A further slowing in growth
The new report asks 800-900 Australian corporates across the non-farm business sector (who may or may not be NAB customers) on their progress, plans and strategies to achieve net zero greenhouse gas emissions.
Our “Navigating Net Zero – Business Survey”, takes over from the “NAB Renewables Survey” published since 2018.
The 2023 survey highlights broader engagement from Australian industry will likely be required if Australia’s pledge (through the Nationally Determined Contribution (NDC)) to reduce GHG emissions by 43% (vs 2005) by 2030 is to be achieved.
Australia’s GHG emission reductions implied in the NDC requires an increased run-rate of emission reductions versus what Australia has been achieved since 2015 (when the Paris Agreement was signed).
In this context though our “Navigating Net Zero – Business Survey” highlights that while progress is being made, nearly 74% of respondents are yet to develop a ‘Net Zero by 2050’ strategy.
Climate change is a significant risk to the planet and a major challenge for society to address. At the same time, opportunities are emerging as the transition to net zero occurs.
NAB is supporting customers to decarbonise, build their climate resilience and help achieve the goals of the Paris Agreement.
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