Survey conducted by the Carbon Markets Institute shows that almost half of Australian businesses favor achieving a net-zero economy by 2040, and three in four support the phase-out of fossil fuels by that date.
recent survey by the Carbon Markets Institute exposes significant corporate backing in Australia for ambitious climate goals. Nearly half of the business respondents advocate for Australia to transition to a net-zero carbon economy no later than 2040. Furthermore, an overwhelming majority support the gradual phase-out of fossil fuels by the same year.
The poll, involving 301 respondents, primarily comprised of corporate executives and board members, revealed robust backing for an accelerated transition. Approximately 49% of participants expressed support for Australia to become a net-zero economy by 2040, while almost three in four endorsed the gradual elimination of fossil fuels by that date.
Nearly two-thirds of the surveyed business leaders called for the introduction of an Australian carbon border adjustment mechanism (Cbam). Such a mechanism would protect local industries from imports originating in countries without equivalent carbon emissions restrictions. Europe’s Cbam is set to commence on October 1.
Respondents covered by the Australian government’s emissions safeguard mechanism, implemented on July 1, reported notable effects. Around 38% noted an acceleration of on-site decarbonization investments, while 49% claimed that it necessitated the development of a carbon market strategy.
The survey underlined the need for more clarity on the role of carbon credits in Australia’s journey towards net-zero or net-negative emissions. Approximately 45% of respondents felt that there was “insufficient policy and regulatory guidance” regarding carbon credits’ role in corporate decarbonization. An overwhelming 92% called for the government to devise a national carbon market strategy to provide clearer direction.
The utilization of carbon credits to offset emissions, rather than reduce them, has faced criticism from experts, including Andrew Macintosh, former head of the government’s Emissions Reduction Assurance Committee, who characterized it as largely ineffective. While a government-commissioned review by former chief scientist Ian Chubb disputed some of these allegations, it also recommended a significant overhaul of the carbon credit market.
Other notable findings from the survey included support for Australia hosting a UN climate conference with Pacific partners in 2026. Respondents voiced a desire for more robust climate policies, including the establishment of a firm fossil fuel phase-out date, more ambitious emissions reduction targets, and the allocation of federal budget resources for climate change mitigation and adaptation.
In a separate development, the Victorian government unveiled a new pilot program designed to train electricians in the installation of solar battery storage systems and off-grid energy solutions. Valued at approximately $1 million, this initiative aims to accelerate the shift toward renewable energy.
The program will support Future Energy Skills, a nonprofit organization, in building the necessary skills base to meet the growing demand in the renewable energy sector. Victoria’s transition away from fossil fuels is expected to generate 10,000 jobs annually until 2030 and transform over 500,000 existing jobs through skill development.
Acting Minister for Training and Skills, Steve Dimopoulos, emphasized that this investment would create secure employment opportunities in the clean economy, enabling more Victorian households to adopt renewable energy solutions.
Conclusion:
The survey outcomes and Victoria’s initiative underscore a growing consensus among Australian businesses and governments about the urgency of addressing climate change and accelerating the transition to renewable energy sources. These developments signify a commitment to ambitious climate goals and efforts to ensure a sustainable future.
