IAG enters major agreements in Australia and New Zealand
IAG enters major agreements in Australia and New Zealand | Insurance Business Australia
Environmental
IAG enters major agreements in Australia and New Zealand
Group also teams up with community-funded initiative
Environmental
By
Roxanne Libatique
IAG has revealed new renewable energy partnerships for its operations in Australia and New Zealand as part of its commitment to achieving net zero emissions by 2050. The announcement coincides with World Environment Day.
In Australia, the insurance giant has entered a six-year Power Purchase Agreement (PPA) with CleanPeak Energy, which will supply 100% renewable energy to the company’s Australian sites starting from January 1, 2025. CleanPeak Energy is known for its portfolio of renewable energy projects and infrastructure.
IAG’s renewable energy partnership in New Zealand
Across the Tasman, IAG’s New Zealand operations have secured a deal with Ecotricity, effective this month, to source all its electricity from renewable sources. Ecotricity is New Zealand’s first Toitū climate-positive certified electricity provider.
“We’re delighted to have formed renewable energy partnerships across Australia and New Zealand, marking a tangible step in our journey towards net zero. We recognise that how we address sustainability is critically important to our long-term business performance, and our ability to influence and support Australia and New Zealand’s transition towards a low-carbon climate-resilient economy,” said IAG head of sustainability Lee McDougall.
Ecotricity CEO Al Yates commented: “Ecotricity is proud to be partnering with IAG on its sustainability journey, by providing 100% renewable, Toitū climate positive electricity. Together, we are making great progress towards decarbonisation of Aotearoa New Zealand.”
IAG Australia partners with Grong Grong Solar Farm
In addition to these agreements, IAG Australia has partnered with the community-funded Grong Grong Solar Farm (GGSF) in New South Wales (NSW).
Facilitated by CleanPeak Energy, the partnership will cover about 20% of IAG Australia’s energy needs.
“The alliance with GGSF provides a wonderful opportunity for IAG to support one of the communities we serve while showcasing how large corporations can innovate to invest in community-led initiatives as Australia transitions to net zero,” McDougall said.
CleanPeak Energy CEO Philip Graham said: “IAG has shown leadership in its approach to decarbonise its operations and we are delighted to be part of the solution. The agreement we have signed will not only support the Grong Grong community solar project but also provide support for new solar farms to be built across the NEM in regional locations. Our partnership with IAG and our focus on delivering tailored solutions for multi-site customers is exactly how we can accelerate the transition to net zero.”
Jonathon Prendergast, director of Grong Grong Solar Farm, highlighted the community aspect of the project.
“GGSF is a community solar project with over 700 shareholders, some who have invested as little as $250,” he said. “Through IAG facilitating an offtake agreement with CleanPeak Energy, GGSF has its future secured, enabling more Australians to participate in the journey to net zero.”
IAG also plans to extend renewable energy solutions to its claims supply chain, including Motorserve and RepairHub, across Australia and New Zealand.
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