4 below)
• increased remedial and operational costs (direct and indirect costs, such as insurance).
1. The time horizon indicates Oceania’s assessment of where the risk is likely to be most significant.
2. Acute weather events could include sea surge, storms, variability in rainfall, flooding, drought, landslides, high winds and falling debris, and wildfires.
19
Oceania
Climate-Related Disclosures FY2025
Strategy
RiskTypeTime Horizon
1
Scenario
(where the risk
is greatest)Anticipated impacts of the risk
Risk of changing climate patterns on land
and property
Changing climate patterns cause chronic or
ongoing deterioration of Oceania’s buildings,
property and grounds.
Physical
(chronic)
Medium
Long
Disorderly
Hothouse
In the longer term, changing climate patterns could cause chronic or sustained damage to
Oceania’s buildings, property and grounds. This includes damage caused by rising sea levels,
coastal inundation and erosion, rising water tables and increase in salination, persistent and
higher temperatures, and increased variability and length of wet and dry periods.
The range of reasonably anticipated impacts to operations include:
• accelerated asset wear
• deterioration of grounds, facilities and infrastructure
• increasing cost to remediate or retrofit/upgrade (e.g. cooling systems) with higher energy
consumption and operational costs
• loss of usability or access to sites
• insurance retreat or increase
• market devaluation
• more frequent evacuations and relocation plans (and associated costs).
Risk of acute and/or chronic climate hazards
on supply chain
A range of climate hazards (both acute
and chronic) cause significant and ongoing
disruption to Oceania’s supply chain.
Physical (acute
and chronic)
Medium
Long
Disorderly
Hothouse
The range of reasonably anticipated impacts to supply chain include:
• disruption to essential supplies (and associated labour)
• delays to construction
• disruption to community infrastructure (including roading access to Oceania’s sites)
• resident and employee experience, wellbeing and safety (see also 5 below).
1. The time horizon indicates Oceania’s assessment of where the risk is likely to be most significant.
20
Oceania
Climate-Related Disclosures FY2025
Strategy
RiskTypeTime Horizon
1
Scenario
(where the risk
is greatest)Anticipated impacts of the risk
Risk of changing climate patterns on staff
and residents
Changing climate patterns risk harm to
people and poorer health outcomes for staff
and residents.
Physical (acute
and chronic)
Medium
Long
Orderly
Disorderly
Hothouse
Poor health outcomes may include respiratory issues (e.g. caused by dampness, mould, ash
and smoke), increased risk of infection, a rise in water-borne and other infectious diseases,
dehydration, heatstroke and other heat-related illnesses, and impacts on psychosocial and
cognitive wellbeing and behaviour.
The range of reasonably anticipated impacts include:
• availability of skilled labour resources for Oceania
• resident experience and care.
Risk of abrupt policy or regulatory changes
Abrupt, rapid or significant policy or regulatory
changes risks Oceania’s operations.
Transition
(policy)
Short
Medium
Orderly
Disorderly
Specific regulatory or policy changes that could impact Oceania include changes to building
regulations such as caps on embodied or operational carbon, temperature controls, and
restrictions on carbon intensive materials, as well as measures like managed retreat, changes to
resource consenting or land use, and carbon border taxes impacting Oceania’s supply chain.
The range of reasonably anticipated operational and financial impacts include:
• supply chain shocks (e.g. disruption or price volatility), including rising costs of carbon
intensive materials
• increased cost of mid-life asset retrofitting, with a risk of sunk costs associated with
decommissioned assets
• project delays and rising development costs
• compliance challenges
• loss of social licence and/or public trust in Oceania
• legal action or punitive regulatory response, reduced access to capital, or increased cost of
capital, and/or fines and penalties.
1. The time horizon indicates Oceania’s assessment of where the risk is likely to be most significant.
21
Oceania
Climate-Related Disclosures FY2025
Strategy
RiskTypeTime Horizon
1
Scenario
(where the risk
is greatest)Anticipated impacts of the risk
Risk of failure to decarbonise
Oceania fails to decarbonise leading to a range
of outcomes.
Transition
(market, policy)
Short
Medium
Orderly
Disorderly
A failure to decarbonise could result from a lack of government drivers to influence sector change,
a failure to invest in the right practices and/or failure of Oceania’s supply chain to decarbonise.
The range of reasonably anticipated impacts include:
• a shortfall against stakeholder expectations, impacting access to capital and funding, eroding
reputation or resulting in punitive regulatory responses or litigation
• a decline in sales pipeline and revenue due to an inability to competitively meet
consumer preferences
• carbon offset liabilities or penalties, and rising cost of carbon that may affect the cost of goods
and services
• increased capital expenditure to support decarbonisation, potentially impacting product
pricing, margins and/or affordability.
Risk to electricity supply
Increasingly constrained capacity or availability
of electricity supply and/or associated increases
in cost of energy.
Transition
(market,
technology)
Medium
Long
Disorderly
Hothouse
The range of reasonably anticipated impacts include:
• increased energy costs
• greater exposure to blackouts if the risk is not mitigated. The risk of blackouts may be further
amplified if Oceania does not invest in on-site renewable energy solutions
• further exacerbation of energy reliability issues if viable commercial battery storage is not achieved
• reduced available storage space (including car parks) if repurposed for battery infrastructure.
Risk of reallocation of government aged
care funding
Reallocation of government aged care
funding due to government’s prioritisation
of climate-related initiatives or issues
(including remediation).
Transition
(policy)
Medium
Long
Disorderly
Hothouse
It is reasonably anticipated that this risk could impact:
• reduced public funding for the aged care sector
• potential decline in national superannuation funding
• negative impacts on the financial viability of standalone care
• reduced capacity or levels of care that can be delivered.
1. The time horizon indicates Oceania’s assessment of where the risk is likely to be most significant.
22
Oceania
Climate-Related Disclosures FY2025
Strategy
Material Climate-related Opportunities
Opportunity TypeTime Horizon
1
Scenario
(where the opportunity
is greatest)Anticipated impacts of the opportunity
Climate resilient villages
Opportunity to design and build
climate resilient and sustainable
residences and services
Physical
Transition
(market)
Short
Medium
Long
Orderly
Disorderly
Hothouse
By designing and offering climate-resilient villages, Oceania is positioned to provide safer, more
adaptive, and potentially more cost-effective living environments and services. This may include
mitigating against the impacts of physical climate change, improved access to essential utilities
and services (e.g. food, power, water, insurance) that are increasingly impacted by climate-related
disruption, as well as enhancements to resident experience and wellbeing (e.g. temperature regulation,
biophilic design).
Climate-resilient construction practices can potentially also support more efficient long term cost
management (e.g. repairs and maintenance).
Decarbonised business model
Opportunity to transition to an
energy efficient, decarbonised
business model.
Transition
(market,
reputation)
Short
Medium
Orderly
Disorderly
By making a swift and efficient transition to a climate-resilient and decarbonised business model,
Oceania may be better placed to capture a larger market share and increase revenue.
Decarbonising operations may help to reduce or avoid future carbon offset costs and climate liability,
as well as help to improve the return on end-to-end investments (e.g. in new technology).
A clear climate strategy and transition plan may assist in access to well-priced capital and funding.
Supporting ageing
New Zealanders
Opportunity to support an
ageing population to thrive
through the impacts of
climate change.
Transition
(market,
reputation)
Physical
Short
Medium
Long
Disorderly
Hothouse
By offering climate-resilient places to live and enhanced support, Oceania has the potential to access a
long-term pipeline of demand for Oceania products and services.
Oceania anticipates an increase in both the local ageing population, as well as a possible increase in
aged-immigration.
1. The time horizon indicates Oceania’s assessment of where the opportunity is likely to be most significant.
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Climate-Related Disclosures FY2025
Strategy
Climate Transition Plan
Oceania’s strategic response to its climate-related risks and opportunities, and how these connect to the broader strategy and
Sustainability Framework, is set out in the table below.
Climate transition
workstream Link to Oceania strategic pillars
Oceania’s strategic response
(actions being taken under this workstream)Alignment to risks and opportunities
A resilient portfolio
investment strategy for
sustainable growth
This workstream is about
supporting Oceania’s property
portfolio to remain appropriate
for the future, through timely
acquisition, development and
divestment planning.
Connected
Care
Purposeful
Impact
This workstream aligns with strategic
and Sustainability Framework pillars of
Purposeful Impact and Inspired Living;
aligning developments with Oceania’s
growth trajectory, and integrating
sustainability into its thinking,
strategy and growth initiatives.
Due diligence on portfolio: Oceania manages NZ$2.9 billion in assets.
Oceania’s portfolio is geographically diversified across New Zealand and has
been assessed for exposure to certain climate-related physical hazards.
Climate hazard exposure assessment integrated into acquisition and
divestment strategy: Oceania considers a range of strategic and risk factors
when evaluating potential acquisition or divestment of sites. Increasingly, this
includes assessing exposure to climate-related physical hazards and the site’s
ability to adapt.
Low emissions designs for resource efficiency and climate resilience:
Oceania intends to design and build for resource efficiency and climate
resilience, including to NZGBC Homestar and Green Star, where appropriate,
as well as assessing whole of life return on investment.
Monitoring insurance sector developments: Oceania continues to monitor
the impact of climate change on the insurance market, including insurance
retreat, access to cover for specific risks and premium trends.
This workstream seeks to mitigate physical
climate risks (acute and chronic), insurance
retreat, regulatory changes and changing
preferences of residents for resilient living
(risks 1 to 5).
This workstream aligns with opportunities
to design and build for climate resilience
and to support an ageing population
through the impacts of climate change
(opportunities 1 and 3).
Future planned action Elements already underway or ongoing Already in place, continuing, or completed
24
Oceania
Climate-Related Disclosures FY2025
Strategy
Climate transition
workstream Link to Oceania strategic pillars
Oceania’s strategic response
(actions being taken under this workstream)Alignment to risks and opportunities
Site-specific property
enhancements to
build resilience
This workstream is about
adaptation improvements to
Oceania’s long term assets to
strengthen climate resilience.
Inspired
Living
Connected
Care
Purposeful
Impact
This workstream aligns with the
strategic and Sustainability Framework
pillars of Purposeful Impact, Inspired
Living and Connected Care; delivering
safer and more sustainable villages
and care centres for residents, through
conscious design and adaptation, as
the climate changes.
Site specific adaptation plans: In FY24, Oceania undertook a climate risk
assessment of its portfolio. Oceania plans to develop site specific adaptation
plans. Oceania takes a long-term view and continued investment will be
required in the longer term, as high physical impacts unfold. This work is
planned to integrate with asset management planning to enable capital works,
maintenance, procurement, and renewal programs to reflect climate risk and
resilience needs.
Portfolio strategies: At a portfolio level, Oceania intends to formally develop
and/or mature portfolio energy, water, and temperature management
strategies, to be applied to each site based on the site level physical climate
risk assessments, enabling Oceania to deliver practical, targeted adaptation
and resilience initiatives.
Emergency response and business continuity planning: Oceania plans to
continue strengthening business continuity planning, including planning for
more complex and extreme weather events. This is planned to include ongoing
practice and maturation of evacuation and site emergency management
procedures, alternative supplier arrangements, comprehensive crisis
communications plans and desktop exercises.
This workstream seeks to mitigate physical
climate risks (acute and chronic) and help
Oceania to mitigate risks from extreme
weather events, water scarcity, and energy
reliability (risks 1 to 4). It also seeks to
anticipate and prepare for regulatory
changes, as well as changing preferences
from residents for resilient living spaces
(opportunity 1).
The workstream aligns with the opportunity
to support an ageing population
through the impacts of climate change
(opportunity 3).
A resource efficiency plan and
scope 1, 2 and 3 emissions
reduction strategy
This workstream is about a cost
effective approach to meeting
emissions reductions.
Purposeful
Impact
Connected
Care
This workstream aligns with the
strategic and Sustainability
Framework pillars of Purposeful
Impact and Inspired Living; minimising
environmental impact, supporting a
circular economy, and reducing GHG
emissions in line with science-based
targets as Oceania grows.
Scope 1 and 2 emissions reduction: Oceania plans to continue to deploy its
Scope 1 and 2 emissions reduction plan to deliver its near-term science-based
target (see Metrics and Targets section).
Scope 3 emissions: Oceania measures its Scope 3 emissions and obtains
external assurance over these. Oceania plans to focus on improving resource
efficiency and reducing emissions associated with capital goods linked to its
development activity. Recognising that many Scope 3 emissions sources are
outside of Oceania’s direct control, Oceania plans to continue to implement
its existing supplier engagement target as part of its approach to encouraging
alignment with climate goals and identifying opportunities for emissions
reduction across purchased goods and services.
This workstream seeks to mitigate the
impact of potential future regulatory
changes and supply chain shocks
(risks 3, 5 and 6).
It also aligns with the opportunity to
move to a low carbon business model –
attracting finance and building reputation
- and improving resource efficiency
(opportunity 2).
