CSL

Carbon per million dollars of revenue. The legacy industry-standard reference (CDP, MSCI). Useful for cross-sector context, but distorted by margin — high-margin firms appear artificially efficient. Read alongside the operational and asset intensities for the full picture.

OpEx (operating expenditure) is the running cost of the business — staff, services, energy, materials. This shows how carbon-intensive operations are per million dollars of spend. Removes the margin distortion that revenue-based ratios introduce.

EVIC (Enterprise Value Including Cash) is the firm's total capital footprint — equity + debt + cash + minority interest. The EU's standard intensity measure (SFDR PAI 3) — answers: how much carbon does each million of capital deployed in this business produce?

PP&E (Property, Plant & Equipment) plus leased real-estate assets is the firm's physical infrastructure on the balance sheet. This shows the carbon intensity of that physical footprint — uses Scope 1+2+3 for consistency with the other headline intensities. Surfaces stranded-asset risk for asset-heavy firms.

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CSL is investing in renewable electricity as a core lever for reducing Scope 2 emissions. A key example is transitioning Australian manufacturing sites to renewable electricity from January 2025. Increased renewable electricity use across the CSL enterprise has already driven Scope 2 emissions down even as production returned to pre-COVID levels.

No narrative on durable removals approach in the firm's most recent reports.

• Energy efficiency at manufacturing facilities

  CSL is improving the energy efficiency of its facilities and ensuring new facilities are designed and built with sustainability in mind. This is one of the firm's stated levers to reduce emissions directly created by its operations, helping keep total Scope 1+2 emissions relatively stable despite facility expansion and a return to pre-COVID production levels.

• Waste diversion at manufacturing and plasma collection sites

  CSL targets diverting more than 90% of manufacturing waste from landfill ('Zero Waste') at all manufacturing sites by 2030, year-on-year reductions in waste-to-landfill at plasma collection centres, and minimised incineration. Waste reduction supports both circularity and indirect emissions reduction.

• Refrigerant management

  CSL improved measurement of refrigerant emissions, with more accurate data available driving a slight increase in reported Scope 1. This signals a focus on refrigerant management as a lever within direct operations.

• Supplier SBTi engagement (67% of Scope 3 by emissions)

  CSL intends for suppliers accounting for 67% of Scope 3 emissions to set Scope 1 & 2 SBTi-aligned targets. As of FY24, CSL has actively engaged 71.3% of suppliers by emissions, and 51.7% (by emissions share of FY23 Scope 3) have self-reported having SBTi-aligned Scope 1 and 2 targets.