Aussie industry leading the way
RIGHT now, Australian businesses are quickly moving towards net zero emissions by 2050. It’s exactly the same direction our investors, customers, suppliers, shareholders and overseas
competitors are headed. Global momentum is unstoppable.
Australian businesses, as they always have, are leading the way. They are ready to grasp the enormous opportunities on offer from developing and using new technologies to power cleaner industries, energy, jobs and exports.
Business also knows if they don’t move now, they’ll be lumbered with assets which are losing value and their shareholders, including mum and dad investors and superannuation funds, will ask why they didn’t act earlier.
Responding to these changes means our products and services will be both different and produced differently, and our export markets will evolve over time. Australia is perfectly placed to be at the forefront of the greener, more competitive industries and products that the world is increasingly demanding. But only if we act early. The number of Australia’s largest and most successful companies making net zero commitments has more than tripled in the past three years, with around half of the ASX200 companies now committed to rapidly reducing their emissions.
Global oil and gas companies like BP and Shell are committed. BP is aiming to reduce its operational emissions by up to 50 per cent by 2030 and the carbon intensity of the products it sells by more than 15 per cent.
Resources giants, including the Fortescue Metals Group (FMG), Rio Tinto, and BHP are also bringing down their emissions. FMG aims to achieve carbon neutrality by 2030. So, what does this mean for you? As FMG’s Andrew “Twiggy” Forrest says, the transition doesn’t mean new jobs will be “just any old jobs”, instead they will be “similar jobs, using similar skills’’.
You’ll also be paying less for your power because at the moment building new renewables is cheaper than building new coal and cleaner electricity will continue to drive down energy prices.