Future planned action Elements already underway or ongoing Already in place, continuing, or completed
25
Oceania
Climate-Related Disclosures FY2025
Strategy
Climate transition
workstream Link to Oceania strategic pillars
Oceania’s strategic response
(actions being taken under this workstream)Alignment to risks and opportunities
Investing in employee
wellbeing and climate
preparedness
This workstream is about
supporting Oceania’s people
to manage and adapt to
climate-related challenges
while continuing to care for
Oceania’s residents.
Empowered
People
Inspired
Living
This workstream aligns with the
strategic and Sustainability Framework
pillars of Empowered People and
Connected Care; sharing learnings
about climate change and continuing
to deliver exceptional care through
a changing climate. This supports
Oceania’s aspiration to be an employer
of choice and goal of attracting,
growing and retaining great people.
Enabling Oceania’s people to manage the change: Oceania’s staff are
integral to the implementation of its climate transition plan. Oceania intends to
provide staff with education and support relating to managing climate risk and
transition planning.
Delivering excellent care: Oceania plans to continue to invest in its people
to deliver excellent care and services through a changing climate. This
may involve integrating learnings into Oceania’s clinical risk governance
and framework and model of care, including the expansion of its nurse
practitioner model.
Site champions: Oceania intends to implement site “green champions” to
support on the ground operational and behaviour change around managing
climate risk and sustainability.
This workstream seeks to mitigate the
climate-related risks related to staff
and resident wellbeing and operational
disruptions (focused on risk 4, but relates to
the impacts of all physical climate risks).
It also aligns with the opportunity to
support an ageing population through the
impacts of climate change and to transition
to a low carbon climate resilient business
model through the enablement of Oceania’s
people (opportunity 3).
Evolving financial models
and best in class resident
care offering
This workstream is about
embracing change and
evolving Oceania’s service
model to meet the needs of
ageing New Zealanders in a
sustainable manner.
Connected
Care
Inspired
Living
This workstream aligns with the
strategic and Sustainability Framework
pillars of Inspired Living and
Connected Care; maintaining business
viability during the transition and/or as
physical climate impacts materialise,
enabling residents to live a sustainable
and fulfilled life and delivering
exceptional services.
Funding models and changing resident expectations: In the longer term,
climate change is likely to precipitate changes in funding models, sources of
finance and/or diversification of resident care and living options, alongside
evolving property market dynamics, shifting customer demographics, and
changing government priorities. Oceania plans to continue to be flexible
and adaptable as the impacts of climate change unfold and the economy
transitions. Oceania’s $500m sustainability linked loan demonstrates its
commitment to integrating sustainable practices into its financial strategies.
Stakeholder strategy: Part of this workstream involves formally documenting
a coordinated stakeholder and government relations approach, specifically
addressing climate-related risks and opportunities as well as generally
monitoring for future potential policy and regulatory changes, and building
effectiveness through industry bodies on issues such as aged residential
care funding.
This workstream seeks to mitigate climate-
related risks related to regulatory and
aged care funding changes, and changing
resident preferences (risks 5, 8 and 9).
It also aligns with the opportunity to
support an ageing population through the
impacts of climate change (opportunity 3).
Future planned action Elements already underway or ongoing Already in place, continuing, or completed
26
Oceania
Climate-Related Disclosures FY2025
Strategy
Governance of Oceania’s transition plan
The Sustainability Committee oversees the implementation of
Oceania’s sustainability strategy, including Oceania’s strategic
approach to climate-related risks and opportunities. This
includes oversight of Oceania’s Climate Transition Plan going
forward. Review of progress against the Climate Transition Plan
workstreams is intended to be a standing agenda item at the
Sustainability Committee. Management’s Sustainability Steering
Group will include review of the workstreams and the Climate
Transition Plan is also intended to be a standing agenda item at
Steering Group meetings going forward. Each workstream has
an Executive sponsor and will be supported by senior leaders
across the business.
Delivery of Oceania’s Climate Transition Plan
The processes that support funding decisions and capital
allocation for Oceania’s Climate Transition Plan workstreams are
integrated into Oceania’s ‘business as usual’ decision making
frameworks. Climate considerations are assessed alongside
financial, operational, and strategic criteria during capital
planning and investment evaluations. By considering climate
transition initiatives within existing governance and investment
approval mechanisms, Oceania aims to ensure that climate
transition is not treated as a separate stream but as a core
component of Oceania’s business.
Oceania integrates climate-related risks and opportunities into
Oceania’s investment and planning decisions through project
level assessments. For instance, when evaluating potential
sites for new villages, Oceania’s land acquisition due diligence
includes review of exposure to physical climate hazards, as well
as consideration of transition risks such as the implications of
managed retreat and insurance availability.
In the design and upgrade of both new and existing villages,
Oceania actively seeks to capitalise on climate-related
opportunities by embedding sustainable design principles
and energy efficient technologies. Oceania utilises financial
instruments such as sustainability linked loans to support
Oceania’s initiatives.
This embedded approach reflects how climate considerations
are directly influencing Oceania’s capital allocation decisions,
supporting risk mitigation and positioning Oceania to benefit from
the transition to a low emission, climate resilient future.
Details on the capital deployed towards managing Oceania’s
climate-related risks and opportunities in the reporting period
can be found in the Metrics and Targets section of this report,
at page 39.
Assumptions, dependencies and risks
Oceania’s Climate Transition Plan is subject to a number of
assumptions, dependencies, and risks, including potential barriers
to execution - many of which are outside of Oceania’s direct
control. Key dependencies include the availability and quality of
climate-related data, access to low carbon building materials at
viable cost, information from the insurance market, the availability
and affordability of fossil fuel alternatives and necessary electrical
infrastructure (including grid capacity and transformer
upgrades), and sufficient internal capability and resourcing to
implement initiatives.
The Plan also relies on resident expectations remaining
supportive of low-carbon initiatives, continued market demand
for retirement living options, and stability in government policy
and regulation. In relation to Scope 3 emissions, success is
dependent on the ability of Oceania’s suppliers to adopt
science-aligned targets, Oceania’s level of influence over
supply chains, and the availability and cost of low carbon
alternatives to capital goods currently used in developments.
The Plan assumes continued technological advancement,
market acceptance of low carbon solutions, and a stable
regulatory environment.
Material risks include economic volatility impacting funding
and investment in transition initiatives, supply chain disruption,
policy and regulatory change that hinders the transition,
technology performance gaps (not performing as expected),
and stakeholder resistance slowing down implementation.
Key limitations could include availability of quality data,
infrastructure, and organisational capacity.
These factors may impact the timing, cost, and overall
feasibility of Oceania’s Climate Transition Plan.
In the design and upgrade of both new and existing villages,
Oceania actively seeks to capitalise on climate-related
opportunities by embedding sustainable design principles
and energy efficient technologies.
27
Oceania
Climate-Related Disclosures FY2025
Strategy
Building design and reducing
embodied carbon
Oceania designs and builds to NZGBC certification. Having utilised Homestar 6 certification
(for residential units) for several years, Oceania is now designing to the more aspirational
and rigorous Homestar 7 (version 5) at its first greenfield, broadcare site, at Franklin village,
Auckland. The villas feature high insulation, efficient glazing, and fresh air circulation through
mechanical heat recovery ventilation systems. Oceania is also designing its first Green Star
project for the community and care buildings at the same site.
Franklin has been modelled to significantly outperform minimum Building Code requirements.
Energy modelling across the site - covering villas, the community and care buildings -
indicates an estimated 50% reduction in operational GHG emissions compared to a reference
case based on gas heated buildings. The villas are designed to deliver approximately 40%
improvement in heating and cooling thermal demand compared to Building Code-compliant
homes. These outcomes were calculated using Green Star and Homestar energy models.
1
Oceania measures its upfront carbon from new developments (or stages of development).
In the reporting period, emissions from capital goods (Scope 3, Category 2) were Oceania’s
highest source of emissions. As part of achieving NZGBC Green Star Design & As Built v1.1
certification, Oceania must demonstrate at least a 10% reduction in upfront embodied
emissions when compared to a reference build for the Franklin village community and care
buildings. Preliminary modelling suggests actual reductions will comfortably exceed this
minimum. These reductions are being achieved through more efficient material choices,
less carbon intensive structural steel and concrete. These efforts support Oceania’s broader
intention to address capital goods emissions under Scope 3.
Oceania has completed a climate change risk assessment and adaptation plan for the
Franklin village site, which includes solutions for the building that specifically address key
risks identified through the risk assessment.
1. Oceania’s approach incorporates more realistic assumptions for heat pump performance (using conservative, research based coefficients of performance); plug
load energy use, often omitted in default modelling tools; and, assesses cooling demand, to more accurately reflect resident comfort and energy needs. These
enhancements are intended to better reflect the site’s climate performance in line with operational realities rather than theoretical minimums.
Franklin, Auckland, villas designed to Homestar 7. Image is indicative only and subject to change.
28
Oceania
Climate-Related Disclosures FY2025
Process for identifying, assessing and managing climate risk
Oceania’s climate-related risks are identified, assessed and
managed in accordance with Oceania’s Risk Management Policy
and Framework, including its risk rating methodology, which is
aligned with the principles of AS/NZS ISO 31000:2018.
The identification and assessment process described below,
undertaken in FY24, was Oceania’s first formal climate-related
risk and opportunity assessment. The full process is planned to
be carried out every three years, and the first annual review of
Oceania’s climate-related risks and opportunities arising from
this assessment took place in FY25.
Identification and assessment
Oceania, with support from external experts, identified climate-
related risks and opportunities as one of the outputs of its
scenario analysis process described in the Strategy section
of this disclosure. That process identified specific physical
risks (acute and chronic) and transition risks (associated with
transitioning to a low carbon and climate resilient economy)
that could arise under each of the scenarios considered and
how those risks may impact Oceania over time. The process to
identify and assess the physical and transition risks set out on
page 18 onwards is set out below.
Physical Risks
In FY24, Oceania engaged external climate risk experts to
provide an initial assessment of the potential exposure of its
retirement villages and care centres, intended to form part of
its longer term portfolio, across a range of geospatial climate-
related hazards, including coastal flooding, coastal erosion,
river and surface flooding, over time
1
. In FY25, this was updated
to include exposure to landslides and to cover all of Oceania’s
villages and care centres.
Drawing on the results of the physical exposure assessment,
Oceania identified physical climate risks via a survey and
workshops, with input from SMEs across its property, design,
facilities management, clinical, people, sustainability, finance,
legal and operations teams. The climate-related physical risks
were assessed in terms of their exposure, vulnerability (based
on sensitivity and adaptive capacity) and organisational
consequences (impact) using Oceania’s risk rating methodology
2
.
In FY25, Oceania worked with external experts and its SMEs to
consolidate these physical risks and opportunities in its updated
Climate Risk and Opportunity Register (Register), reviewing and
updating owners and mitigants. The risks were also checked
against Oceania’s refreshed scenarios (see Strategy section).
Risk Management
1. In FY25 Oceania added two additional sites to the exposure assessment.
2. This approach is consistent with the Intergovernmental Panel on Climate Change (IPCC)
conceptual risk framework, the Ministry for the Environment’s National Climate Change
Risk Assessment (NCCRA) Framework methodology and ISO1409:2021.
29
Oceania
Climate-Related Disclosures FY2025
Risk Management
Transition Risks
As with physical climate-related risks, in FY24 the transition
climate-related risks were identified and assessed through
workshops with input from a range of SMEs across Oceania. The
climate-related transition risks were identified using the Taskforce
for Climate-related Financial Disclosure’s (TCFD) recommended
methodology, applying the TCFD’s four risk categories (market,
reputation, policy and legal, technology). These risks were
assessed using a modified urgency criteria derived from the
NCCRA and the UK Committee on Climate Change’s rating
methodologies (with the urgency criteria modified by introducing
a temporal element to further define the level of urgency and to
provide context for transition risk rating purposes). Oceania then
applied its risk rating methodology to assess the materiality of its
transition risks. As it did for physical risks, in FY25 Oceania worked
with external experts and its SMEs to consolidate these transition
risks and opportunities in its updated Register and checked them
against Oceania’s refreshed scenarios.
Prioritisation and management
As described above, Oceania’s risk rating methodology uses
impact (or consequence) ratings in the physical and transition
risk assessment processes. This approach is intended to support
the ongoing integration and prioritisation of climate-related
risks, alongside other risks, within Oceania’s enterprise Risk
Management Framework.
Managing climate-related risks forms part of Oceania’s overall
strategy discussions and response described in the Strategy
section of this disclosure. In FY24, management reviewed the
assessment process and identified potential responses and
opportunities to manage climate-related risks arising from
different scenarios. These were discussed with the Board at
Oceania’s annual strategy day. This process was repeated in
FY25, with Oceania retesting its strategic resilience and identifying
potential strategic options, which were inputs to the Board’s
strategy session on 28 March 2025. Oceania’s management and
response forms part of its climate transition planning, which is
discussed in the Strategy section of this disclosure.
