Westpac and the Clean Energy Finance Corporation (CEFC) have partnered with the Australian Industry Energy Transitions Initiative to work towards reaching net zero emissions in industrial supply chains by 2050.
The initiative is focused on action in “hard to abate” sectors that have high emissions and relatively higher abatement costs and was convened by ClimateWorks Australia and Climate-KIC Australia in 2020.
“The Australian Industry ETI is providing a collaborative and evidence-based way for major Australian companies to understand net zero pathways in heavy industry and identify how to achieve them,” said ClimateWorks CEO Anna Skarbek.
“As the world rapidly shifts focus to a 1.5-degree trajectory, we welcome both Westpac and the CEFC to the Australian Industry ETI, so we can work out how to get there, faster, together.”
The Australian Industry ETI has called for a multi-faceted approach to reaching net zero in hard-to-abate sectors with collaboration across finance, investment and service providers.
Partner organisations of the initiative currently represent 21 per cent of Australia’s industrial emissions and 27 per cent of the market value of the ASX 100.
“Westpac takes its role in facilitating the transition to a low carbon economy very seriously,” said Westpac Institutional Bank CEO Anthony Miller.
“We are committed not only to working closely to support our own customers, but also to collaborating with partners such as the Australian Industry ETI and its members to develop a coordinated, consistent approach to reducing emissions across the Australian economy.”
The Australian Industry ETI said that the depth and breadth of its partner group and their involvement in industrial supply chains would be essential for delivering transformation at scale.
Existing partners of the initiative include super funds AustralianSuper and Cbus, financial organisations such as NAB and HSBC Australia and industry partners including BHP, Fortescue and Woodside.
“In bringing together the expertise, skills and knowledge of industry to develop pathways and actions to achieve net zero emissions across supply chains, the Australian Industry ETI demonstrates important leadership in the energy transition and the decarbonisation of industry,” said CEFC CEO Ian Learmonth.
“Working together to tackle Australia’s emissions challenges is another exciting step closer towards realising a stronger, low emissions future.”
