Below is an excerpt from ISS Corporate Solutions’ recently released paper “Australia’s Net Zero Strategies.” The full paper is available for download from the ISS Corporate Solutions (ICS) online library.
The proliferation of net zero target setting among national and local governments – coupled with an increasing focus on disclosure of corporate emissions targets – is expected to accelerate energy transition and increase the cost of capital for carbon-intensive activities. It is crucial for governments and companies to create net zero plans that set measurable and achievable goals for the long term.
This whitepaper examines the climate strategies adopted by Australia. Despite the country contributing only 2% of the Asia-Pacific (APAC) region’s emissions, Australia has set ambitious net zero goals and plans to shift away from more carbon intensive fossil fuels to natural gas in its energy mix.
- Growing concern over energy security may accelerate energy transition among the world’s largest producers and consumers of fossil fuels.
- Implementation of climate policy is bottom-up in Australia.
- Despite the new government’s more ambitious climate risk policies, there is still a long way to go to catch up with other mature economies in terms of regulations and incentives at the federal level.
By: Noel Lam, Associate ESG Advisor
Stephan Stegmueller, Executive Director, Head of Advisory & Client Services, EMEA
Pablo Hijano Ruiz, Vice President, EMEA/APAC ESG Advisory
Everitt Newton, Associate Vice President, ESG Advisory