Net zero integrity: Assessment of the net zero pledges of Australian companies
This report assesses the net zero pledges of ten Australian companies, highlighting a gap between current voluntary commitments and the requirements of global standards. None of the firms have a comprehensive, quantified, and independently verified plan for reducing emissions in line with a science-based pathway.
Please login or join for free to read more.
OVERVIEW
Introduction
The report assessed the net-zero commitments of ten major Australian corporations, including Woolworths, Telstra, Rio Tinto, and Qantas. The voluntary net-zero pledges of these companies do not align with global best practice requirements. The report highlights a gap between the current net-zero commitments of the companies and the requirements of globally recognised standards.
Purpose of the research
The purpose of the report is to provide an overview of the companies’ net-zero emissions pledges and evaluate the alignment of these pledges with global standards. The report also provides recommendations for governments, businesses and investors in relation to climate action.
Key findings
The report assesses the alignment of the companies’ net-zero emissions pledges with a science-based decarbonisation pathway and the recommendations outlined in the UN High-Level Expert Group Integrity Matters Report. None of the ten companies have a comprehensive, quantified, and independently verified plan for reducing emissions in line with a science-based pathway. In addition, companies do not adequately address land-use emissions or contribute to a just transition.
Recommendations
Regulatory guidance is required for increased transparency and comparability of transition plans. Clear and concise reporting of progress is required for a transition plan, and companies must report capital allocation plans for emissions reduction targets. Companies must align their lobbying efforts with their net-zero commitments and work with stakeholders across their value chains, government and trade associations.
Conclusion
The report makes it clear that voluntary action alone is not enough to drive business climate action at the required speed to align with the science of limiting warming to 1.5 degrees. The report underlines the importance of the establishment of regulatory guidance and a clear set of standards for effective climate action. The report provides recommendations for governments, businesses and investors to ensure the transition to a low-carbon economy in Australia.
