1. Introduction
Accountable for a high percentage of national emissions, the corporate sector must rapidly decarbonise if we are to achieve the goals of the Paris Agreement.
As momentum across the sector increases and more companies make net zero commitments, getting them right is more important now than ever.
Established in 2019, Climateworks’ Net Zero Momentum Tracker initiative collated and assessed the climate commitments of companies accountable for almost 70 per cent of Australia’s national emissions.
The initiative aimed to provide clarity around corporate commitments and encourage corporations to increase their climate ambition in line with a pathway aligned with limiting global warming to 1.5 degrees Celsius (1.5°C), mitigating the worst effects of climate change.
2. What we did
Over more than three years, Climateworks collated and assessed the publicly-available climate commitments of more than 250 of the largest organisations in Australia – private, public and government – including those operating in the highest emitting economic sectors.
We initially focused on assessing and reporting on the net zero ambition of corporations in the property, banking, local government, superannuation, retail, transport, energy and resources sectors.Â
Based on this experience, we established four principles for best practice, outlined in our 2021 guide Corporate action for 1.5 degrees: Best practice for Australian company net zero commitments.
In 2022, we assessed the climate commitments of Australia’s largest companies by market capitalisation,, and measured these commitments against a decarbonisation pathway compatible with limiting global warming to 1.5°C.
3. Our partners
For the 2022 Net Zero Momentum Tracker update, we used data provided by the Australian Council of Superannuation Investors (ACSI), collected as part of their annual ESG assessment of the ASX200. S&P Global Sustainable1 provided emissions data supporting the scope 3 emissions assessment.
We also applied the Net Zero Momentum Tracker’s approach when supporting ACSI’s analysis of the climate commitments of the ASX200-listed companies as reported in their report Chasing 1.5°C. The ASX200 – on the right trajectory? [PDF].
4. Reports and publications
1.5°C climate goal: How does the ASX200 stack up in 2022?
Climateworks Centre has analysed the ASX200’s climate commitments against a 1.5°C trajectory, in line with mitigating the worst impacts of climate change.
Corporate action for 1.5 degrees: Best practice for Australian company net zero commitments
Read our news story: Climateworks report shows what net zero best practice means for business and reveals examples of Australian companies getting it right What does it take to limit global warming to 1.5 degrees?
Net zero momentum tracker – energy sector
Australia’s energy sector must accelerate its pace of decarbonisation if Australia is to reach net zero emissions, in line with the global climate goals.
Net zero momentum tracker – resources sector
The Australian resources sector must rise to the challenge of the global net zero transition The Net Zero Momentum Tracker Resources Sector report, the seventh sector report in a series by Climateworks Australia with the Monash Sustainable Development Institute, analyses 22 of Australia’s biggest emitters within the resources sector.
Net zero momentum tracker – superannuation sector
Super sector moves on emissions, as funds commit to net zero Superannuation is an influential component of Australia’s economy and a significant and growing source of investment in domestic assets.
Net zero momentum tracker – transport report
More actions are needed if Australia’s transportation sector is to cut emissions in line with global goals.
Net zero momentum tracker – retail report
Retailers are realising their important role in reducing Australia’s carbon emissions The latest Net Zero Momentum Tracker report assesses the emissions-reductions commitments and activities of 23 leading Australian retail companies.
Net zero momentum tracker – local government report
Local governments are seizing the chance to lead on emissions reduction.
Net zero momentum tracker – banking sector report
Australian banks are taking steps towards net zero emissions, but actions are not yet comprehensive.
Net zero momentum tracker – property sector report
Australia’s property sector is building momentum towards net zero emissions. Sector-wide adoption of a net zero ambition is critical to achieving Paris-aligned targets.
5. Related news and resources
Net Zero Momentum Tracker: Frequently asked questions
Common questions about our analysis of ASX200 emissions reduction commitments, answered.
State and corporate climate action – closing in on 1.5
Ambitious targets are just part of the equation for a 1.5 degree future.
The Briefing Room: 2022 climate review
Hear from our experts as they track this year’s Australian corporate and government progress towards a 1.5°C future.
