Raising our climate ambitions: Meeting the 1.5˚C challenge in Australia

The following is an article submitted by the Global Compact Local Network. Please contact the network representative listed below with any questions regarding its contents.

MELBOURNE, 20 September 2019 — Tens of thousands of Australians walked out of their classrooms and offices to stage large-scale protests in Brisbane, Canberra, Melbourne, Perth and Sydney, demanding decisive action on climate change ahead of the United Nations Climate Action Summit in New York.

It is estimated that around 300,000 people turned up for the global climate strike with crowds chanting in unison “No Planet B” and calling on the Government to commit to a target of net-zero carbon emissions by 2030.

This groundswell of activism continues to gain momentum as students — inspired by 16-year-old Swede Greta Thunberg — continue to raise their voice, demanding change and assurances that their futures will not be compromised.

Over the last twelve months, Global Compact Network Australia has been working in partnership with WWF Australia to help businesses transform the ways in which they operate by setting ambitious targets and turning climate risks into business opportunities.

Globally, over 645 companies are taking ambitious climate action aligned with the latest science, but with just 13 of those companies based in Australia, there is a long road ahead before science-based target setting becomes truly mainstream across the country.

To help companies across the country to take ambitious action, Global Compact Network Australia in collaboration with WWF Australia aims to:

• Increase the visibility and credibility of the Science Based Targets initiative across Australia and gain recognition as a thought leader across the business world;
   
• Showcase Australian and international companies that are in the process of or have set a science-based target through case studies and webinars to highlight the increased innovation, reduced regulatory uncertainty, strengthened investor confidence, and improved profitability and competitiveness generated by science-based target setting;
   
• Identify and promote best practice across Australia and globally that will help increase the number of Australian businesses willing to explore and publicly commit to setting a science-based target; and
   
• Create a safe space through which companies, consultants and other organizations based in Australia can come together to discuss opportunities and address the pressing challenges and obstacles facing Australian business with respect to setting, committing to, validating and reporting on their science-based targets, and to learn about the most recent resources and guidance materials that support this uptake process.

In order to meet these aims, Global Compact Network Australia developed a series of webinars, meetings and workshops that highlighted the work of companies that had set a target, and also worked with WWF global technical leads to help the Australian audience better understand the complexities associated with setting a target and to share more about the Science Based Targets initiative and its requirements.

Over the course of the year, Network Australia has heard from a diverse group of stakeholders, including Dexus, Edge Environment, EY, Frasers Property Australia, Investa, Multiplex, Origin, Point Advisory, WRI and WWF Australia.

It has attracted over 500 participants across the course of our various events in Melbourne, Sydney and Perth, and as this space continues to gain in interest and momentum, Global Compact Network Australia and WWF Australia will strive to work even more closely to ensure that an increasing number of Australian companies are provided with the necessary levels of ongoing technical support.

The Science Based Targets initiative may have met a slow start in Australia, with the Australian Financial Review stating that businesses were “lagging on science-based emissions cuts.” This is now starting to change with the introduction of the Task Force on Climate Related Financial Disclosures, and customers and investors demanding greater levels of transparency and plans for how they are going to transition to a low-carbon business model. Global Compact Network Australia will continue to support and work with businesses as they harness the emerging opportunities and fundamentally transform the ways in which they operate to meet the complexities of tomorrow.
 

About the Global Compact Network Australia

The Global Compact Network Australia is the Australian business-led network of the United Nations Global Compact, the world's largest corporate responsibility initiative. The Australian Network engages with its members by providing a platform for dialogue, learning and influence that is inclusive, practical and leading edge, focusing on the Ten Principles of the UN Global Compact around human rights, labour rights, environment and anti-corruption, as well as the integration of the 17 Sustainable Development Goals.

Contact

Global Compact Network Australia
Corinne Schoch
Email: corinne.schoch@unglobalcompact.org.au