Universal

All

Fossil Fuel Expansion & Facilitation

The organisation shall not engage in fossil exploration, including:

a) seismic, geophysical, or other surveys to identify new fossil fuel reserves;

b) exploratory or appraisal drilling for fossil fuel resources;

c) acquisition or application of new exploration or prospecting licenses for fossil fuels;

d) development of fossil fuel reserves.

The organisation is exempt from the above when undertaking the activity in relation to:

- decommissioning, well abandonment, or remediation of existing operations;

- works mandated by jurisdictional law, where no alternative exists.

PA-FFEF-Exploration

Universal

All

Fossil Fuel Expansion & Facilitation

The organisation shall not engage in fossil fuel extraction, including:

a) development drilling, well completion, or hydraulic fracturing for fossil fuel resources;

b) operation of oil or gas wells (onshore or offshore);

c) operation of coal mines (open cut, underground, or in situ);

d) operation of unconventional fossil fuel extraction (coal seam gas, shale gas, oil sands, in situ recovery);

e) acquisition or application of fossil fuel production or mining licenses.

PA-FFEF-Extraction

Universal

All

Fossil Fuel Expansion & Facilitation

The organisation shall not engage in fossil fuel processing, including operation of:

a) oil refineries;

b) gas processing plants;

c) LNG liquefaction or regasification facilities;

d) coal preparation, washing, or upgrading plants.

PA-FFEF-Processing

Universal

All

Fossil Fuel Expansion & Facilitation

The organisation shall not engage in fossil fuel transmission, distribution, or retail, including operation of:

a) oil, gas, or other fossil fuel pipelines;

b) marine terminals, rail loading infrastructure, or coal export terminals primarily handling fossil fuels;

c) gas distribution networks;

d) fossil fuel retail outlets;

e) LNG export or import terminals.

PA-FFEF-Transmission

Universal

All

Fossil Fuel Expansion & Facilitation

The organisation shall not provide professional or commercial services that materially support fossil fuel industry expansion, including:

a) legal services for the development, financing, licensing, or operational support of new fossil fuel exploration, extraction, processing, or transmission/distribution;

b) management, strategic, or advisory consulting services to advance fossil fuel expansion projects or new reserves development;

c) engineering, design, construction, or commissioning services for new fossil fuel facilities;

d) lobbying, public affairs, or advocacy services seeking regulatory approval, subsidy, or market support for fossil fuel expansion;

e) marketing, public relations, or advertising services promoting fossil fuel expansion;

Material support is defined as:

i) any active engagement specifically scoped to support fossil fuel exploration or extraction; or

ii) >10% of the organisation's revenue (aggregated across all client engagements, most recent audited fiscal year) derived from services to counterparties whose primary business activity concerns fossil fuel exploration or extraction.

PA-FFEF-ProfServices

Universal

All

Insurance & Facilitated Emissions

The organisation shall not provide insurance underwriting (crop, livestock, agribusiness liability, specialty) for companies with material exposure to land clearing, drainage, or conversion of:

i) peatlands;

ii) wetlands;

iii) mangroves;

iv) primary/intact forest landscapes; and

v) other native vegetation classified as a High Conservation Value (HCV) ecosystem per the HCV Resource Network, or High Carbon Stock (HCS) per the HCS Approach.

Material exposure is defined as any operational footprint, supply linkage, or financed/insured asset associated with land clearing, drainage, or conversion occurring after 31 December 2020;

PA-IFE-LandConversion

Universal

All

Insurance & Facilitated Emissions

The organisation shall not provide insurance or reinsurance services to new fossil fuel projects including:

- coal mines;

- oil/gas fields;

- fossil fuelled power stations;

- LNG export terminals;

- oil/gas pipelines; and

- associated enabling infrastructure.

A project shall be considered new where, as at the commencement of the organisation's initial reporting period, either:

(a) the project has not reached final investment decision; or

(b) construction of the project has not commenced.

A refurbishment, upgrade, expansion, or life extension of an existing project shall be considered a new project where it results in any of the following:

(i) an increase in production, throughput, or generation capacity;

(ii) an extension of the project's operating life beyond the schedule established at original final investment decision; or

(iii) the addition of new emissions sources or facilities not contemplated in the original project design.

Coverage may continue for pre-existing projects within the above project categories until 1 January 2035, but may not be renewed in respect of any expansion of capacity, extension of project life, or addition of new emissions sources.

Exemption: decommissioning, remediation, and just transition activities.

PA-IFE-NewFFProjects

Universal

All

Investments

The organisation shall not provide lending, investment, bond underwriting, and equity/debt exposure for counterparties with material exposure to land clearing, drainage, or conversion of:

i) peatlands;

ii) wetlands;

iii) mangroves;

iv) primary/intact forest landscapes; and

v) other native vegetation classified as a High Conservation Value (HCV) ecosystem per the HCV Resource Network, or High Carbon Stock (HCS) per the HCS Approach.