“Oceania engaged external climate risk
experts to provide an initial assessment
of the potential exposure of its retirement
villages and care centres”
Erica Jenkin - Chief Risk and Assurance Officer
Time horizons and value chain
The time horizons adopted for the climate-related risk
assessment are as set out in the Strategy section of this
disclosure (see page 13), being short term (present day to 2030),
medium term (2031 to 2050) and long term (2051 to 2080).
These timeframes were first set in FY24 and reconfirmed as still
appropriate in FY25.
Oceania determined its risk and opportunity assessment
boundary by defining its value chain as core services, as well
as two-tiers upstream and one-tier downstream of these core
services across its property development, and retirement village
and aged care offering and services.
No parts of this value chain were excluded from the assessment.
Waterford, Auckland, certified to Homestar 6 Built rating.
30
Oceania
Climate-Related Disclosures FY2025
Risk Management
Integration of climate risk within Oceania’s risk
management framework
Oceania’s enterprise Risk Management Policy and Framework
includes a top risk profile and associated risk appetite statements.
At the governance level, as described in the Governance section
of this disclosure, the Risk Committee reviews climate-related
risks as relevant, as part of its broader risk mandate. The Risk
Committee’s mandate includes recommending to the Board for
approval and oversight of Oceania’s enterprise risk management
policy and framework, and annual assessment of the effectiveness
of Oceania’s risk management framework, policy and practices.
As described on page 2 in the Governance section, climate
risk continues to fall within the mandate of the Sustainability
Committee, with the Risk Committee able to request ‘deep dives’
into any top risk, including climate risk.
Oceania continues to enhance how its
Risk Management Policy and Framework
explicitly integrates climate change within
its risk artefacts.
At the management level, Oceania’s enterprise risk management
policy and framework is the responsibility of the Chief Legal and
Risk Officer and is reviewed annually by the Board. As noted in the
Governance section, the CFO retains responsibility for the climate-
related risk programme.
Oceania continues to enhance how its risk management policy
and framework explicitly integrates climate change within its
risk artefacts.
To assist with progressing integration of Oceania’s climate risk
assessment into the broader risk management business processes,
management maintains a climate risk register, which Oceania
is working toward integrating into relevant operational and
business processes. The operational risk registers will continue
to be updated as required, to support regular monitoring of
climate-related risks and mitigations. In addition, climate-related
considerations will continue to be embedded into strategic and
operational policies and processes.
31
Oceania
Climate-Related Disclosures FY2025
Metrics and Targets
Metrics and Targets
Metrics
A description of the metrics and targets Oceania currently
uses to measure and manage its climate-related risks and
opportunities is detailed below. This section notes the capital
investment in the reporting period to address climate-related
risks and opportunities. The remuneration metric details how
climate is currently incorporated into senior management’s
short term incentives.
Greenhouse gas (GHG)
emissions
Oceania’s emissions inventory for FY25 is prepared with guidance
from, and in accordance with the Greenhouse Gas Protocol
– A Corporate Accounting and Reporting Standard, and the
Greenhouse Gas Protocol: Corporate Value Chain (Scope 3)
Accounting and Reporting Standard (together, the GHG Protocol).
Oceania uses a base year of FY22 for its GHG emissions reporting.
Independent limited assurance over Oceania’s emissions inventory
and GHG disclosures was provided by Ernst & Young Limited
1
(see page 55 of this report).
1. Ernst & Young Limited has assured Oceania’s GHG emissions inventory since FY22.
Different Types of Scope
Scope 1 emissions
Scope 1 GHG emissions refer to the direct emissions from sources owned or controlled by Oceania. They come from the day
to day activities involved with running the company, such as natural gas and LPG used for domestic heating and hot water.
Scope 2 emissions
Scope 2 GHG emissions refer to indirect emissions from the generation of electricity acquired and consumed by Oceania.
Scope 3 emissions
Scope 3 GHG emissions are other indirect emissions. They come from Oceania’s value chain and include upfront carbon
from Oceania’s developments.
An emissions source, or category, is included as material if those emissions are greater than 1% of total emissions for the
relevant Scope. However, emissions sources or categories below the materiality threshold may still be reported where the
data is easily available.
Upstream | Scope 3
Purchased goods & services, construction,
waste, travel, commuting, fuel- and
energy-related activities
Operations | Scope 1 & 2
Fuel & energy use
Downstream | Scope 3
Resident electricity consumption
32
Oceania
Climate-Related Disclosures FY2025
Metrics and Targets
Oceania’s GHG emissions inventory for FY25 is set out on
the following page.
Oceania’s GHG emissions are reported in tonnes of CO₂
equivalents (tCO₂e), as required by the GHG Protocol. GHG
emissions are reported both on absolute basis and on an intensity
basis. For a breakdown of Scope 1 and Scope 2 emissions by
greenhouse gas, please see page 35.
Oceania applies an operational control consolidation approach
(as defined by the GHG Protocol) to define its organisational
boundary for the purposes of calculating its GHG emissions.
This means Oceania accounts for all GHG emissions from
operations over which it has control. The organisational boundary
encompasses Oceania’s parent company, Oceania Healthcare
Limited, and its subsidiaries, and includes retirement villages and
care centres as well as its leased support office and other leased
or owned spaces over which Oceania has operational control. No
material facilities, operations or assets have been excluded. There
were no relevant joint venture arrangements or investments existing
during the reporting period. These disclosures have been prepared
for the same reporting entity as Oceania’s financial statements.
To calculate emissions in FY25, Oceania implemented the
BraveGen emissions management data system, which integrates
emissions factors and corresponding Global Warming Potential
(GWP) rates. Please see Appendix GHG Emissions Methodology,
Uncertainties and Assumptions for information on the emissions
factor libraries and GWP rates used to calculate Oceania’s GHG
emissions inventory.
Oceania’s emissions by Scope (tCO₂e %)
1
1. Location based approach
Figures may not equal the sum of parts due to rounding.
FY22
FY24
FY23
FY25
Scope 12,534 (5%)
Scope 21,885 (4%)
Scope 341,744 (90%)
Scope 12,421(5%)
Scope 21,170 (2%)
Scope 343,885 (92%)
Scope 12,578 (7%)
Scope 21,864(5%)
Scope 329,259 (87%)
Scope 12,334 (6%)
Scope 21,285 (3%)
Scope 337,256 (91%)
Oceania reports Scope 2 GHG emissions, using both market-
based and location-based methods. In compliance with the
NZCS, location-based emissions are disclosed, which reflect
the average grid intensity where electricity is consumed. To
align with its near term targets approved by the Science Based
Target initiative (SBTi), Oceania also reports market-based
Scope 2 GHG emissions, which are used to measure progress
against this target.
The Helier, Auckland, electric vehicle.
33
Oceania
Climate-Related Disclosures FY2025
Metrics and Targets
Oceania’s FY22-FY25 Greenhouse Gas Emissions (tCO₂e)
FY22FY23FY24FY25
Scope 1 – total2,5342,5782,4212,334
Natural gas1,9341,9681,7811,673
LPG315290279228
Diesel (mobile and stationary)225256261244
Petrol60646367
Refrigerants0036121
Scope 2 – total (location-based)1,8851,8641,1701,285
Electricity (location-based)1,8851,8641,1701,285
Electricity (market-based)1,9191,8971,139818
Scope 3 – total (location-based)41,74429,25943,88537,256
Category 1 Purchased goods and services
1
5,5445,7896,7798,305
Category 2 Capital goods
2
29,46816,00330,89923,777
Category 3 Fuel- and energy-related activities
3
1,1701,176869789
Category 4 Upstream transportation and distribution Captured within Categories 1 and 2
Category 5 Waste generated in operations
4
1,3351,4801,1551,054
Category 6 Business travel
5
140329337252
Category 7 Employee commuting3,2243,5353,2222,415
6
Category 8 Upstream leased assetsN/A
7
N/AN/AN/A
Category 9 Downstream transportation and distributionN/AN/AN/AN/A
Category 10 Processing of sold productsN/AN/AN/AN/A
Category 11 Use of sold productsN/AN/AN/AN/A
Category 12 End-of-life treatment of sold productsN/AN/AN/AN/A
Category 13 Downstream leased assets (location-based)863948625664
8
Category 13 Downstream leased assets (market-based)
16
875961639687
Category 14 FranchisesN/AN/AN/AN/A
Category 15 InvestmentsN/AN/AN/AN/A
Total Scope 1, 2 and 3 (location-based) 46,16333,70147,47640,875
Total Scope 1, 2 and 3 (market-based) 46,20833,74747,46040,431
Notes
1. In FY25 Oceania restated its Scope 3,
Category 1 (Purchased Goods and Services)
and Scope 3, Category 2 (Capital Goods)
emissions due to a change in the emissions
factor library. Please see page 36 for
more information.
2. Oceania accounts for emissions from its
new developments stage by stage, or upon
completion of the project.
3. Category 3 emission changes will directly
correlate with the changes in consumption of
Scope 1 and 2 energy sources.
4. General waste reductions over time are
largely impacted by the exiting of several sites
and, to a lesser extent, site specific initiatives.
5. Although business travel is below Oceania’s
materiality threshold, Oceania includes
these emissions in its inventory as they
fall within its operational control and can
be actively managed or reduced through
internal policies and practices. This approach
is consistent with the GHG Protocol’s
principles of relevance and completeness
(GHG Protocol, Chapter 1.4), which support
the inclusion of emissions that contribute to
a full and accurate picture of a company’s
emissions profile.
6. Employee working days and shifts decreased
and emission intensity of passenger vehicles
reduced when using emissions factors
from the Ministry for Environment and UK
Department for Energy Security and Net Zero
emissions libraries (see Appendices). In FY25,
Oceania updated its employee commuting
survey to reflect current travel behaviours.
7. Anything denoted as ‘N/A’ has been assessed
as not applicable to Oceania’s GHG
emissions inventory following a screening
exercise. This designation indicates that
Oceania does not have any emissions
sources associated with these categories.
8. For Scope 3, Category 13, where Oceania
bulk purchases electricity that is on-charged
to independent living residents or proxied due
to actual usage data not being available,
Oceania applies, the Residual Supply Factor
(RSF) i.e. Oceania does not apply any carbon
zero electricity products or renewable energy
certificates (RECs) (see Appendices).
*Figures may not equal the totals (+/- 1tCO₂e) due to rounding.
Oceania’s total gross Scope 1, 2 and 3 (location based) emissions
decreased by 14% in FY25, as compared with FY24, and decreased
by 11% as compared with the base year of FY22. Oceania’s total
gross Scope 1, 2 and 3 (market based) emissions decreased by
15% in FY25, as compared with FY24, and decreased by 13% as
compared with the base year of FY22.
34
Oceania
Climate-Related Disclosures FY2025
Metrics and Targets
Changes in GHG Emissions
Oceania’s total gross Scope 1, 2 and 3 (location based) emissions
decreased by 14% in FY25, as compared with FY24, and decreased
by 11% as compared with the base year of FY22. Oceania’s total
gross Scope 1, 2 and 3 (market based) emissions decreased by
15% in FY25, as compared with FY24, and decreased by 13% as
compared with the base year of FY22.
This decrease is primarily due to a decrease in Scope 3 emissions,
mainly driven by a decrease in emissions from construction activity
(Scope 3, Category 2 - Capital Goods). There was a 19% reduction
on base year and 23% reduction on prior year in this category.
Oceania accounts for its Scope 3, Category 2 emissions in the
year that a new development (or stage of development) completes.
Therefore, emissions from this category fluctuate year to year
(sometimes significantly) depending on the phasing of Oceania’s
development pipeline and the number of developments (or stages)
completing in the reporting period.
Oceania’s Scope 1 and 2 (market based) emissions, which Oceania
uses to measure performance against its near term science based
target, decreased by 11% in FY25, as compared with FY24, and by
29% as compared with the base year of FY22. This decrease on
base year is largely due to a decrease in Scope 2 (market based)
emissions as a result of a change in emissions factor intensity
2
(even while electricity consumption increased 35% from base year
as Oceania grows and transitions from gas to electricity at some
sites), market based instruments
3
(Oceania’s market based Scope 2
emissions were 467tCO₂e less than location-based emissions in
FY25), site sales (or closure) and efficiency measures, partly offset
by organic growth.
Industry metrics and emissions intensity
While the retirement village industry has not yet formally adopted
a standard set of industry-based metrics to measure and manage
climate-related risks and opportunities, emissions per square
metre and emissions per million dollars of revenue are emerging
as commonly used benchmarks. The table below shows Oceania’s
GHG emissions intensity, measured in tCO₂e per million dollars
of revenue (NZD).
