Australia’s changing climate presents systemic challenges to the agricultural sector, as well as to our clients and farming activities.
Hotter and drier conditions, prolonged droughts and more extreme weather events have profound effects on farmers, associated businesses, the communities in which we operate and Australia’s economy more broadly.
Our role as a provider of products and services to Australian primary producers places us at risk to both direct and indirect effects of climate change. As a valued partner of the agriculture sector, we have an important role to play in contributing to the sector’s resilience and helping develop technologies to assist with emissions mitigation and climate change adaptation.
We also acknowledge our own responsibility to address climate change and in particular, manage and reduce greenhouse gas emissions associated with our own operations.
Climate change governance
To increase transparency with our stakeholders and investors, and to bring a spotlight on what Elders is contributing in this space, the Board has set a target of fully aligning our disclosure of climate-related risks with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations by 30 September 2023, in alignment with the completion of our third Eight Point Plan.
Elders’ staged action plan for full alignment with the TCFD Recommendations by 30 September 2023
To achieve full alignment with the TCFD Recommendations will require a staged approach. Our current achievements and short to medium-term objectives are detailed in the table below.
Discover how we are dealing with our energy, emissions and waste management.
Severe weather events such as frost, drought, flood and fire can affect the productivity of our agribusiness customers and in turn, increase the variability of Elders’ financial performance.
As a result, we manage severe weather events as a material business risk in accordance with our risk management and resilience frameworks.1 Given Australia’s vast and diverse landscape, severe weather events rarely occur across multiple regions at the same time.
By maintaining a geographical spread of operations across the country and a diverse product and service range, the negative impacts of severe weather events on our organisation are limited and mitigated.
The impacts of severe weather events on Elders’ financial performance are further mitigated due to Elders being a supplier of the inputs, equipment and services our farmers require to operate through, and recover from, severe weather events. To assist our customers with managing their agribusiness through events like drought, excessive rain, flooding, fire and heatwaves, Elders:
- supports clients in managing their productivity through our network of agronomists and livestock agents
- provides access to technology which supports the efficient distribution of water, nutrients and chemicals (see page 46 of this report)
- supplies crop protection products and herbicides to manage weeds and pest infestation
- supplies general merchandise and equipment required on farm, such as fence posts, personal protective equipment, shade cloths, irrigation equipment, tanks, troughs and fire pumps
- facilitates the sale and purchase of water through Elders Water Trading.
1. Outlined in detail in our Sustainability Report.
For more information download our full sustainability report.