Pāmu is setting up its business to ensure it thrives through a period of significant change towards a future of greater resilience and profitability.
In its 2023 Integrated Report, the company deep dives into its strategy and explores how damage from climatic events, volatile economic conditions, and increased consumer expectations have guided its direction and priorities, as it strives to grow a sustainable business with higher returns for Aotearoa New Zealand food and fibre.
The full report can be found online here: 2023 Pāmu Integrated Report
Aotearoa New Zealand farmers face challenges in climate change mitigation and adaptation, and a proactive response is essential.
“Pāmu farms suffered losses in pasture, livestock, forestry, and infrastructure due to cyclones. Climate change poses a great challenge to the performance of Pāmu and the wider primary sector. The impacts are being felt by our people, operations, and supply chains and these are likely only going to increase,” said Pāmu Chief Executive Mark Leslie.
To understand and ensure the business is well-placed to deal with the risks and opportunities of climate change Pāmu has developed its first voluntary Climate-related Disclosure. This has been aligned with the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 and the subsequent guidance provided by the external reporting board.
“Although not formally required, the standards provide a strong framework for assessing and incorporating climate risks and opportunities. It ensures good governance practices are in place to set our business up to respond accordingly,” said Pāmu Chief Sustainability and Risk Officer Annabel Davies.
“The development of this first disclosure document has been a complex process involving many parts of the business. It has created good discussions of climate change impacts throughout the business and has resulted in ongoing work to ensure our governance strategy, risk, and operational responses are appropriate. This will be an ongoing process,” she said.
Pāmu is committed to reducing emissions and strengthening climate resilience. Tactics to achieve this are recorded within the organisation’s first Emissions Reduction and Adaptation Plan, capturing recent initiatives such as farm-specific climate risk assessments out to 2050, genetics work including the Sheep of the Future programme, and the Ecosystem Services project which seeks to value biodiversity.
“We are pleased to provide our first Climate-related Disclosure and contribute to the growing knowledge base and actions to ensure Aotearoa New Zealand’s primary sector continues to thrive,” Mr Leslie concluded.