In Oceania’s FY24 disclosure, Oceania noted that emissions
intensity per square metre may provide better alignment with
emerging industry practices
1
, given the size of its property
portfolio. This metric may better reflect the physical drivers of
emissions – such as energy use and upfront carbon – rather than
financial variability. While Oceania has not yet been able to
consolidate gross floor area data across its portfolio, it is actively
working to do so and aims to begin reporting emissions intensity
on this basis in future reporting periods.
Emissions intensity measured in tCO₂e (location based)
per million dollars of revenue (NZD)
FY22FY23FY24FY25
Scope 1111099
Scope 28845
Scope 3180118165143
Total (Scope 1, 2, 3)199136178157
1. Comparability across providers may still be limited, as retirement village operators have varying proportions of care and independent living units. Care centres tend to have higher emissions intensity due to 24/7 operations and
centralised energy use (Scope 1 and 2), while independent living often involves resident-controlled energy use (Scope 3). These differences in operational control and emissions attribution can affect the usefulness of tCO₂e/m² as
a consistent benchmark.
2. Between 2022 (the RSF used in FY22 and FY23) and 2024 (the RSF used in FY25) the market based Scope 2 emissions factors reduced by 30%.
3. Oceania sources electricity through three main contracts, two of which qualify as market-based instruments and contribute to market-based Scope 2 emissions reporting, as detailed in (a) and (b) below:
a) an Ecotricity Toitū certified climate positive renewable electricity product. In FY25 this accounted for approximately 14% of electricity consumption. Ecotricity has power purchase agreements (PPAs) that are linked to
approximately 6% wind and solar farms and approximately 94% hydro, the latter ranging in age from 40 years old to 76 years old. Please find more information in Ecotricity’s product disclosure statement on the Toitū website.
b) A Meridian product, where Oceania receives Renewable Energy Certificates (RECs). In FY25, this accounted for approximately 21% of electricity consumption. Meridian’s RECS assigned to Oceania are linked to approximately
61% wind generation from White Hill Wind Farm and approximately 39% hydro generation from Benmore hydro station, which is roughly 60 years old. Please find more information in Meridian’s product disclosure statement
on their website.
The Bellevue, Christchurch, certified to Homestar 6 Built rating.
35
Oceania
Climate-Related Disclosures FY2025
Metrics and Targets
Scope 1 and 2 (location based) emissions by GHG in FY25
2
TOTAL
tCO₂eCO₂CH4N2OHFCSF6PFCNF3
Scope 1 – total2,3342,20166121000
Stationary combustion1,9071,902510000
Mobile combustion305299150000
Fugitive emissions121000121000
Scope 2 – total1,2851,2483420000
Electricity consumption
(location-based)1,2851,2483420000
Total3,6193,449408121000
CO₂=Carbon dioxide, CH4=Methane, N2O=Nitrous oxide, HFC=Hydrofluorocarbons, SF6=Sulfur Hexafluoride,
PFC= Perfluorocarbons, NF3= Nitrogen trifluoride.
1. Between 2022 (the factor used in FY22 and FY23) and 2024 (the factor used in FY25) the location based Brave Trace electricity emission factors reduced by 31%.
2. Scope 3 emissions by individual greenhouse gases have not been reported, as not all emission factors used provide gas by gas breakdowns. Reported values reflect
total emission in tCO₂e only.
Scope 1 emissions decreased by 4% as compared with FY24, and by 8% from base year, due
to decreased natural gas and LPG usage following the exit from some sites and installation of
decarbonisation projects, and removing stationary diesel for hot water heating, (see case study to
the right), partly offset by emissions from refrigerant losses in FY25.
Oceania’s Scope 1 and 2 (location based) emissions increased by 1% in FY25, as compared with FY24,
and decreased by 18% as compared with the base year of FY22. This decrease from base year is largely
due to a decrease in Scope 2 (location based) emissions as a result of selling (or closing) sites, a change
in emissions factor intensity
1
and efficiency measures, partly offset by organic growth. However, Scope
2 (location based) emissions increased on the prior year, largely due to organic growth and switching
from natural gas, LPG or stationary diesel to electricity, partly offset by site sales.
As with FY24, Oceania has not used an internal emissions price in the reporting period.
Scope 1 and 2 emissions reductions
Oceania is working towards achievement of science-based GHG emissions targets, which have
been validated by the SBTi. Oceania has committed to reduce absolute Scope 1 and Scope
2 GHG emissions by 42% by FY30 from a FY22 base year. One of Oceania’s sustainability
performance targets under its $500m sustainability linked loan is associated with having a
science-based target and reducing emissions.
To achieve Oceania’s science-based Scope 1 and Scope 2 absolute emissions reduction target,
it has adopted an emissions reduction plan, which is updated periodically. Oceania’s focus is
on addressing its most material emissions sources, including by transitioning away from utility
gas and day-to-day stationary diesel, investing in renewable electricity (solar PV is installed
at The Helier and the Meadowbank Ōrākei building, and is planned for installation at Franklin
village), and improving energy efficiency (LED lighting upgrades and installation of water
efficient fixtures) at Oceania villages and care centres. In the reporting period, high efficiency
electric hot water heat pumps were installed at seven sites, replacing natural gas, LPG or diesel
for either domestic hot water (DHW) or heating hot water (HHW), as applicable. After also
considering divestments, 14 sites (of 36) continue to use natural gas or LPG for HHW and/or
DHW, as well as at two central laundries. New developments are designed without utility gas.
Oceania utilises a carbon abatement cost curve to support its emission reduction plan and
help prioritise initiatives. Additional measures include conversion of its fleet to a greater
proportion of EV/hybrids.
Figures may not equal the totals (+/- 1tCO₂e) due to rounding.
36
Oceania
Climate-Related Disclosures FY2025
Metrics and Targets
Adjustments to Inventory
Oceania continually strives to improve the quality and completeness of its emissions data. The prior
years’ inventories have been recalculated due to a change in spend based emissions factors impacting
Scope 3 Category 1 (Purchased Goods and Services) and Category 2 (Capital Goods). These are set
out in the table below.
ADJUSTMENT AMOUNT (tCO₂e)
REASON FOR ADJUSTMENTFY22FY23FY24
Scope 3, Category 1 - purchased goods
and services
Change in emissions factor library from
EORA to thinkstep-anz. This change
was driven by the implementation of
a new emissions data management
system, BraveGen, which does not
support access to the EORA spend based
emissions factors. As a result, Oceania
transitioned to thinkstep-anz’s emissions
factor database, which is updated
annually and incorporates trade adjusted,
New Zealand-specific production and
supply chain assumptions.
-7,491-8,340-11,025
Scope 3, Category 2 - capital goods-767-987-1,399
Total adjustments-8,258-9,328-12,424
Exposure to climate-related risks
and opportunities
Oceania’s assets are located throughout New Zealand and are variously exposed to
both physical and transition risk.
Vulnerability to physical risks
As set out in the Risk Management section, for the purposes of its climate-related
disclosures, Oceania engaged external climate experts to conduct a physical risk
assessment across its business in FY24. In FY25, Oceania has again chosen to report
the exposure of assets to physical climate hazards with exposure being determined
by overlaying hazard data (as described in the table on the following pages) with site
and building footprint data. Given the high-level nature of the assessment, any sites or
building footprints which intersected with the hazard layer were deemed to be exposed.
This method is a conservative approximation and provides the potentially exposed
locations; it is not necessarily indicative of the exposure of particular assets on that site,
nor of potential future financial implications of physical climate risk. The vulnerability of
assets will vary depending on the location of the site and the nature of the physical risk
events to which they are subject. In FY25, Oceania extended its exposure assessment to
include landslides and in future reporting periods will include the anticipated financial
impacts of physical climate risk.
The table on the following page notes the climate-related physical hazard exposure
across Oceania’s sites.
Key parameters relating to the percentages disclosed include:
• Measurement applies to entire site, irrespective of whether exposed areas are
land or buildings.
• Excludes sites if 2% or less of the site is exposed.
• Relates to the long term time horizon (data was to 2090-2100) and assessment
under RCP 8.5.
1
1. Not applicable to landslide exposure assessment.
*Figures may not equal the totals (+/- 1tCO₂e) due to rounding.
37
Oceania
Climate-Related Disclosures FY2025
Metrics and Targets
Physical Climate-related Hazard Exposure Across Oceania’s Sites
2
Physical RiskDescription
1
Assets exposed to Risk FY24Assets exposed to Risk in FY25
Coastal inundation including
sea level rise
Climate change and warming temperatures are causing sea levels to rise.
The IPCC AR6 report confirms that sea level rise is accelerating.
A national coastal inundation dataset was sourced from NIWA and was used
in this assessment. This dataset is based on the global IPCC AR6 projections
and includes modelled inundation polygons, which include both sea level rise
and extreme event (storm) related surges.
Of the sites assessed for longer term holding,
two sites are potentially exposed to coastal
inundation and may have some portion of the
site at risk of coastal inundation due to sea
level rise.
These two sites represent approximately 3% of
the portfolio based on total number of beds /
units across the whole portfolio.
Three sites are potentially exposed to coastal
inundation and may have some portion of the
site at risk of coastal inundation due to sea
level rise.
3
These three sites represent approximately 4%
of the portfolio based on total number of beds /
units across the whole portfolio.
Coastal erosionCoastal erosion is the loss of land due to coastal processes such as waves
and tidal currents wearing away land, suddenly or over time.
At the time of completing the review there was no current nationally
consistent dataset for coastal erosion and this remains the case in FY25. The
assessment used an approach that screens for coastal erosion exposure by
assessing coastal edge proximity.
Where this screening approach identified sites within the coastal edge
proximity extents, a subsequent, more accurate assessment was undertaken
using more accurate datasets held by Councils (where available).
Of the sites assessed for longer term holding,
one site is potentially exposed to coastal
erosion and may have some portion of the
site at risk.
This site represents approximately 1% of the
portfolio based on number of beds / units
across the whole portfolio.
One site is potentially exposed to coastal
erosion and may have some portion of the
site at risk.
This site represents approximately 1% of the
portfolio based on number of beds / units
across the whole portfolio.
1. These hazard descriptions have been taken from the physical risk assessment Oceania undertook in FY24 and FY25 and are
derived from sources including national coastal inundation modelling carried out by NIWA, various flood hazard layers held by
relevant local authorities, and Tonkin+Taylor derived datasets and processes.
2. In FY24, the assessment was completed on 36 sites intended for long-term holding. In FY25, the assessment covers all 36 sites in
Oceania’s portfolio.
3. Noting there was no coastal inundation data for one region. One site within this region is located on the coast and, taking a
conservative approach, is included in this table as potentially being exposed.
38
Oceania
Climate-Related Disclosures FY2025
Metrics and Targets
Physical RiskDescription
1
Assets exposed to Risk FY24Assets exposed to Risk in FY25
River and surface floodingHeavy rainfall can greatly increase water levels in streams, rivers and
lakes and cause water to overflow into surrounding land, causing flooding.
Flooding can also occur due to rainfall and runoff in urban areas, which
exceeds capacities of drainage systems. At the time of completing the
assessment New Zealand did not have a nationally consistent flood hazard
dataset at an appropriate resolution for identifying communities and
assets in river and surface floodplains. This remains the case in FY25. Data
is held by individual Councils, and this is of varying quality and consistency.
Councils have taken different approaches in regard to:
• The annual exceedance probability (AEP) of rainfall scenarios which
have been modelled;
• The RCP scenario and time horizons which are used to inform future
rainfall intensities; and
• A range of other assumptions specific to the flood modelling
approach undertaken.
These limitations have been considered when comparing and contrasting
flood exposure results across different sites.
Of the sites assessed for longer term holding,
ten sites potentially exposed to river and
surface flooding and may have some portion of
the site at risk of flooding.
These ten sites represent approximately 24% of
the portfolio based on number of beds / units
across the whole portfolio.
Eleven sites potentially exposed to river and
surface flooding and may have some portion of
the site at risk of flooding.
These eleven sites represent approximately 28%
of the portfolio based on number of beds / units
across the whole portfolio.
LandslideA landslide is the movement of a mass of earth, rock, or debris down a slope.
It typically occurs when the stability of a slope is compromised, often due
to factors such as heavy or prolonged rainfall, earthquakes or erosion.
Generally speaking, climate change can increase the potential for landslide
occurrence over time, due to the increased severity and frequency of
extreme rainfall.
Susceptibility was assessed based on a desktop review of surface geology,
site slope angle and any visible indications of land instability.
Not assessed in FY24Seven sites are potentially exposed to landslide
susceptibility (six with moderate exposure and
one with high exposure).
These seven sites represent approximately 22%
of the portfolio based on number of beds / units
across the whole portfolio.
1. These hazard descriptions have been taken from the physical risk assessment Oceania undertook in FY24 and FY25 and are
derived from sources including national coastal inundation modelling carried out by NIWA, various flood hazard layers held by
relevant local authorities, and Tonkin+Taylor derived datasets and processes.
