IGO
Implementing an internal carbon price – a powerful tool to capture the true costs of greenhouse gas emissions.
The Situation
IGO Limited (IGO) is an ASX 100 listed company, focused on discovering, developing and delivering products that are critical to clean energy. Through its upstream mining and downstream processing assets, IGO is enabling future-facing technologies including the electrification of transport, energy storage and renewable energy generation.
IGO has set a target to be net zero across its direct operations and activities by 2035, if not sooner. With this objective in mind, IGO sought to develop a mechanism that would increase the pace of decarbonisation and support it to reach its target.
Our Solutions
In 2021, IGO engaged Ndevr Environmental to design and implement an Internal Carbon Price (ICP) to drive strategic decarbonisation across its business.
IGO’s ICP was developed in accordance with Ndevr Environmental’s principles of carbon pricing. That is, the price was calibrated to ensure that it:
- Was materially impactful to IGO’s investment decisions and high enough to accelerate decarbonisation;
- Was comparable with international peers and leaders, ensuring its ICP meets stakeholder expectations; and
- Anticipates changes in carbon policy, both nationally and internationally, to ensure IGO is prepared for rapid, unexpected regulatory changes.
Importantly, IGO’s ICP goes a step further than many others, and is practically applied to scope 1 and 2 emissions generated within the business to incentivise efficient decarbonisation. Revenue from the ICP is then moved to a centralised decarbonisation fund.
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