Business leaders agree tech is key to net zero

Two-thirds of Australian business leaders believe that digital and other technologies are playing a key role in achieving sustainability goals, according to research from Schneider Electric.

The company said the finding lends credence to Prime Minister Scott Morrison’s assertion that “technology not taxes” is the key to reducing carbon emissions.

Morrison has announced a $1bn low emissions technology fund to support his net zero emissions by 2050 target.

A survey of business decision-makers found that more than half (55%) are investing more in digital transformation now than they were three years ago, with 40% investing more in automation.

Businesses are starting to take their own initiative to reduce emissions. One-third of survey respondents report that they are investing more in sustainability now than they were three years ago, with renewable energy and electric vehicles the most common growth areas. Meanwhile 90% believe they should accelerate their sustainable transformation.

The research found that 63% of respondents believe embracing a sustainable transformation will give businesses a competitive edge, and 77% believe sustainable products and services are increasingly being valued by consumers.

“Businesses are forging ahead on sustainability and looking to technology to support this evolution,” Schneider Electric Managing Director, Pacific Gareth O’Reilly said.

“Setting a net zero target is a critical step, but it is the changes a business makes across its operations to achieve these goals that really matters. Digitisation enables transparency and control of monitoring and enhancement of processes from manufacturing to supply chains, and empowers automation. That means greater efficiency and lower carbon emissions.”

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