39
Oceania
Climate-Related Disclosures FY2025
Metrics and Targets
Vulnerability to transition risks
Oceania will likely be affected by regulatory and policy
related risks and market risks (see material risks and
opportunities table in the Strategy section), which have
the potential to impact on the way Oceania designs, builds,
constructs, sells, operates and manages its villages and
care centres. For that reason, it is not possible to disclose
a specific percentage of business activities or assets
vulnerable to these types of risk, and, as with FY24, Oceania
conservatively assesses that all of its business activities
are vulnerable to climate-related transition risks.
Climate-related opportunities
Oceania’s risk and opportunity assessment showed
climate-related opportunities to build resilience, develop
new services, grow its market share, and invest in
alternative energy sources and resource efficiency.
Because the climate related transition or physical
opportunities are expected to impact all of Oceania’s
operations, as with FY24, Oceania considers
that all of its business activities are aligned to
climate-related opportunities.
Capital deploymentSpend during
12 months to
31 March 2024
Spend during
12 months to
31 March 2025
Description
Capital deployed for design
and enabling works and
development of Homestar
or Green Star accredited
buildings and communities
$85.7m
1
$59.4mHomestar accredited buildings in FY25:
− Waterford Stage One, Auckland
− Awatere Stage Three, Hamilton
− Franklin Stage One, Auckland
Capital deployed
towards decarbonisation,
maintenance
and refurbishment
$1.3m$2.4mThis amount includes capital deployed towards double
glazing, LED lighting, air-to-air heat pumps, water
efficient tapware, insulation, EV power points and back
up generators. It also includes capital deployed towards
converting fossil fuels used for domestic hot water and
heating hot water to electric hot water heat pumps.
Capital deployment
Oceania updated its $500m five year syndicated debt facility,
to become a sustainability linked loan in July 2022. One of the
key Sustainability Performance Targets (SPTs) is meeting a GHG
emissions target verified by the SBTi. Meeting this SPT attracts
an interest margin discount and not meeting this SPT incurs an
interest margin penalty. In this reporting period, Oceania met this
SPT, attracting an interest margin and line fee reduction.
The SPTs, as well as Oceania’s decision to invest in sustainability
initiatives in order to mitigate climate-related transition risks and
realise opportunities, demonstrate the operation of Oceania’s
capital deployment and funding decision making processes.
These include designing and building to NZGBC Homestar (and,
at its Franklin development, Green Star) certification, no longer
designing for utility gas and installing solar PV panels on new
developments. Details of Oceania’s capital deployment in FY24
and FY25 are set out in the table below.
1. In FY24, capital for the development of Homestar or Green Star accredited buildings ($81.2m) and capital deployed for design
and enabling works of Homestar or Green Star accredited buildings and communities ($4.5m), was reported separately.
The Bayview, Tauranga, certified to Homestar 6 Built rating.
40
Oceania
Climate-Related Disclosures FY2025
Metrics and Targets
Oceania’s Targets from a Baseline Year of FY22
TargetCommitmentTypeTarget yearPerformance against
targets in FY25
Scope 1 and 2 target
1
To reduce absolute Scope 1 and 2 GHG
emissions by 42% by FY30 from a FY22
base year.
Absolute
reduction target
FY30-29% (reduction against FY22
base year)
Scope 3 supplier
engagement target
2
That 72.5% of Oceania’s suppliers by
spend covering purchased goods and
services and capital goods, will have
science-based targets by FY27.
Supplier
Engagement
Target
FY27Further engagement with
all key suppliers in FY25 and
38% of these key suppliers
engaged now have science
based targets.
3
Construction waste
diversion target
4
A stepped target so that by FY27,
Oceania achieves an 80% construction
waste away from landfill diversion rate
for Auckland and a 60% construction
waste away from landfill diversion rate
for regional areas. In FY25, Oceania’s
target was achieving a construction
waste away from landfill diversion rate
of ≥80% for Auckland and ≥52.5% for
regional areas.
Diversion targetFY27, with a
stepped year
on year target
Auckland = 85.1% construction
waste diverted from landfill
Non-Auckland = 79.8%
construction waste diverted
from landfill
NZGBC Homestar 7
(version 5)
5
All new independent living
developments are being designed to
NZGBC Homestar 7 (version 5).
Design targetFY30Franklin development was
designed to this standard.
More than 650 units have been
previously built to Homestar 6.
1. Oceania reports progress against its SBTI validated Scope 1 and 2 target using the market-based approach, in line with its SBTi Near Term Target Validation Report, which confirms that a market-based approach is used to
account for Scope 2 emissions and assess performance against the target. For comparison, if performance were assessed using a location-based approach, that would represent 18% reduction against FY22 base year.
2. A change in emissions factor library, as described on page 36, for Scope 3, Category 1 and Category 2, may lead to a change of suppliers in scope of this target in future.
3. Not all suppliers have their science-based targets verified by the SBTi; some have their targets assured through alternative frameworks such as those offered by Toitū. Some suppliers are covered by SBTi targets set at the
parent company level.
4. Relevant to Oceania’s Scope 3 emissions.
5. Does not have a FY22 baseline. Oceania’s decision to design to this standard is made at the concept design stage. There were no other applicable developments in the reporting period.
Targets
Oceania has committed to a SBTi-approved near-term science-
based emissions reduction target to reduce absolute Scope 1 and
Scope 2 GHG emissions by 42% by FY30 from a FY22 base year.
Oceania’s Scope 1 and 2 target uses the Absolute Contraction
Method, which aims for an absolute reduction in total emissions.
This method supports the scientific consensus necessary to limit
global warming to 1.5°C under the Paris Agreement, without
adjusting for company size or economic output. Using the Absolute
Contraction Method, which is an SBTi methodology, means that
Oceania’s target aligns with limiting global warming to 1.5°C.
Oceania’s Scope 1 and 2 target does not rely on the use of offsets.
In accordance with Oceania’s Sustainability Framework and
associated aspirations, Oceania has a target to obtain NZGBC
Homestar 7 (version 5) accreditation or above for all new
independent living developments.
Remuneration
Sustainability (including climate-related) metrics formed
part of the short term incentive (STI) scheme for senior
management in FY23 and FY24, comprising 5% of total
STI in both of those years. In FY25, sustainability metrics –
specifically, the achievement of Oceania’s annual absolute
Scope 1 and 2 emissions reduction target (validated by the
SBTi) – were no longer included as a weighted component
of the STI. Instead, this target was introduced as a gateway
hurdle, meaning that STI payments to senior management in
FY25 were only made if the gateway hurdle was met within
the reporting period. Oceania confirms that this target was
achieved in FY25, and the STI is therefore payable.
41
Oceania
Climate-Related Disclosures FY2025
Appendices
Appendices
GHG Emissions, Methodology, Uncertainties and Assumptions
Scope 1 cont.
CategoryEmissions source/activityData sourceEmissions factor and GWPMethodology, estimation and assumptions Level of uncertainty
N/A
Natural gas
Used at some sites for
domestic hot water and
heating hot water.
Supplier invoices.
Managed by utilities
management supplier,
Smart Power.
1
Ministry for the Environment (2024).
Measuring emissions: A guide for
organisations: 2024 detailed guide.
Wellington: Ministry for the Environment.
Global Warming Potential (GWP) is from
Intergovernmental Pannel on Climate
Change (IPCC) AR5.
Measured in kilowatt hours consumed and calculated using the activity based method.
Oceania assumes that the kilowatt hours provided by natural gas suppliers is an
accurate record of natural gas consumed and that reporting by third party utilities
management supplier is complete and accurate.
Low uncertainty.
LPG
Used at some sites for
domestic hot water.
Also used in
communal BBQs for
independent residents.
Supplier invoices.
Managed by utilities
management supplier,
Smart Power.
1
Ministry for the Environment (2024).
Measuring emissions: A guide for
organisations: 2024 detailed guide.
Wellington: Ministry for the Environment.
GWP is from IPCC AR5.
Measured in kilograms consumed and calculated using the activity based method.
Oceania assumes that the kilograms provided by LPG suppliers is an accurate record
of LPG consumed and reporting by third party utilities management supplier is
complete and accurate.
Oceania also assumes that 9kg cylinder LPG bottles for communal BBQs are captured
in scope 3 Category 1 (purchased goods and services).
Low uncertainty.
Diesel – stationary
Used for heating hot water
at one site and for backup
generators.
Supplier invoices.
Managed by utilities
management supplier,
Smart Power.
1
Ministry for the Environment (2024).
Measuring emissions: A guide for
organisations: 2024 detailed guide.
Wellington: Ministry for the Environment.
GWP is from IPCC AR5.
Measured in litres consumed and calculated using the activity based method.
Oceania assumes that the litres provided by the diesel suppliers for heating hot water
and diesel generators is an accurate record of diesel consumed and that reporting by
third party utilities management supplier is complete and accurate.
Low uncertainty.
Diesel – transport
Used in diesel
powered vehicles.
Fuel card data.
Managed by third party
fleet management supplier,
Fleet Partners.
2
Ministry for the Environment (2024).
Measuring emissions: A guide for
organisations: 2024 detailed guide.
Wellington: Ministry for the Environment.
GWP is from IPCC AR5.
Measured in litres consumed and calculated the using the activity based method.
Oceania assumes that litres recorded on fuel card data is an accurate record of
diesel consumed and reporting by third party fleet management supplier is complete
and accurate.
Low uncertainty.
42
Oceania
Climate-Related Disclosures FY2025
Appendices
GHG Emissions, Methodology, Uncertainties and Assumptions cont.
Scope 1 cont.
CategoryEmissions source/activityData sourceEmissions factor and GWPMethodology, estimation and assumptions Level of uncertainty
N/A
Petrol - transport
Used in petrol
powered vehicles.
Fuel card data.
Managed by third party
fleet management supplier,
Fleet Partners.
2
Ministry for the Environment (2024).
Measuring emissions: A guide for
organisations: 2024 detailed guide.
Wellington: Ministry for the Environment.
GWP is from IPCC AR5.
Measured in litres consumed and calculated using the activity based method.
Oceania assumes that litres recorded on fuel card data is an accurate record of petrol
consumed and that reporting by third party fleet management supplier is complete
and accurate.
Low uncertainty.
Fugitive emissions
From HVAC systems used
across sites.
Records from HVAC
suppliers
(emails and reports).
Ministry for the Environment (2024).
Measuring emissions: A guide for
organisations: 2024 detailed guide.
Wellington: Ministry for the Environment.
GWP is from IPCC AR5.
Measured in kilograms and calculated using the activity based method.
Oceania assumes that gas replacement or top up records provided by HVAC
suppliers represent a complete and accurate account of all quantities used to top up
HVAC systems.
Medium uncertainty.
Based on actual servicing
data, but may miss minor
leaks or unreported losses.
Some maintenance may
occur outside reporting
channels; mitigated
through checks with
regional maintenance
managers.
Scope 2 cont.
CategoryEmissions source/activityData sourceEmissions factor and GWPMethodology, estimation and assumptions Level of uncertainty
N/A
Purchased electricity
Used at sites for operations
and for offsite electric
vehicle (EV) charging.
Supplier invoices. Managed
by utilities management
supplier, Smart Power.
1
Chargenet data. Managed
by fleet management
supplier, Fleet Partners.
2
BraceTrace electricity emission factors:
NZECS 2023/24 National Supply and
Residual Supply Mix.
GWP is from IPCC AR5.
Measured in kilowatt hours consumed and calculated using the activity based method.
Oceania assumes that all data provided by electricity suppliers is an accurate record
of electricity consumed, and all offsite EV charging is captured through Chargenet
report. It further assumes reporting by third party utilities management and fleet
management suppliers is complete and accurate.
Low uncertainty.
Onsite generation using
solar PV
Used directly at sites where
solar PV is installed.
Generation data from solar
online portal (Sunny Portal,
powered by ennexOS).
N/AMeasured in kilowatt hours consumed and calculated using the activity based method.
Oceania assumes all data captured via solar online portal is complete and accurate.
Low uncertainty.
43
Oceania
Climate-Related Disclosures FY2025
Appendices
GHG Emissions, Methodology, Uncertainties and Assumptions cont.
Scope 3 cont.
CategoryEmissions source/activityData sourceEmissions factor and GWPMethodology, estimation and assumptions Level of uncertainty
Category 1
Purchased
Goods and
Services
Emissions from goods and
services purchased and
used in operations.
Supplier specific emissions
(coverage: 15.8% of spend).
Supplier-specific emissions
intensity factors using supplier-
reported emissions and
revenue data.
Oceania requests data from suppliers accounting for >1% of annual spend. Supplier
emissions were divided by revenue to calculate an intensity, then multiplied by
Oceania supplier spend.
This method assumes supplier reported emissions and revenue data is complete
and accurate.
Medium uncertainty.
