In light of the massive shift of the corporate sector towards sustainability worldwide, Australia is amping up efforts to reach its ESG goals for the year as part of a broader vision to achieve its 2030 science-backed net zero commitments. From better supply chain security to more focus on integrity and ethics and to improved livelihood of communities and workforces that bear the brunt of the significant industrial transformations, the same objectives that were on Australia’s ESG goal list in 2023 are reassessed this year and accompanied by more targets. In 2024, the Sunburnt Country doesn’t just concentrate on achieving a somewhat utopian goal for many nations, namely complete climate transparency, but also leads by example through actions you’ll discover below.
The march toward sustainable living occurs at a faster pace than ever, and businesses have a lot on their agenda these days to ensure their place in the sun in the Sunburnt Country. More of what you can expect is to be discovered below!
Better waste management
Businesses worldwide keep generating worrisome amounts of waste as a natural consequence of urbanization, population growth, and economic expenditure. The World Bank approximated the amounts of waste left behind globally to rise by an astronomical 70%, hitting 3.4BN by the middle of the century. Some of the most tremendous polluters by industry remain transportation, construction, energy, agriculture, and food retail, among others, and consumer trends can only help increase these tendencies. This is why it is essential to look for better waste management practices that reduce the environmental impact and numerous corporate burdens.
Some waste materials, such as cardboard, plastic, and EPS, are already transformed into revenue sources by progressive businesses. There are compactors and balers that help compress some waste materials to the point where they don’t take up unnecessarily much space in the warehouse and factory, are easier and risk-free to get rid of and protect the workforce’s safety during the ditching process. Moreover, being wrapped and easily transportable, the compressed materials can be sold or transformed into recyclables. It’s worth considering the solutions that sustainability-focused experts like Miltek examine and offer, for sooner or later, all businesses must come to terms with their waste issues.
As to what introducing such mechanisms into the corporate area involves businesses and organizations from the smallest to the largest can find a variety of solutions that meet their respective needs, reviewing details like the machines’ sizes and capacities. Handling waste in ways that put your business in a good light has never been easier (or more profitable), so feel free to make a change in your venture if you feel inspired by the broader movement.
Renewable energy development
Renewable energy is justifiably one of the structures you hear muttered most often during sustainability-oriented conversations. Yet, it’s safe to say that many businesses have a long way to go to proudly call themselves the cream of the crop in this trend. The Oz land has excellent resources that can assist enterprises in relocating to energy supplies that renew themselves by default, including water, wind, sunlight, and geothermal heat. It abounds in clean and inexpensive energy and natural sources to fuel eco-friendly energy exports, as well as upskilled and advanced workforce and healthy industry practices. To profit from the country’s natural richness, the Government aims to transform 82% of the energy travelling through electricity grids into renewable ones by the end of the decade.
These commitments are backed up and enshrined in laws pushing Australia further to reach net zero emissions by the middle of the century. Embracing this trend means businesses start adopting technologies such as solar panels that trap natural light and transform it into usable electricity, all part of choosing an eco-friendly and sustainable power alternative for supply chain management, manufacturing, transportation, and other commercial needs. Examples are boundless when it comes to ways to employ affordable and reliable clean energy – it’s a matter of gaining access to the necessary know-how and technologies until every business gets there. The Australian Government promotes these practices through consultancy, subsidies, and other means readily available for companies prepared to reduce their environmental footprint.
Here are two of the ways Australia strives to achieve the 82% target by 2030:
- Massive investments in both offshore and onshore wind initiatives alike and utility-scale solar projects
- Increasing the capacity to generate renewable energy and manage intermittent supply through the energy storage pipeline.
Integrated reporting
The Australian Government takes a proactive approach by instituting primary lawmaking for obligatory disclosure of climate-oriented data, suggesting a move towards harsher environmental management. It’s important to note that such practice isn’t mandatory momentarily. Businesses have the freedom to approach this practice as they wish. Nevertheless, this corporate trend concerns non-financial and financial performance indicators, providing an all-inclusive overview of businesses’ sustainability-related activities and their economic results.
This trend indicates a shift from conventional reporting operations and highlights the dependence between sustainability performance and the annual bottom line in businesses. The integrated report can be seen as a precise disclosure about different aspects of a business that impact the environment and help build value over time. An exemplar report is better crafted in line with a readily available IFRS Foundation resource, namely the Integrated Reporting Framework.
Sustainable transportation
Travelling sustainably isn’t all about riding a bike or walking on foot. Instead, it boils down to the alternatives you pick when riding a vehicle from point A to B. Electric vehicles, scooters, bikes, and buses are everywhere for many reasons, one of which is to help cut the reliance on fossil fuels. This shift can decrease GHGs and air pollution, which is why Governments in many nations invest in charging infrastructures and subsidies or incentives that support the move toward electric vehicles.
Biking is an extremely popular activity in Australia, and studies prove it. Last year, cycling grossed $954MN in social and health perks, and agencies are looking forward to seeing how the figures will look this year, too.
Australia leads by example regarding corporate approaches in sustainability, so stick around to see where the quest leads
