Australian and New Zealand businesses can use the UK’s Net Zero Innovation Handbook to resolve decarbonisation challenges through collaboration and trade with the UK sector.
The new handbook was created as part of the Net Zero Innovation mission, which began in February 2022 and builds on the Glasgow Climate Pact. A collaboration between the UK Digital Trade Network, PwC, and Tech Nation, the handbook aims to showcase innovative UK technology solutions that can support businesses from New Zealand and Australia decarbonise their operations.
To understand how the technology can help businesses overcome the net-zero challenges they face, researchers engaged over 600 organisations in Australia and New Zealand to understand their current decarbonisation plans and where the toughest parts of their journey were. The top challenges identified included carbon accounting, Scope 3 supply chain emissions, industrial process efficiency, ESG reporting, and energy storage solutions.
The next phase of the Net Zero Innovation mission will connect UK, Australian and New Zealand firms in order to facilitate collaboration across these priorities, adding additional trade between the UK and A/NZ
“This handbook is an incredibly informative tool which demonstrates key areas for UK-Australia and UK-New Zealand partnerships and collaborations, so together we can greenify our industries and reach our net-zero targets.” said Louise Cantillon, British Consul General and Deputy Trade Commissioner Asia Pacific (Australia & New Zealand).
The UK is seen as uniquely positioned to provide support, as it is currently at the forefront of green innovation investment. According to PwC, London ranks second behind San Francisco, as one of the largest clean tech investment hubs in the world. Furthermore, UK climate tech start-ups saw a 210% growth in investment year-on-year in the 12 months before 2021.
“The UK was the first major economy to make achieving net-zero emissions by 2050 a legal obligation. There are huge opportunities for businesses to lead the charge and support growth.” said Anne-Marie Trevelyan, UK Secretary of State for International Trade, “Indeed, between 1990 and 2019, the UK economy grew by 78% while our emissions decreased by 44%. This is the fastest rate in the G7 and shows that green growth is possible.”
Like many other countries, both Australia and New Zealand have adopted a target of net-zero emissions by 2050. Additionally, Australia also aims to reduce emissions by between 26% to 28% below 2005 levels by 2030, a target they appear to be well on their way to achieving. However, with about 80% of the nation’s electricity requirements provided by coal, energy transition technology will likely be at the forefront of decarbonisation plans.
