Visy Industries executive chairman Anthony Pratt said fallout on energy markets from the invasion of Ukraine has spurred the world’s largest privately held packaging and paper company to accelerate its decarbonisation strategy.

Citing galloping crude oil prices, Mr Pratt said the company’s response has been to look inwards at its energy use and recycling efforts and lift the proportion of the company’s self-generated clean energy from the current level of more than 53 per cent.