Several global events have improved the profile of environmental issues in the business such as the launch of the United Nations Sustainable Development Goals and the ratification of the Paris Agreement.
A report published on Bluenotes ANZ website stated that the Paris Agreement has “generated a ripple effect” and presently, various countries, sectors, and organisations have declared their own goals to take part in the global 2°C goal.
The report further stated, “Environmental markets are also impacting companies’ bottom line while barely a day goes by without Australian mainstream media discussing the domestic energy market. Australian electricity spot process has tripled since December 2016 with volatility remaining prevalent due to factors like major coal-fired generators closing and ongoing policy uncertainty.”
Organisations such as ANZ, Coca-Cola Amatil, Telstra, and University of Melbourne have worked together to achieve energy affordability in progressively volatile markets through a renewable energy power purchase agreement (PPA).
The said PPA centres on the Murra Warra Wind Farm, situated near Horsham in North West Victoria.
A PPA usually has a long-term contract of approximately six to 12 or more years and requires a direct agreement on the price of electricity and/or green products for the duration of the contract. Thus, a PPA can lessen energy costs while delivering new and extra renewable energy onto the grid.
Kate Langan, ANZ GM Group Property, stated, “Environmental sustainability is a major focus area for ANZ and we are committed to being in line with the global 2°C goal, increasing our renewable energy consumption and maintaining Net Zero Carbon.”
“The PPA delivers positive social and environmental impact and has a potential to save us $A16 million in future energy costs,” Langan added.
According to Daniel Baird, University of Melbourne Director Corporate Finance, they sought to better comprehend all of the PPA considerations from a project and contract perspective.
He said, “This knowledge gave us the confidence to explore the market and see if our ideal project existed.”
To know more about the report, view the original article here.
Phillip Riley Takes the Lead in Powering Queensland’s Energy Transition We’re thrilled to announce a significant milestone in our journey – Phillip Riley has been selected as the preferred international acquisition partner for the groundbreaking