Public Statement – UN Global Compact Network Australia 

The Commonwealth Government has announced Australia’s updated target to cut greenhouse gas (GHG) emissions by 62–70% by 2035, compared to 2005 levels. This announcement provides welcome certainty and a new foundation for transition momentum. 

The widespread feedback from business participants in the UN Global Compact Network Australia (UNGCNA) suggests the private sector is capable of achieving reductions in the target range and potentially beyond. The UNGCNA will support the Australian business community to meet — or exceed — this target range. 

Ambitious action by the Australian business community will be particularly important – both to seize the opportunities of the green transition, and to help drive global action with the potential for Australia to be hosting the world at COP 31 in 2026. 

By turning ambition into action to achieve the top of the target range, Australia can do its share in global efforts to tackle climate change. 

There are a number of positive movements that indicate Australian business can reach further than the 70% target for 2035: 

• Australia is among the first countries to mandate ISSB-aligned standards for climate reporting. 

• Nearly 80% of large ASX-listed Australian businesses are developing and refining net-zero transition plans, with sector transition plans to follow. 

• Australia has a large pool of institutional investors willing to support business ambition. 

• Australia is one of the world’s eight megadiverse countries and enabling frameworks are being rolled out to support private investment in biodiversity and nature restoration projects. 

The UNGCNA is here to support business in line with our Ten Principles and the Sustainable Development Goals (SDGs). As UN Global Compact Principles 7 and 8 explain, business should take a precautionary approach to environmental challenges and undertake initiatives that promote environmental responsibility.

To find out more about how Australia’s national emissions reduction targets align with the Paris Agreement, you can read our blog titled Australia’s climate moment.

At the UN Global Compact Network Australia, we are here to support Australian businesses in this critical transition. If you’re a business delivering your climate report, developing your transition plan, or working to improve practices in areas such as modern slavery, governance, and anti-bribery and corruption — contact us now.

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