Climate change, Emissions Reduction, Government, Policy, Renewables, Sustainability, Transition to Renewables

Australian business supports phasing out fossil fuels by 2040

Solar Nerds

New research released from the Carbon Markets Institute reveals nearly half of all businesses support Australia becoming a net-zero economy by 2040, and 75 per cent endorse the phasing out of fossil fuels by the same year.

The 10th annual survey by the Carbon Markets Institute polled 301 respondents, including company executives and board members.

The research also reveals almost two-thirds of respondents support Australia introducing a carbon border adjustment mechanism to protect industries from imports from countries that don’t impose such restrictions on carbon emissions.

Europe is set to impose a carbon border adjustment mechanism on 1 October, 2023.

In terms of policy and guidance on corporate decarbonisation, 45 per cent of respondents said it is currently insufficient from the Federal Government, while 92 per cent called for a national carbon market strategy.

The Federal Government’s revised Safeguard Mechanism came into effect on 1 July, 2023, which enforces Australia’s biggest greenhouse gas emitters to keep their emissions below a baseline level, and 80 per cent of survey respondents said it is already having an effect.

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