Material exposure is defined as the following:

- any operational footprint, supply linkage, or financed/insured asset associated with land clearing, drainage, or conversion occurring after 31 December 2020;

PA-INV-LandConversion

Universal

All

Investments

The organisation shall not provide direct investment in, project finance for, capital market facilitation of, or lending to new fossil fuel expansion technologies or projects including:

- coal mines,

- oil/gas fields,

- fossil fuel fired power stations,

- LNG export and import terminals,

- oil/gas pipelines, and

- associated enabling infrastructure.

A project or technology shall be considered new where, as at the commencement of the organisation's initial reporting period, either:

(a) the project has not reached final investment decision; or

(b) construction of the project has not commenced.

A refurbishment, upgrade, expansion, or life extension of an existing project shall be considered a new project where it results in any of the following:

(i) an increase in production, throughput, or generation capacity;

(ii) an extension of the project's operating life beyond the schedule established at original final investment decision; or

(iii) the addition of new emissions sources or facilities not contemplated in the original project design.

Existing holdings shall be subject to a managed wind down with a public transition plan, with complete divestment by 1 January 2035.

PA-INV-NewFFProjects

Universal

All

Land Use & Land Use Change

The organisation shall not engage in land clearing, drainage, conversion or degradation of:

a) peatlands;

b) wetlands;

c) mangroves;

d) primary/intact forest landscapes; and

e) other native vegetation classified as a High Conservation Value (HCV) ecosystem per the HCV Resource Network, or High Carbon Stock (HCS) per the HCS Approach.

The organisation is exempt from the above requirements when undertaking the activity in relation to:

- emergency works;

- removal of declared invasive species under a documented restoration plan;

- statutory works mandated by jurisdictional law, where no alternative siting exists.

PA-LULUC-NativeClearing

Universal

All

Use of Sold Products

(a) From the first reporting period beginning on or after 1 Jan 2040, the organisation and associated entities within its financial control boundary shall not sell products that consume any fossil fuels in their normal operation.

(b) A product shall be considered fossil fuel consuming if it combusts any fossil fuels as part of its normal operation, including products that may consume both electricity and fossil fuel in their use (e.g. hybrid vehicles).

Exemption: life safety and emergency products. The above requirements do not apply to products whose primary function is to maintain critical safety services or support emergency response, where a fossil fuel free alternative does not yet meet the required reliability or performance standard. The exemption covers:

- Medical equipment for patient care, life support, or clinical operations;

- Fire protection equipment, including fixed and mobile fire pumps and fire fighting vehicles;

- Backup power for critical infrastructure where the standby system is required by regulation or building code: hospitals, telecommunications carriers of last resort, water and sewerage utilities, and emergency response facilities;

- Emergency response, search and rescue, and law enforcement vehicles and equipment, including ambulance, fire, police, SES, and surf life saving;

- Aviation and marine safety equipment

PA-USP-FFConsumingProducts

Universal

All

Insurance & Facilitated Emissions

The organisation shall not provide insurance underwriting to counterparties with material exposure to high risk forest commodities of beef, soy, palm oil, pulp, cocoa, coffee, rubber, or timber, unless that exposure is verified deforestation and conversion free (DCF) against a 31 December 2020 cutoff, in accordance with the requirements below.

Material exposure to a high risk commodity via a counterparty is permitted only where the organisation holds documentary evidence of one of the following for relevant volume of commodity procured by the counterparty:

a) certification under a qualifying certification scheme at chain of custody (CoC) levels of either mass balance, segregated, or identity preserved;

b) an EU Deforestation Regulation (EUDR) due diligence regime applied across the counterparty's volume of the relevant commodity; or

c) property level deforestation monitoring covering the counterparty's volume of the relevant commodity, via Trase, Global Forest Watch Pro, MapBiomas Alerta, or comparable satellite based platform.

Material exposure is defined as the counterparty (aggregated across all financing facilities) deriving >10% of revenue from, or sourcing >10% of input value via tier 1 suppliers of, any individual high risk commodity.

Qualifying certification schemes are those that relevant to the commodity:

- prohibit post 31 December 2020 conversion of natural forest, peatland, wetland, mangrove, primary/intact forest landscape, or other High Conservation Value (HCV) or High Carbon Stock (HCS) ecosystem;

- operates a public certificate registry; and

- is assured under the ISEAL Alliance Code of Good Practice.

Schemes currently meeting these criteria include FSC, PEFC (Sustainability Benchmarks ST 1003), RSPO, RTRS, and Rainforest Alliance. Other schemes qualify if they demonstrably meet the above.

PA-IFE-ForestCommodities

Universal

Large

Investments

The organisation shall not provide lending, investment, bond underwriting, or equity/debt exposure to counterparties with material exposure to high risk forest commodities of beef, soy, palm oil, pulp, cocoa, coffee, rubber, or timber, unless that exposure is verified deforestation and conversion free (DCF) against a 31 December 2020 cutoff, in accordance with the requirements below.

