Medibank has announced it will fast-track its plan to Net Zero by bringing forward its commitment and pathway to 2040.
The company previously announced, in September 2021, a commitment to achieve Net Zero by 2050.
It has announced its new commitment to coincide with the release of its 2022 Sustainability Report.
Its new targets include achieving Net Zero across Scope 1 and 2 emissions by 2025. These are emissions from owned or controlled sources and indirect emissions from the generation of purchased energy.
It will also reduce Scope 3 emissions by a minimum of 50 per cent by 2030 and achieve Net Zero by 2040. Scope 3 includes all indirect emissions that occur in the company's value chain.
Medibank senior executive of sustainability, Nick Addison, said the company has focused on embedding environmental sustainability into the organisation’s strategy and decision-making.
"Our 2030 vision is to create the best health and wellbeing for all of Australia and we recognise the impact that climate change has on human health.
“If we are to achieve our vision, we need to help protect the health of our planet,” he said.
Medibank said it has maintained its carbon neutral status for Scope 1, 2 and 3 emissions since 2018 and was the first private health insurer to be accredited carbon neutral by Climate Active in 2019.
“Our accelerated pathway to Net Zero is an important step in our environmental agenda and we are committed to achieving our targets,” continued Mr Addison.
Mr Addison said Medibank also understands its role in collaborating with the broader health industry.
“While our pathway to Net Zero reflects our own environmental commitment, we know we have a role to play in reducing the climate impact of the broader health industry.
“That’s why we’ll be looking for opportunities to engage with our health partners to drive more sustainable practices across the broader health system,” he said.