Australia has less than three decades to achieve a net-zero economy – a target our nation committed to last year.
Part of the complexity lies in converting the big picture aspiration into concrete, actionable steps we can all take today and over the next three decades to help Australia reach its goal.At CommBank we have identified five areas for action on a system-wide basis. These focus areas are: greening the grid, electrifying everything, replacement and refurbishment of the machinery of the economy, shifting our approach to land use, and abating and offsetting emissions.
One area that’s ripe for the taking is the machinery that powers our economy. Replacing outdated equipment with more efficient, automated, digitised machinery and processes presents a meaningful opportunity to make our country both greener and more productive.We also have an opportunity to review our land-use mix and continue to support the agriculture sector with its sustainability goals, particularly around natural capital enhancement and carbon sequestration.
Once we’ve worked out what can be stopped, what can be substituted, and what can be reduced, we’re left with emissions that need to be abated and offset. Here, a liquid and transparent carbon credit market is crucial. This is why we’ve partnered with leading commodities marketplace Xpansiv to help develop Australia’s carbon market.