The use of supplier specific
data tailored to Oceania’s
spend improves accuracy
over generic spend-based
methods but results remain
dependent on the accuracy
and completeness of
supplier disclosures.
Supplier product
use emissions.
Department for Energy Security
and Net Zero (2024). UK
Government greenhouse gas
conversion factors for company
reporting 2024.
GWP is from IPCC AR5.
Suppliers provide product quantity data and emissions are calculated using the
activity based method.
Oceania assumes supplier reported data is complete and accurate, and that the
emissions factors applied accurately represents the product.
Medium uncertainty.
The calculation is based on
physical activity data and
product specific factors
but may be affected by
variability in product
specifications or accuracy
of supplier reported
quantities.
Supplier EPD
3
product
specific emissions.
Product specific factor.Emissions were calculated using supplier-provided EPD data under the product-
specific method.
Oceania assumes data reflects current product specifications and is
reported consistently.
Low uncertainty.
Oceania operational
expenditure derived from
the General Ledger
4
(coverage: 84.2% of spend).
Thinkstep-anz. (2024). Emission
Factors for New Zealand:
Greenhouse Gas Emission
Intensities for Commodities and
Industries. v2.0. Wellington:
thinkstep-anz.
GWP is from IPCC AR5.
Measured using the spend based method as emissions per dollar spent on products or
services procured. This method applies average emissions intensity per dollar spent to
procurement data.
Oceania assumes a consistent relationship between cost and carbon intensity across
product and service types and suppliers.
High uncertainty.
It relies on generalised
factors that may not reflect
actual product or service
specific emissions, supplier
practices, or regional
differences.
44
Oceania
Climate-Related Disclosures FY2025
Appendices
GHG Emissions, Methodology, Uncertainties and Assumptions cont.
Scope 3 cont.
CategoryEmissions source/activityData sourceEmissions factor and GWPMethodology, estimation and assumptions Level of uncertainty
Category 1
cont.
Water use
Emissions from water use
in operations.
Supplier invoices. Managed
by utilities management
supplier, Smart Power.
1
Ministry for the Environment
(2024). Measuring emissions: A
guide for organisations: 2024
detailed guide. Wellington: Ministry
for the Environment.
GWP is from IPCC AR5.
Measured in cubic metres and calculated using the activity based method. For ten
council serviced sites with annual or biannual data, missing values are estimated
using the average of previous months. Estimates assume relatively consistent
usage over time.
Low to medium uncertainty.
Data is provided through
supplier invoicing and has
low uncertainty. Uncertainty
arises where estimates
are used, particularly if
seasonal or operational
changes occurred during
unreported periods.
Category 2
Capital Goods
Emissions from construction.Volume of construction
materials per build.
Unique emission factors based on
reference builds.
Emissions are measured using the NZGBC Green Star embodied carbon calculator for
three reference builds and the NZGBC Homestar embodied carbon calculator (HECC)
for a reference villa. Results are expressed as kg CO₂e per m² and applied to new
developments of the same typology.
Typologies are assigned by Oceania’s design team based on building characteristics.
Each typology is matched to a representative material composition.
This method assumes consistency in design, materials, and construction methods
across comparable developments. Where a component (e.g. wall structure) includes
multiple elements, Oceania uses standard high emission compositions from the BRANZ
database. Where exact materials are unknown, conservative estimates are applied.
Medium uncertainty.
Estimated material
quantities may vary to
the actual quantities of
materials used during
construction, which may
span multiple reporting
periods. Additional
uncertainty exists due to
potential differences in
the typologies compared
to the actual building
characteristics of each
development.
Refurbishment expenses
Emission generated during
refurbishment.
Oceania operational
expenditure.
Thinkstep-anz (2024). Emission
Factors for New Zealand:
Greenhouse Gas Emission
Intensities for Commodities and
Industries. v2.0. Wellington:
thinkstep-anz.
GWP is from IPCC AR5.
Measured using the spend based method as emissions per dollar spent on products or
services procured. This method applies average emissions intensity per dollar spent to
procurement data.
Oceania assumes a consistent relationship between cost and carbon intensity across
product and service types and suppliers.
High uncertainty.
It relies on generalised
factors that may not reflect
actual product or service
specific emissions, supplier
practices, or regional
differences.
45
Oceania
Climate-Related Disclosures FY2025
Appendices
GHG Emissions, Methodology, Uncertainties and Assumptions cont.
Scope 3 cont.
CategoryEmissions source/activityData sourceEmissions factor and GWPMethodology, estimation and assumptions Level of uncertainty
Category 2
cont.
Flooring
Includes flooring materials
such as carpet and vinyl.
Supplier EPDs.
3
Product specific factor.Measured in metes squared of laid flooring and calculated using the product
specific method.
Oceania assume all emissions were reported consistently and reflect current
product specifications.
Low uncertainty.
Category 3
Fuel and
Energy-related
Activities
Natural gas
Includes well-to-tank
and transmission and
distribution losses emissions
of Scope 1 natural
gas consumption.
Supplier invoices. Managed
by utilities management
supplier, Smart Power.
1
Department for Energy Security
and Net Zero (2024). UK
Government greenhouse gas
conversion factors for company
reporting 2024.
GWP is from IPCC AR5.
Measured in kilowatt hours consumed and calculated using the activity based method.
See scope 1 above for assumptions.
Low uncertainty.
LPG
Includes well-to-tank
emissions of Scope 1
LPG consumption.
Supplier invoices. Managed
by utilities management
supplier, Smart Power.
1
Department for Energy Security
and Net Zero (2024). UK
Government greenhouse gas
conversion factors for company
reporting 2024.
GWP is from IPCC AR5.
Measured in kilograms consumed and calculated using the activity based method.
See scope 1 above for assumptions.
Low uncertainty.
Diesel
Includes well-to-tank
emissions of Scope 1
diesel consumption.
Fuel card data.
Managed by third party
fleet management supplier,
Fleet Partners.
2
Department for Energy Security
and Net Zero (2024). UK
Government greenhouse gas
conversion factors for company
reporting 2024.
GWP is from IPCC AR5.
Measured in litres consumed and calculated using the activity based method.
See scope 1 above for assumptions.
Low uncertainty.
Petrol
Includes well-to-tank
emissions of Scope 1
petrol consumption.
Fuel card data.
Managed by third party
fleet management supplier,
Fleet Partners.
2
Department for Energy Security
and Net Zero (2024). UK
Government greenhouse gas
conversion factors for company
reporting 2024.
GWP is from IPCC AR5.
Measured in litres consumed and calculated using the activity based method.
See scope 1 above for assumptions.
Low uncertainty.
46
Oceania
Climate-Related Disclosures FY2025
Appendices
GHG Emissions, Methodology, Uncertainties and Assumptions cont.
Scope 3 cont.
CategoryEmissions source/activityData sourceEmissions factor and GWPMethodology, estimation and assumptions Level of uncertainty
Category 3
cont.
Electricity
Includes well-to-tank
and transmission and
distribution losses of Scope
2 electricity consumption.
Supplier invoices (managed
by Oceania’s third party
utilities management
supplier and uploaded
to an automated data
management system).
BraveTrace electricity emission
factors: NZECS 2023/24 National
Supply and Residual Supply Mix.
GWP is from IPCC AR5.
Measured in kilowatt hours consumed and calculated using the activity based method.
See scope 2 above for assumptions.
Low uncertainty.
Category 4
Upstream
Transportation
and
Distribution
N/AN/AN/ATransportation spend could not be separately identified from Category 1 and 2
operational expenditure. Emissions assumed to be captured within the supplier
emissions reported under those categories.
N/A
Category 5
Waste
General operational waste
Landfill waste generated
from operations.
Waste management
supplier report.
Unique emission factors based on
site general waste audits.
Measured in kilograms of waste collected and calculated using the activity based
method. Emission factor is based on composition of waste determined through a FY24
general waste audit.
Oceania assumes audited sites are representative of the broader portfolio, and that
this method provides greater accuracy than using the Ministry for the Environment’s
generic general waste emissions factor.
Low to medium uncertainty.
Oceania specific emissions
factor is deemed more
appropriate than the
general Ministry for
the Environment waste
emission factor.
Construction waste
Waste generated from
building and development.
Waste management
supplier report sourced via
construction partners.
Ministry for the Environment.
(2024). Measuring emissions: A
guide for organisations: 2024
detailed guide. Wellington: Ministry
for the Environment.
GWP is from IPCC AR5.
Measured in kilograms of waste collected and calculated using the activity
based method.
Oceania assumes that the kilograms by waste material is an accurate record of
construction waste and that data provided by waste management suppliers is
complete and accurate.
Low uncertainty.
Food waste
Food waste to landfill
generated from operations.
Waste management
supplier report.
Ministry for the Environment
(2024). Measuring emissions: A
guide for organisations: 2024
detailed guide. Wellington: Ministry
for the Environment.
GWP is from IPCC AR5.
Measured in kilograms of waste collected at sites with commercial food waste
collection, and calculated using the activity based method.
Oceania assumes that at sites without separate food waste collection, food waste is
captured under general operational waste.
5
Medium uncertainty.
Waste volumes are directly
measured at some sites
but uncertainty arises from
assumptions made for sites
without separate collection.
47
Oceania
Climate-Related Disclosures FY2025
Appendices
GHG Emissions, Methodology, Uncertainties and Assumptions cont.
Scope 3 cont.
CategoryEmissions source/activityData sourceEmissions factor and GWPMethodology, estimation and assumptions Level of uncertainty
Category 5
cont.
Wastewater
Emissions generated
from the treatment and
discharge of water used
in operations.
Supplier invoices. Managed
by utilities management
supplier, Smart Power.
1
Ministry for the Environment
(2024). Measuring emissions: A
guide for organisations: 2024
detailed guide. Wellington: Ministry
for the Environment.
GWP is from IPCC AR5.
Estimated wastewater as 95% of water consumption volume and calculated using the
activity based method.
Oceania assumes a consistent and typical proportion of water is returned to the
wastewater system across sites.
Medium uncertainty
The water consumption
data is reliable, but the
wastewater volume is
estimated and may not
account for variations in
site specific water use.
Category 6
Business Travel
Air travel
Flights taken by staff.
Travel report provided
by third party travel
management supplier.
Ministry for the Environment
(2024). Measuring emissions: A
guide for organisations: 2024
detailed guide. Wellington: Ministry
for the Environment.
GWP is from IPCC AR5.
Measured by distance and mode of flight and calculated using the activity
based method.
Oceania assumes that all reported flights are for business purposes and that the travel
data report is complete and accurate. It is also assumed that no significant deviation
in efficiency or emissions performance by specific carriers or aircrafts, and that
layovers or multi leg trips do not affect the haul categorisation.
Low to medium certainty.
While the activity data
reflects actual travel,
considering both
distance and class, some
assumptions exist around
the use of multiple carriers
or aircraft types and
the deviations in their
emission performance.
Rental vehicles
Staff use of hired cars.
Rental vehicles
Staff use of hired cars.
Ministry for the Environment
(2024). Measuring emissions: A
guide for organisations: 2024
detailed guide. Wellington: Ministry
for the Environment.
GWP is from IPCC AR5.
Measured by distance travelled and vehicle size and calculated using the activity
based method.
Oceania assumes that rental vehicles are for business purposes and supplier travel
reports are complete and accurate.
Low uncertainty.
Staff mileage claims
Staff travel with
personal vehicles
Internal mileage
claim report.
Ministry for the Environment
(2024). Measuring emissions: A
guide for organisations: 2024
detailed guide. Wellington: Ministry
for the Environment.
GWP is from IPCC AR5.
Calculated using the spend based method. Total mileage claim spend was divided by
the IRD Tier 1 rate per kilometre to estimate distance travelled.
Oceania assumes all employee travel in personal vehicles is submitted through formal
mileage claim process and that cost data accurately reflects actual distances.
Medium to high uncertainty.
The spend based method
carries high uncertainty
due to assumptions
about vehicle efficiency,
route conditions, and the
completeness of mileage
claims. The IRD Tier 1 rate
provides a reasonably proxy
for estimating distance from
cost data.
48
Oceania
Climate-Related Disclosures FY2025
Appendices
GHG Emissions, Methodology, Uncertainties and Assumptions cont.
Scope 3 cont.
CategoryEmissions source/activityData sourceEmissions factor and GWPMethodology, estimation and assumptions Level of uncertainty
Category 6
cont.
Taxis and rideshares
The use of on demand
transport services such
as Uber.
Travel report provided by
rideshare supplier.
Ministry for the Environment
(2024). Measuring emissions: A
guide for organisations: 2024
detailed guide. Wellington: Ministry
for the Environment.
GWP is from IPCC AR5.
Measured using kilometres travelled and calculated using the activity based method.
Oceania assumes that the supplier report is complete and accurate.
Low uncertainty.
Hotels
Overnight accommodation
used during business travel.
Travel report provided
by a third party travel
management supplier.
