This comes as the local network of the UN Global Compact, the Global Compact Network Australia (GCNA), World Wild Fund for Nature (WWF) Australia and Griffith University release a report revealing how leading Australian companies are reducing emissions in line with the Science Based Targets Initiative (SBTI).
As the world’s largest and fastest-growing group of companies take urgent action for a 1.5°C planet, the SBTi defines and promotes best practice in science-based target setting.
The report, Building a Net-Zero Future: Australian Businesses Taking Science-Based Climate Action, emphasises that a transformational shift is needed to mitigate the catastrophic effects of climate change – which ultimately will affect the environment in which businesses operate.
With a look into some of Australia’s leading businesses with science-based targets like Transurban, Intrepid Travel and Downer, the report reveals a roadmap on how businesses can overcome challenges and innovate their business models to plan and deliver for a more sustainable future. It also offers a range of target-setting resources while outlining the pathway for companies who want to introduce science
-based targets into their business.
Commenting on the significance of the publication, GCNA executive director, Kylie Porter said: “Australia is already seeing the effects of climate change, with an increase of 1.4°C since 1910 leading to more extreme weather events, as documented in the most recent IPCC report. As global forces unite at COP26, Australian businesses have a critical role to play to ensure Australia is positioned as a leader in innovation, including by delivering credible strategies and actions that align to a 1.5 degree science-based target.
“This publication offers businesses and their leaders direction on how to build the business case for adopting science-based emission reduction targets internally and making them standard business practice. By embedding climate action that is aligned with the Paris Agreement, the private and government sectors will be well placed to drive a credible path to net zero emissions and accelerate climate ambition.”
As the driving research body for the report, Griffith University interviewed sustainability managers of businesses who were early adopters in setting formal and informal science-based targets in Australia to understand their processes, barriers, attitudes and motivations.
Dr Rob Hales, director of Griffith University’s Griffith Centre for Sustainable Enterprise, said: “Our research found that despite C-suite support being a critical gateway for a business case to adopt a science-based target, only a small number of boards passed motions. It is clear that the success of a business case for science-based targets is dependent on whether there is a broader sustainability strategy in place within the business.
“It is clear that the climate crisis has shifted the social licence to operate for business. The business community has reached a tipping point where it is an expected standard practice for all businesses to have net-zero emissions targets. The insights in our report are designed to inform other businesses as they adopt the SBTi framework.”
Companies committed to the SBTi are demonstrating that creating a climate-secure world goes hand-in-hand with successful business operations.
Monica Richter, senior manager, Low Carbon Futures, WWF-Australia said: “As one of the global partners of the Science Based Targets initiative, WWF supports companies that recognise the benefits of acting on climate change and are prepared to take the steps needed to cut emissions throughout their value chain aligned with a 1.5°C pathway. We are excited with the launch of the Net Zero Standard in the lead up to the Climate COP to set expectations on what is best practice when companies claim to be Net Zero.
“A 1.5°C pathway means global GHG emissions must halve at a minimum by 2030 and reduce to net-zero well before 2050. We have limited time for action and the private sector has a crucial role to play – every sector in every market must transform. The Science Based Targets initiative is one of the best ways for businesses to align their business with a 1.5°C pathway. Sustainability managers play a crucial role in
supporting corporate climate ambition.”
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