350 Australian Businesses Sign Letter Calling for 75 Percent Emissions Cut

Latest figures show emissions trending down across energy and industry, but transport pollution continues to rise.

Clouds can be seen above power-generating wind turbines at the Capital Wind Farm, located at Lake George, near the town of Bungendore, Australia, on March 25, 2025. David Gray/AFP via Getty Images

Over 350 companies are calling for more ambitious net-zero targets after an analysis from Deloitte Access Economics found the Australian economy could be $370 billion (US$240 billion) larger by 2035 if the nation adopts a 75 percent emissions reduction target.

According to the Deloitte modelling, setting a 75 percent reduction target would support an extra 69,000 jobs every year between 2025 and 2035 compared with continuing under current policy settings.

It would also bring forward an additional $20 billion in investment annually and generate $190 billion in extra export revenue by 2050.

By contrast, a 65 percent cut would deliver smaller economic benefits. Deloitte’s lead partner Pradeep Philip warned that a weaker target could undermine Australia’s ability to attract global investment in emerging clean industries.

“Australia is in a race to secure the global capital required to establish green industries. Setting a lower target today comes at the cost of lower business investment than would otherwise be the case,” Philip said in a statement.

Emissions Slide, Still Off Mark: Latest Data

The modelling comes as the government released its latest emissions data on Aug. 25.

National emissions fell by 1.4 percent, or 6.5 million tonnes of carbon dioxide equivalent, in the year to March 2025. Total emissions stood at 440.2 million tonnes, about 28 percent below 2005 levels.

The current trajectory predicts Australia to reach a 42.7 percent cut by 2030, just short of its legislated target of a 43 percent reduction on 2005 levels.

Breaking down the numbers, declines were recorded across electricity, industry, and stationary energy, with the National Electricity Market posting a 1 percent fall from the previous quarter. But transport emissions continued to climb, fuelled by record diesel and aviation fuel consumption.

Business Leaders Back Ambition

The Deloitte analysis has been embraced by sections of the business community, with more than 350 companies signing an open letter urging the government to commit to at least a 75 percent target.

The coalition includes Future Group, Fortescue, Atlassian, Canva, IKEA, Unilever, Volvo Group Australia, Culture Amp, Bank Australia, Intrepid Travel and Ben & Jerry’s.

Future Group Chief Executive Simon Sheikh said Australia’s natural advantages—abundant land, critical mineral supply, and a skilled workforce—position it to be a global clean energy leader.

“With these strengths, we can build a future made in Australia—powered by clean energy, advanced manufacturing, and secure, well-paid jobs in our regions. But ambition must come first,” he said.

Government Awaits Climate Authority Advice

The call comes ahead of the government’s September announcement on emissions targets.

Climate Change and Energy Minister Chris Bowen said he is waiting for formal recommendations from the Climate Change Authority before releasing the figures.

Federal Energy Minister Chris Bowen speaks to the media during a press conference at Parliament House in Canberra, Australia on June 30, 2025. AAP Image/Lukas Coch

“I must receive the Climate Change Authority advice. It will be released to the public transparently. All that will be crystal clear. And all that will occur during September,” Bowen told ABC News on Aug. 25.

In May, Climate Change Authority Chief Executive Brad Archer underlined Australia’s role in cutting emissions beyond its borders.

“Australia has the potential to reduce global emissions by over 5 percent through the production of green iron and aluminium alone,” he said, arguing that the more green products the country exports, the bigger its global contribution.

Nationals Push to Scrap Net Zero

While business leaders and economists are urging greater ambition, the Nationals are moving in the opposite direction.

In July, Nationals MP Barnaby Joyce introduced a bill to repeal Australia’s legislated net zero targets, arguing the policy would do little for the climate.

“Net zero is going to have absolutely no effect on the climate whatsoever,” he told Parliament, adding that major emitters across Asia, Africa, the Middle East and the United States were not acting in “a real form.”

Nationals MP Llew O’Brien backed the move during debate on Aug. 25, saying Australia should not bear the burden alone.

He pointed to China’s construction of 94 gigawatts of coal-fired power in a single year, India’s distant emissions targets, Russia’s rising output during the Ukraine war, and Washington’s moves to step back from commitments in order to prioritise its economy.