Ministry for the Environment
(2024). Measuring emissions: A
guide for organisations: 2024
detailed guide. Wellington: Ministry
for the Environment.
GWP is from IPCC AR5
Measured by per night stay and calculated using the activity based method.
Oceania assumes the supplier report is complete and accurate.
Low uncertainty.
Category 7
Employee
Commuting
Emission associated with
employee travel to and
from work.
Employee survey
(via third party
survey platform).
Ministry for the Environment
(2024). Measuring emissions: A
guide for organisations: 2024
detailed guide. Wellington: Ministry
for the Environment.
Calculated using the activity based method, based on typical travel mode and
distance data from an FY25 employee survey, applied to total headcount.
Oceania assumes that the survey results accurate represent commuting behaviour.
Medium uncertainty.
Self-reported survey data
may be subject to recall
bias or variability in travel
patterns, as well as applying
average responses to
full headcount.
Category 13
Downstream
Leased Assets
Independent living (ILU)
residents’ electricity
consumption
Check metre data from
internal reporting app.
BraveTrace electricity emission
factors: NZECS 2023/24 National
Supply and Residual Supply Mix.
GWP is from IPCC AR5.
Calculated using the activity based method. Proxy data was established from actual
metered electricity readings from 10 sites for villas and apartments, segmented by
unit size. Average consumption values applied to estimate residents with Installation
Control Points (ICPs).
Oceania assumes consistent electricity usage among similarly sized units, that
readings below 2Wh/day indicate vacancy, and that electricity supplied is not covered
by carbon zero electricity products or RECs.
Medium uncertainty.
Although based on real
metered data, it uses
averages to estimate
consumption across sites,
which may not reflect
individual usage variations.
Notes
1. Smart Power validate and pay supplier invoices on Oceania’s behalf.
2. Fleet Partners manage Oceania’s fleet, and fleet related energy use.
3. An Environmental Product Declaration (EPD) is a report that states the environmental impacts of a product over
its life cycle, including its global warming potential, measured in tonnes of CO₂e.
4. Property rates (i.e. local council rates) have been excluded from Scope 3, Category 1 (Purchased Goods and
Services) emissions. While these costs fall within Oceania’s operational control boundary, they do not represent
a good or service with associated upstream emissions. Rates are classified as a tax or levy and do not reflect
emissions attributable to a specific product or service purchased. This treatment is consistent with the GHG
Protocol, which excludes taxes and other non purchase expenditures from Scope 3 Category 1 emissions
calculations. Transactions relating to employee reimbursements for professional expenses and temporary labour
costs, which are classified as non-emitting sources, are also excluded. These are not considered purchases of
goods or services from third party vendors, and emissions associated with temporary personnel are assumed to
be captured under other categories such as waste, water, and electricity. This methodology is consistent with
prior year disclosures, and the emissions impact is considered immaterial (<1%) in the context of total purchased
goods and services emissions. This treatment is consistent with the GHG Protocol, which excludes taxes and
other non purchase expenditures from Scope 3 Category 1 emissions calculations.
5. This approach differs from previous reporting periods, where food waste at these sites was estimated, posing a
risk of double counting.
49
Oceania
Climate-Related Disclosures FY2025
Appendices
ObjectiveCategoryProvisionLocation
Theme: Governance
6.* To enable primary users to
understand both the role an
entity’s governance body
plays in overseeing climate-
related risks and climate-
related opportunities, and
the role management plays
in assessing and managing
those climate-related
risks and opportunities.
7. Disclosures(a) the identity of the governance body responsible for oversight of climate-related risks and opportunities.Page 2
(b) a description of the governance body’s oversight of climate-related risks and opportunities.Pages 2-3, and 7
(c) a description of management’s role in assessing and managing climate-related risks and opportunities.Pages 2 and 6
8. Governance body oversight(a) the processes and frequency by which the governance body is informed about climate-related risks and opportunities.Pages 2-5
(b) how the governance body ensures that the appropriate skills and competencies are available to provide oversight of climate-related risks
and opportunities.
Page 7
(c) how the governance body considers climate-related risks and opportunities when developing and overseeing implementation of the
entity’s strategy.
Pages 4-5, and 7
(d) how the governance body sets, monitors progress against, and oversees achievement of metrics and targets for managing
climate-related risks and opportunities, including whether and if so, how, related performance metrics are incorporated into
remuneration policies.
Pages 2-3, and 7
9. Management’s role(a) how climate-related responsibilities are assigned to management-level positions or committees, and the process and frequency by
which management-level positions or committees engage with the governance body.
Pages 2 and 6
(b) the related organisational structure(s) showing where these management-level positions and committees lie.Pages 2 and 6
(c) the processes and frequency by which management is informed about, makes decisions on and monitors, climate-related risks
and opportunities.
Pages 2 and 6
Aotearoa New Zealand Climate Standards
CLIMATE-RELATED DISCLOSURES (NZCS 1) - INDEX
* Numbering refers to NZCS 1 paragraphs.
50
Oceania
Climate-Related Disclosures FY2025
Appendices
ObjectiveCategoryProvisionLocation
Theme: Strategy
10. To enable primary users to
understand how climate
change is currently impacting
an entity and how it may do
so in the future. This includes
the scenario analysis an
entity has undertaken, the
climate-related risks and
opportunities an entity has
identified, the anticipated
impacts and financial
impacts of these, and how
an entity will position itself
as the global and domestic
economy transitions
towards a low-emissions,
climate-resilient future.
11. Disclosures(a) a description of its current climate-related impacts.Page 10
(b) a description of the scenario analysis it has undertaken.Pages 11-14
(c) a description of the climate-related risks and opportunities it has identified over the short, medium, and long term.Pages 18-22
(d) a description of the anticipated impacts of climate-related risks and opportunities.Pages 18-22
(e) a description of how it will position itself as the global and domestic economy transitions towards a low-emissions, climate-resilient
future state.
Pages 23-27
12. Current impacts and
financial impacts
(a) its current physical and transition impactsPage 10
(b) the current financial impacts of its physical and transition impacts identified in (a).Page 10
(c) if the entity is unable to disclose quantitative information for paragraph (b), an explanation of why that is the case.Page 10
13. Scenario analysis
undertaken
An entity must describe the scenario analysis it has undertaken to help identify its climate-related risks and opportunities and better
understand the resilience of its business model and strategy. This must include a description of how an entity has analysed, at a minimum,
a 1.5°C climate-related scenario, a 3°C or greater climate-related scenario, and a third climate-related scenario.
Pages 11-17
14. Climate-related risks
and opportunities
(a) how it defines short, medium and long term and how the definitions are linked to its strategic planning horizons and capital
deployment plans.
Page 13
(b) whether the climate-related risks and opportunities identified are physical or transition risks or opportunities, including, where relevant,
their sector and geography.
Pages18-22
(c) how climate-related risks and opportunities serve as an input to its internal capital deployment and funding decision-making processes.Page 25-26
and 39
Aotearoa New Zealand Climate Standards cont.
51
Oceania
Climate-Related Disclosures FY2025
Appendices
ObjectiveCategoryProvisionLocation
10. To enable primary users to
understand how climate
change is currently impacting
an entity and how it may do
so in the future. This includes
the scenario analysis an
entity has undertaken, the
climate-related risks and
opportunities an entity has
identified, the anticipated
impacts and financial impacts
of these, and how an entity
will position itself as the
global and domestic economy
transitions towards a low-
emissions, climate-resilient
future – cont.
15. Anticipated impacts and
financial impacts
(a) the anticipated impacts of climate-related risks and opportunities reasonably expected by the entity.Pages 18-22
(b) the anticipated financial impacts of climate-related risks and opportunities reasonably expected by an entity.*Adoption
provision 2*
(c) a description of the time horizons over which the anticipated financial impacts of climate-related risks and opportunities could
reasonably be expected to occur.
*Adoption
provision 2*
(d) if an entity is unable to disclose quantitative information for paragraph (b), an explanation of why that is the case.*Adoption
provision 2*
16. Transition plan aspects
of its strategy
(a) a description of its current business model and strategy.Page 8-9
(b) the transition plan aspects of its strategy, including how its business model and strategy might change to address its climate-related
risks and opportunities.
Pages 23-27
(c) the extent to which transition plan aspects of its strategy are aligned with its internal capital deployment and funding decision-
making processes.
Pages 23-27
Theme: Risk Management
17. To enable primary users
to understand how an
entity’s climate-related risks
are identified, assessed,
and managed and how
those processes are
integrated into existing risk
management processes.
18. Disclosures(a) a description of its processes for identifying, assessing and managing climate-related risks.Pages 28-30
(b) a description of how its processes for identifying, assessing, and managing climate-related risks are integrated into its overall risk
management processes.
Pages 28-30
19. An entity must include the
following information when
describing its processes for
identifying, assessing, and
managing climate-related
risks (see paragraph 18(a))
(a) the tools and methods used to identify, and to assess the scope, size, and impact of, its identified climate-related risks.Pages 28-29
(b) the short-term, medium-term, and long-term time horizons considered, including specifying the duration of each of these time horizons.Page 29
(c) whether any parts of the value chain are excluded.Page 29
(d) the frequency of assessment.Page 28
(e) its processes for prioritising climate-related risks, relative to other types of risks.Pages 29-30
Aotearoa New Zealand Climate Standards cont.
52
Oceania
Climate-Related Disclosures FY2025
Appendices
ObjectiveCategoryProvisionLocation
20. To enable primary users to
understand how an entity
measures and manages its
climate-related risks and
opportunities. Metrics and
targets also provide a basis
upon which primary users
can compare entities within
a sector or industry.
21. Disclosures(a) the metrics that are relevant to all entities regardless of industry and business model.See below
(b) industry-based metrics relevant to its industry or business model used to measure and manage climate-related risks and opportunities.Page 34
(c) any other key performance indicators used to measure and manage climate-related risks and opportunities.N/A
(d) the targets used to manage climate-related risks and opportunities, and performance against those targets.Pages 34-35
and 40
22. Metric categories(a) greenhouse gas (GHG) emissions: gross emissions in metric tonnes of carbon dioxide equivalent (CO₂e) classified as:
(i) Scope 1
(ii) Scope 2 (calculated using the location-based method)
(iii) Scope 3.
Pages 33 and 35
(b) GHG emissions intensityPage 34
(c) transition risks: amount or percentage of assets or business activities vulnerable to transition risks.Page 39
(d) physical risks: amount or percentage of assets or business activities vulnerable to physical risks.Pages 36-38
(e) climate-related opportunities: amount or percentage of assets, or business activities aligned with climate-related opportunities.Page 39
(f) capital deployment: amount of capital expenditure, financing or investment deployed toward climate-related risks and opportunities.Page 39
(g) internal emissions price: price per metric tonne of CO₂e used internally by an entity.Page 35
(h) remuneration: management remuneration linked to climate-related risks and opportunities in the current period, expressed as a
percentage, weighting, description.
Page 40
Aotearoa New Zealand Climate Standards cont.
53
Oceania
Climate-Related Disclosures FY2025
Appendices
ObjectiveCategoryProvisionLocation
20. To enable primary users to
understand how an entity
measures and manages its
climate-related risks and
opportunities. Metrics and
targets also provide a basis
upon which primary users
can compare entities within a
sector or industry – cont.
23. Targets(a) the time frame over which the target applies.Page 40
(b) any associated interim targets.N/A
(c) the base year from which progress is measured.Page 40
(d) a description of performance against the targets.Pages 34-35
and 40
(e) for each GHG emissions target:
(i) whether the target is an absolute target or intensity target
(ii) the entity’s view as to how the target contributes to limiting global warming to 1.5°C
(iii) the entity’s basis for the view expressed in (ii), including any reliance on the opinion or methods provided by third parties
(iv) the extent to which the target relies on offsets, whether the offsets are verified or certified and if so, under which scheme or schemes .
Page 40
24. GHG emissions(a) a statement describing the standard or standards that its GHG emissions have been measured in accordance with.Pages 34-35
and 40
(b) the GHG emissions consolidation approach used: equity share, financial control or operational control.Page 32
(c) the source of emission factors and the global warming potential (GWP) rates used or a reference to the GWP source.Page 32
and 41-48
(d) a summary of specific exclusions of sources, including facilities, operations or assets with a justification for their exclusion.Page 32
Aotearoa New Zealand Climate Standards cont.
54
Oceania
Climate-Related Disclosures FY2025
Appendices
Glossary of Terms
C
CEO
Chief Executive Officer
CFO
Chief Financial Officer
CRD
Mandatory climate-related disclosures for the reporting period 1 April 2023-31
March 2024 under the Financial Markets Conduct Act 2013
CRE
Climate Reporting Entity
E
EV
Electric vehicle
F
FMCA
Financial Markets Conduct Act 2013
FY
Financial year
G
GHG Protocol
The Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard
and Greenhouse Gas Protocol: Corporate Value Chain (Scope 3) Accounting and
Reporting Standard
GHG Report
Oceania’s GHG inventory report
Green Star
A sustainability rating system for buildings and communities, administered by
the NZGBC. Green Star evaluates environmental and social impacts across key
categories such as energy, water, materials, indoor environment quality, and
innovation. Ratings range from 4 to 6 stars.
