Clean up or cough up: Senex makes executives pay for net zero failures
Executives at Queensland gas producer Senex will have their pay docked if they fail to meet net zero emissions across its business by 2040.
Senex has released a net zero emissions by 2040 plan
As the Morrison Government struggles to come up with a net zero emissions policy, businesses are increasingly seeing climate change as a major risk.
Senex said the market was now demanding that companies reach the goal.
Under its decarbonisation it would achieve a 30 per cent reduction by 2025, 75 per cent by 2030 and 100 per cent by 2040.
It has vowed to spend 5 per cent of its EBITDA on low emission investments.
Its initial steps will be to stop the flaring of waste gas at its operations. It will also start the electrification of its facilities.
Managing director Ian Davies said Senex would achieve the net zero goals while also tripling its gas production by 2025.