Material exposure to a high risk commodity via a counterparty is permitted only where the organisation holds documentary evidence of one of the following for relevant volume of commodity procured by the counterparty:

a) certification under a qualifying certification scheme at chain of custody (CoC) levels of either mass balance, segregated, or identity preserved;

b) an EU Deforestation Regulation (EUDR) due diligence regime applied across the counterparty's volume of the relevant commodity; or

c) property level deforestation monitoring covering the counterparty's volume of the relevant commodity, via Trase, Global Forest Watch Pro, MapBiomas Alerta, or comparable satellite based platform.

Material exposure is defined as the counterparty (aggregated across all financing facilities) deriving >10% of revenue from, or sourcing >10% of input value via tier 1 suppliers of, any individual high risk commodity.

Qualifying certification schemes are those that relevant to the commodity:

- prohibit post 31 December 2020 conversion of natural forest, peatland, wetland, mangrove, primary/intact forest landscape, or other High Conservation Value (HCV) or High Carbon Stock (HCS) ecosystem;

- operates a public certificate registry; and

- is assured under the ISEAL Alliance Code of Good Practice.

Schemes currently meeting these criteria include FSC, PEFC (Sustainability Benchmarks ST 1003), RSPO, RTRS, and Rainforest Alliance. Other schemes qualify if they demonstrably meet the above.

PA-INV-ForestCommodities

Universal

All

Investments

From  the first reporting period on or after 1 January 2035, the organisation shall not hold lending, debt instrument purchase, bond underwriting, or other debt exposure to sovereign entities that are not parties to the Paris Agreement, or to any successor international climate cooperation instrument adopted under or replacing the UNFCCC framework

PA-INV-SovereignNonParis

Universal

All

Investments

From  the first reporting period on or after 1 January 2035, the organisation shall not hold lending, debt instrument purchase, bond underwriting, or other debt exposure to organisations that are headquartered within countries that are not parties to the Paris Agreement, or to any successor international climate cooperation instrument adopted under or replacing the UNFCCC framework

PA-INV-CorporateNonParis

Universal

All

Procurement

The organisation shall not procure high risk forest commodities of beef, soy, palm oil, pulp, cocoa, coffee, rubber, or timber, unless the procured volume is verified to be deforestation and conversion free (DCF) against a 31 December 2020 cutoff, in accordance with the requirements below.

Until 31 December 2029, procurement is permitted only where the organisation holds documentary evidence of one of the following for the procured volume:

a) certification under a qualifying certification scheme at chain of custody (CoC) levels of either mass balance, segregated, or identity preserved;

b) an EU Deforestation Regulation (EUDR) due diligence regime applied to the procured volume; or

c) property level deforestation monitoring covering the procured volume, via Trase, Global Forest Watch Pro, MapBiomas Alerta, or comparable satellite based platform.

Procurement of any individual high risk commodity below an annual volume of either AUD $200,000 or 200 tonnes is exempt from the requirements.

Qualifying certification schemes are those that:

- prohibit post 31 December 2020 conversion of natural forest, peatland, wetland, mangrove, primary/intact forest landscape, or other High Conservation Value (HCV) or High Carbon Stock (HCS) ecosystem;

- operate a public certificate registry; and

- are assured under the ISEAL Alliance Code of Good Practice.

Schemes currently meeting these criteria include FSC, PEFC (Sustainability Benchmarks ST 1003), RSPO, RTRS, and Rainforest Alliance. Other schemes qualify if they demonstrably meet the above.

PA-PROC-ForestCommodities

Universal

All

Use of Sold Products

From the first reporting period beginning on or after 1 Jan 2030, the organisation shall not manufacture, import, or sell products that contain or rely upon fluorinated greenhouse gases (F-gas) with a 100 year Global Warming Potential (GWP) >150, including:

a) refrigerants in stationary or mobile air conditioning, heat pump, or refrigeration systems;

b) foam blowing agents in insulation foams, packaging, or appliances;

c) aerosol propellants in consumer or commercial aerosol products;

d) fire suppressant agents in fixed or portable fire protection systems;

e) SF₆ or other F-gas insulated electrical switchgear, transformers, or substation equipment.

Where multiple compliant alternatives are commercially available, the lowest GWP option (preferably GWP <10) shall be selected.

The organisation is exempt from the above when undertaking the activity in relation to:

- servicing, maintenance, or recharge of existing equipment;

- hermetically sealed equipment containing <2.5 kg CO₂-equivalent of F-gas (as per EU 2024/573);

- applications listed in Kigali Amendment essential use exemptions or Regulation (EU) 2024/573 Annex III and Article 11 exemptions;

- works mandated by jurisdictional law, where no alternative exists.

PA-USP-FGases