H
Homestar
A comprehensive, independent rating tool developed by the NZGBC that assesses
the health, efficiency, and sustainability of residential homes. Homestar ratings
range from 6 to 10 stars.
I
IPCC
Intergovernmental Panel on Climate Change
ISO
International Organisation for Standardisation
ISO 31000:2018
ISO guidelines on managing risk faced by organisations.
ISO 14091:2021
– Adaption to
climate change
ISO guidelines for assessing the risks related to the potential impacts of
climate change.
K
KPI
Key performance indicator
M
M&A
Mergers and acquisitions
MfE
Ministry for the Environment
N
NCCRA
Ministry for the Environment’s National Climate Change Risk Assessment
NGFS
Network for Greening the Financial System
NZCS
Aotearoa New Zealand Climate Standards
NZCS 1
The Aotearoa New Zealand Climate Standard 1 – Climate-related disclosures
NZCS 2
The Aotearoa New Zealand Climate Standard 2 –
Adoption of Aotearoa New Zealand Climate Standards
NZCS 3
The Aotearoa New Zealand Climate Standard 3 – General Requirements for
Climate-related Disclosures
NZD
New Zealand Dollar
NZGBC
New Zealand Green Building Council
O
ORA
Occupation Right Agreement
S
SBTi
Science Based Targets initiative
SMEs
Subject Matter Experts
Solar PV
Solar Photovoltaic
SPTs
Sustainability Performance Targets under Oceania’s sustainability linked loan
T
TCFD
Taskforce for Climate-related Financial Disclosures
X
XRB
External Reporting Board
55
Oceania
Climate-Related Disclosures FY2025
Appendices
Independent limited assurance report
to Oceania Healthcare Limited
A member firm of Ernst & Young Global Limited
Independent limited assurance report to Oceania Healthcare Limited
Assurance conclusion
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 Oceania Healthcare Limited’s consolidated
gross Greenhouse Gas (“GHG”) emissions, related additional required disclosures of gross GHG
emissions and gross GHG emissions methods, assumptions and estimation uncertainty, within the
scope of our limited assurance engagement (as outlined below) included in Oceania Healthcare
Limited’s Climate-Related Disclosures for the year ended 31 March 2025 (“Climate Statement”) are
not fairly presented and not prepared, in all material respects, in accordance with the Aotearoa New
Zealand Climate Standards (“NZ CS”) issued by the External Reporting Board (XRB).
Scope
Ernst & Young Limited (“EY”) has undertaken a limited assurance engagement, to report on Oceania
Healthcare Limited’s (the “Company” or “Oceania”):
▪ Consolidated gross GHG emissions on page 33:
▪ Scope 1;
▪ Scope 2 (location based but not market based);
▪ Scope 3;
▪ Related additional requirements for the disclosure of consolidated GHG emissions on page 32;
▪ Related GHG emissions methods, assumptions and estimation uncertainty on page 41-48
included in the Climate Statement for the year ended 31 March 2025 (the “Subject Matter” or “GHG
disclosures”). The reported amounts and disclosures relate to the Company and its subsidiaries
(together the “Group”) as explained in the Climate Statement.
Our assurance engagement does not extend to any other information included, or referred to, in the
Climate Statement on pages 1-40 to 49-54. We have not performed any procedures with respect to
the excluded information and, therefore, no conclusion is expressed on it.
Criteria applied by Oceania
In preparing the GHG disclosures, Oceania applied NZ CS (the “Criteria”). In applying the Criteria, the
methods and assumptions used are described on pages 41 to 48 of the GHG disclosures, as are the
estimation uncertainties inherent in the methods and assumptions used.
Key matters
In this section we present those matters that, in our professional judgement, were most significant in
undertaking the assurance engagement over the GHG disclosures. These matters were addressed in
the context of our assurance engagement, and in forming our conclusion. We did not reach a separate
assurance conclusion on each individual key matter.
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A member firm of Ernst & Young Global Limited
Spend-based methods used in measurement of certain Scope 3 emissions sources
Why significant Procedures to address key matter
As explained on page 43 and 44, Oceania has measured
the GHG emissions from “Scope 3 – Purchased goods and
services” and a component of “Scope 3 – Capital goods”
using the spend-based calculation method as described in
the GHG Protocol Corporate Accounting and Reporting
Standard and the Greenhouse Gas Protocol Corporate
Value Chain (Scope 3) Standard (together the “GHG
Protocol”).
The spend based components of these emission categories
comprise approximately 26% of the Group’s total GHG
emissions for the period ended 31 March 2025. The spend-
based calculation method estimates emissions for goods
and services by multiplying the value of goods and services
purchased with emission factors relevant to the type of
good or service. This method uses average emissions per
dollar spend factors, which may differ significantly from
the emissions actually created from a certain spend on a
particular product due to differences between the supply
chain and characteristics of a product and the assumed
average. The use of the spend-based calculation method
comes with inherent uncertainty and may result in
significantly different estimated emissions compared to
actual emissions. Due to the high level of estimation
involved, improvements to the calculation method or
assumptions for these emission sources could result in
future material changes and restatements to previously
reported amounts.
In the current year Oceania have used a New Zealand
derived source of spend-based emissions factors as
opposed to an international source used in prior periods.
This has resulted in a material restatement of emissions
previously reported in relation to the “Scope 3 - Purchased
goods and services” and “Scope 3 - Capital goods”
categories.
In considering Oceania’s measurement and disclosure of
Scope 3 emissions measured using spend-based methods
we:
• Obtained an understanding of the spend-based
calculation method, assumptions and estimation
uncertainties used;
• Considered whether the application of the spend-
based calculation methodology by Oceania aligned
with the GHG Protocol;
• Considered the reasonableness of the selected spend-
based emission factors and their application in the
calculation process;
• Considered the categorisation of Oceania’s dollar
spend on purchased goods and services and capital
goods by performing analytics and inquiry;
• Considered the disclosures made by Oceania in
relation to the calculation method, assumptions and
uncertainties in estimating these emission sources
and in relation to the restatements made to
previously reported amounts, as disclosed on page
33, 43 and 44.
Calculation methodology used for measuring certain capital goods emissions sources
Why significant Procedures to address key matter
Oceania has measured the majority of its “Scope 3 –
Capital goods” GHG emissions using the average-data
method as described in the GHG Protocol. These emissions
comprise approximately 58% of the Group’s total GHG
emissions for the period ended 31 March 2025.
The calculation methodology used by Oceania is described
on page 44. This methodology has been developed by
Oceania to provide a measurement approach for
estimating the embodied emissions from their building
development activities based on the characteristics of
different types of units and suites (“typologies”). This
calculation methodology is complex and relies on the use
of experts to estimate the quantity of different building
products used to construct different typologies and match
these with the appropriate product-specific emissions
factor for that building product to create Oceania specific
emissions factors for each typology. Oceania then
classifies development activities for each completed build
in the financial year into these typologies to estimate the
total embodied emissions associated with that build. This
calculation methodology relies on significant judgements
and estimation.
In considering Oceania’s measurement and disclosure of
“Scope 3 – Capital goods” emissions we:
▪ Obtained an understanding of the calculation method,
assumptions, and estimation uncertainties used;
▪ Considered whether Oceania’s application of the
average-data calculation methodology aligned with
the GHG Protocol;
▪ Considered Oceania’s use of experts in developing the
calculation inputs and whether their work was suitable
for Oceania’s purpose and aligned with their area of
expertise;
▪ Considered the reasonableness of the assumptions
made to develop the typologies and the associated
building product specific emissions;
▪ Checked the builds included in the calculation to those
completed in the year;
▪ Considered the allocation of typology to the
completed builds in the current year;
▪ Checked a sample of the calculations used to estimate
embodied emissions for arithmetic accuracy;
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Climate-Related Disclosures FY2025
Appendices
A member firm of Ernst & Young Global Limited
Why significant Procedures to address key matter
▪ Considered the disclosures made by Oceania in
relation to the calculation method, assumptions and
uncertainties in estimating these emission sources, as
disclosed on page 33 and 44.
Oceania’s responsibility
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of
the GHG disclosures 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 GHG disclosures, such that they are free from material misstatement, whether
due to fraud or error.
EY’s responsibility
Our responsibility is to express a limited assurance conclusion on the GHG disclosures based on the
procedures we have performed and the evidence we have obtained.
Our engagement was conducted in accordance with New Zealand Standard on Assurance
Engagements 1 Assurance Engagements over Greenhouse Gas Emissions Disclosures (“NZ SAE 1”)
and in accordance with the International Standard for Assurance Engagements (New Zealand):
Assurance Engagements on Greenhouse Gas Statements (“ISAE (NZ) 3410”). Those standards require
that we plan and perform this engagement to obtain limited assurance about whether the GHG
disclosures have been prepared, in all material respects, in accordance with the Criteria. The nature,
timing and extent of the procedures selected depend on our judgment, including an assessment of the
risk of material misstatement, whether due to fraud or error.
We believe that the evidence obtained is sufficient and appropriate to provide a basis for our limited
assurance conclusion.
As we are engaged to form an independent conclusion on the GHG disclosures prepared by
management, we are not permitted to be involved in the preparation of the GHG information as doing
so may compromise our independence.
EY provides financial statement audit and review services and assurance in relation to sustainability-
linked loan performance to Oceania. Partners and employees of our firm may deal with the Group on
normal terms within the ordinary course of trading activities of the business of the Group. We have no
other relationship with, or interest in, the Group.
Our independence and quality management
We have complied with the independence and other ethical requirements of NZ SAE 1 Assurance
Engagements over Greenhouse Gas Emissions Disclosures issued by the External Reporting Board
(XRB) and 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 are 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.
A member firm of Ernst & Young
Global Limited
Independent
assurance
report cont.
A member firm of Ernst & Young Global Limited
Description of procedures performed
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.
Our procedures did not include testing controls or performing procedures relating to checking
aggregation or calculation of data within IT systems.
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:
▪ Obtaining, through inquiries, an understanding of Oceania’s control environment, processes and
information systems relevant to the preparation of the GHG disclosures. We did not evaluate the
design of particular control activities, or obtain evidence about their implementation;
▪ Evaluating whether Oceania’s methods for developing estimates are appropriate and had been
consistently applied. Our procedures did not include testing the data on which the estimates are
based or separately developing our own estimates against which to evaluate Oceania’s estimates;
▪ Evaluating organisational and operational boundaries to test completeness of GHG sources;
▪ Performing analytical procedures on particular emission categories by comparing the expected
GHGs emitted to reported GHGs emitted and making inquiries of management to obtain
explanations for any significant differences we identified; and
▪ Considering the presentation and disclosure of the GHG disclosures.
▪ Performing recalculations and aggregation of GHG emissions; and
▪ Considering the presentation and disclosure of the GHG disclosures.
We also performed such other procedures as we considered necessary in the circumstances.
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.
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.
57
Oceania
Climate-Related Disclosures FY2025
Appendices
A member firm of Ernst & Young Global Limited
Use of our assurance report
We disclaim any assumption of responsibility for any reliance on this assurance report to any persons
other than Oceania, or for any purpose other than that for which it was prepared.
The engagement partner on the engagement resulting in this independent assurance conclusion is Pip
Best.
Ernst & Young Limited
Auckland
5 June 2025
A member firm of Ernst & Young
Global Limited
Independent
assurance
report cont.
A member firm of Ernst & Young Global Limited
Description of procedures performed
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.
Our procedures did not include testing controls or performing procedures relating to checking
aggregation or calculation of data within IT systems.
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:
▪ Obtaining, through inquiries, an understanding of Oceania’s control environment, processes and
information systems relevant to the preparation of the GHG disclosures. We did not evaluate the
design of particular control activities, or obtain evidence about their implementation;
▪ Evaluating whether Oceania’s methods for developing estimates are appropriate and had been
consistently applied. Our procedures did not include testing the data on which the estimates are
based or separately developing our own estimates against which to evaluate Oceania’s estimates;
▪ Evaluating organisational and operational boundaries to test completeness of GHG sources;
▪ Performing analytical procedures on particular emission categories by comparing the expected
GHGs emitted to reported GHGs emitted and making inquiries of management to obtain
explanations for any significant differences we identified; and
▪ Considering the presentation and disclosure of the GHG disclosures.
▪ Performing recalculations and aggregation of GHG emissions; and
▪ Considering the presentation and disclosure of the GHG disclosures.
We also performed such other procedures as we considered necessary in the circumstances.
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.
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.
Oceania
Climate-Related Disclosures FY2025
oceaniahealthcare.co.nz
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