The article, called “Sustainability: translating willingness into action”, explores the challenges holding Australian businesses back from achieving their sustainability goals.
Electrification Commercial lead Kelvin Wong is interviewed in the article about the importance of addressing these hurdles identified in the report ‘Progressing Sustainability in Australian Business’.
“Change is needed for the country to meet its emissions targets in 2030 and 2050, and for Australian businesses to remain competitive in a global economy that is decarbonising fast,” says Wong.
“Competitors already know there is a commercial benefit – indeed, a commercial imperative – to preserving resources, reducing energy consumption and total cost of ownership.”
The article also interviews Energy Efficiency Council CEO Luke Menzel, who talks about the upcoming Climate Related Financial Disclosure (CRFD) legislation which he says will likely be a game changer for Australian businesses.
“In Australia this new framework will see companies disclosing a raft of climate-related information alongside their annual report, including their annual emissions, internal governance and processes around managing climate risk, and their overarching transition plan,” Menzel says.
Initially these regulations will only apply to very large companies, but by 1 July 2027 any listed or unlisted company that has a consolidated revenue of $50 million or more; consolidated gross assets of $25 million or more; or more than 100 employees will need to disclose their approach to climate risk.
Report: Progressing Sustainability in Australian Business
The article is based on key findings from ABB Electrification's recent research report. The research drew data from 359 respondents across a range of sectors, job functions and role types to understand what the key drivers and barriers are for Australian businesses when it comes to sustainability.
