Australian businesses are taking the lead in implementing emissions reduction targets and adopting strategies to mitigate and adapt to climate change.
Without a clear federal framework, businesses are calculating, setting and meeting targets at an irregular pace. If Australia is to decarbonise the economy and develop strong, sustainable industries, businesses need the certainty of an ambitious national climate agenda to drive concerted action.
Policy asks from the Better Futures Australia’s Corporate Dialogue
29 June 2022
Experts from Better Futures Australia’s Corporate and Finance Sector Working Group discussed the current climate policy framework that applies to Australian business operations. Panellists shared several recommendations for the new Government to set predictable, long-term policy that supports businesses to decarbonise and establish sustainable practice.
- Establish an evolved Safeguard Mechanism to reliably reduce the threshold for emissions generated by Australia’s largest businesses, with an outlook over the next 15 years.
- Prioritise solutions for emissions generated by the electricity sector, to enable decarbonisation across the economy.
- Transition gas-reliant businesses into renewable energy use.
- National legislation on net-zero targets for 2050 and for earlier milestones.
- Mandatory regulation for TCFD reporting.
- Consult with business on how best to report on TNFD disclosures.
- Consult with business on how best to report on scope 3 emissions, perhaps within the CERT, but must avoid double-counting through supply chains.
- Strengthen the credibility of offsets as a last resort to reduce emissions.
- Strong and long-term signals for investors to follow with certainty.
Thank you to Dani Siew (IGCC), Coral Bravo (ClimateWorks Centre), Mindy Leow (B-Labs) and Tennant Reed (AiG) for contributing their valued insights to the webinar. You can watch the recording here on our website, and view resources that the panel provided for further information.
In this policy dialogue, experts working in corporate, finance, and investment discuss what changes or reforms Australian businesses are asking for, what specific actions the Australian Government should take to implement these changes, and what our government can learn from international examples of such reforms.
If you would like to follow up on additional resources discussed in the webinar, here are some great links to check out.
Swings and Roundabouts: The unexpected effects of Carbon Border Adjustments on Australia, by Tennant Reed.
Germany's Energiewende: The Easy Guide. Provides a pathway for fossil-fuel dependent countries to transition to renewables. Suggested by Mindy Leow.
Corporate Climate Transition Plans: A guide to investor expectations, by Dani Siew and Laura Hillis.
Global Investors Driving Business Transition. Suggested by Dani Siew.
Corporate action for 1.5 degrees: Best practice for Australian company net zero commitments, by Coral Bravo et al.
A better future for the lucky country: How government can support business on our decarbonisation journey, by Bethany Richards.
Coral Bravo leads data gathering and analysis for Climateworks’ Net Zero Momentum Tracker project – the first project ever to centralise data and track Australia’s progress towards net zero emissions across key sectors of the economy. Coral holds a Bachelor of Industrial Engineering from the Tecnologico de Monterrey, Mexico and a Master of Business with specialisation in Sustainability from Monash University.
Dani Siew is a sustainability and corporate reporting specialist, working on IGCC’s corporate engagement. She is the Climate Action 100+ (CA100+) net-zero company benchmark and industry corporate engagement representative, and co-led the recent Corporate Climate Transition Plans report. Dani has worked extensively on TCFD and annual reporting, climate risk assessments and strategy, and scenario analysis for industries exposed or contributing to climate change. Dani has qualifications in both finance and psychology.
Mindy Leow is the Head of Impact and Growth, B Lab Australia & Aotearoa New Zealand. She is responsible for the growth of the B Corp community itself and for scaling its impact outside of certification. She also currently manages the Business For Good impact management program, developed alongside New Zealand Trade and Enterprise (NZTE), to help companies create an action plan and improve their impact using a range of tools. Mindy holds an MBA from the Melbourne Business School.
Tennant Reed is Principal National Adviser – Public Policy at Ai Group. He has worked heavily on climate and energy issues, advising Ai Group’s Leaders’ Group on Energy and Climate Policy and developing reports on natural gas supply, energy prices and energy efficiency. Previously he was an adviser in the Department of Prime Minister and Cabinet, working on fiscal policy, stimulus and infrastructure. Tennant holds a BA Hons in Political Science from the University of Melbourne.