Vector publishes FY2026 climate statement report

• Vector set a new FY2040 target to cut Scope 1-2 emissions 71.8% from the FY2020 baseline, excluding electricity distribution losses.
• The earlier FY2030 absolute reduction target of 53.5% stays in place, while the prior FY2030 net-zero commitment is replaced.
• FY2026 total emissions were 779,851 tCO2e; Scope 1 rose to 13,870 tCO2e on higher gas network fugitive emissions.
• Gas transition risk flagged as material, citing about NZD 1 billion sector cost-recovery exposure from faster-than-forecast demand decline.
• Physical risk work highlighted about NZD 393 million of potential electricity network resilience projects in asset planning, subject to regulatory funding.

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