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Nearing Net Zero 2024

By Elena Lambros and Dan Brown

03 December 2024

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    The pressure on businesses to decarbonise is growing and will continue to intensify as security, affordability and sustainability of energy systems becomes key issues.

    The energy market of the future, including energy infrastructure and generation, will look vastly different from what it looks like today, presenting compelling opportunities and complex challenges for industry to navigate.

    However, despite the opportunities arising from decarbonisation, making the transition is a complex and requires significant strategic consideration.

    To help navigate this rapidly evolving space, Ashurst is pleased to launch the Nearing Net Zero vodcast series. In this series, Partners Elena Lambros and Dan Brown dissect the latest regulatory and legislative developments driving forward the decarbonisation agenda.

    Whether your organisation is meeting regulatory obligations, engaging with customers, developing technologies or investing in innovation, we can help you navigate today’s fast-changing sustainability and energy landscape. For further information on Ashurst's sustainability and energy transition credentials please click here.

    Latest episode

    Energy transition milestones in 2024 and key priorities for 2025

    How will the key energy transition trends from the year that was – inform and shape the year ahead?

    In our final episode of Nearing Net Zero for 2024, Elena Lambros and Dan Brown reflect on the top energy developments and the broader sustainability considerations likely to propel Australia's decarbonisation ambitions forward.

    The episode also acknowledges and celebrates the innovation occurring globally which is shifting the dial on the decarbonisation imperative.

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    Video series

    International Trends

    As ESG becomes increasingly synonymous with sound business practices; what are the international trends influencing the Australian market?

    In this episode of Nearing Net Zero, Kate Wilson and Dan Brown discuss the significance of the European Commission's Corporate Sustainability Due Diligence Directive and its obligations as it relates to environmental and human rights concerns within operations and across supply chains.

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    Evolving landscape of ESG reporting

    As governments increasingly regulate ESG, businesses and their leaders need to measure, track and accurately report on commitments as they are being held accountable for their delivery.

    In this episode of Nearing Net Zero, Kate Wilson and Dan Brown consider the evolving landscape of ESG reporting for listed entities, the increasing emphasis on human capital and nature related disclosures.

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    Balancing commercial objectives with social purpose

    Traditionally, ESG has been an additional layer on top of existing business models, aimed at managing risks and enhancing reputations. This approach has been eclipsed in recent years with Governments and civil society increasingly expecting corporates to balance commercial objectives with a social purpose.

    In this episode of Nearing Net Zero, Kate Wilson and Dan Brown consider this shifting paradigm and how to navigate the disconnect between aspiration and implementation.

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    History of ESG legislative developments

    Over the past decade, a suite of laws have been introduced imposing a range of obligations on businesses to do more in the ESG space. Early disclosure requirements were transparency-based, however, recent policy developments indicate that as disclosure laws strengthen, so too is the level of scrutiny on the effectiveness and meaningfulness of steps taken by businesses to address ESG matters.

    In this episode of Nearing Net Zero, Elena Lambros and Jo En Low consider how we got here.

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    Past videos

    Pacific island nations are among the most vulnerable to the changing climate, with many already experiencing higher temperatures, shifts in rainfall patterns, rising sea levels and changes in the frequency and intensity of extreme climate events.

    In this episode of Nearing Net Zero, Dan Brown and Elena Lambros consider the importance of rallying the support of the international community to drive decarbonisation in order to combat this challenge.

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    Countries around the world are struggling to cut emissions from food production which accounts for almost a quarter of global emissions.

    In this episode of Nearing Net Zero, Dan Brown and Elena Lambros consider some of the approaches being adopted to tackle this issue and drive emission reduction globally.

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    The CSIRO has conducted a survey on Australians' attitudes towards the energy transition. The survey found most people are broadly supportive of green energy but are unwilling to pay more or risk blackouts for the shift.

    In this episode of Nearing Net Zero, Dan Brown and Elena Lambros consider the significance of the survey and how the policy narrative is essential to succeed in bringing the Australian public along for the journey.

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    In November 2023, the Australian Houses of Parliament passed a bill that enables the grant of a permit for the export and geological sequestration of CO2. Although government-to-government agreements must still be put in place to allow for the international export and import of CO2, the bill provides for a national framework that CCUS project proponents can rely on.

    In this episode of Nearing Net Zero, Dan Brown and Elena Lambros explain what CCUS are, consider existing use cases and unpack the challenges in getting the technology rolled out.

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    Data centres are experiencing exponential growth due to the increasing demand for digital services, cloud computing and the internet of things. With data centres projected to comprise 8% of the global energy demand by 2030, it is imperative for the technology industry to adopt more sustainable practices.

    In this episode of Nearing Net Zero, Dan Brown and Elena Lambros discuss solutions being explored by businesses to meet their decarbonisation goals and ensure the long-term sustainability of these solutions.

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    In 2019 Formula 1 announced a commitment to be net-zero carbon by 2030 as part of a wider Sustainability Strategy, setting ambitious targets from “factory to flag”.

    Tune into this episode of Nearing Net Zero as Dan Brown and Elena Lambros consider how innovation is effectively being harnessed by the Formula 1 to achieve its ambitions.

    At Ashurst we are pleased to be the official legal partner of McLaren and are excited at the prospect of continuing to outpace change in the race to decarbonise and combat climate change.

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    Uncertainty on planning process timeframes and outcomes has become a leading cause of delay to renewable energy projects in Australia. Last year, Australia experienced a significant reduction in the number of renewable energy projects reaching financial close.

    This delay has also been compounded by increasing social license issues, supply chain disruption and lack of skilled labour.

    Tune into this episode of Nearing Net Zero as Dan Brown and Elena Lambros consider what steps the Federal and State Governments have been making to streamline this process.

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    On 21 December 2023, the Federal Government released new fuel and vehicle emissions standards, set to take effect from 2025. The standards aim to limit greenhouse gas emissions from Australia's fleet of cars by setting a maximum average level of carbon emissions allowed by new vehicle manufacturers.

    Tune into this episode of Nearing Net Zero as Dan Brown and Elena Lambros consider the implications of the standards and how it compares globally.

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    The Albanese Government announced a suite of incentives and subsidies for 'advanced manufacturing' and 'clean energy' projects on 11 April 2024. These incentives and subsidies are being packaged through the Future Made in Australia Act ('FMAA') which aims to revitalise manufacturing in Australia by turbocharging the production of renewable and low emission technology.

    Tune into this episode of Nearing Net Zero as Dan Brown and Elena Lambros unpack what the Act aims to achieve, the drivers for implementation, its scope and the markets commentary. See insights page

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    Continued enhancement of the water grid and adoption of green technologies will be critical to meet future demands and help fuel the transition broadly.

    Tune into the this episode of Nearing Net Zero vodcast in which Dan Brown and Elena Lambros consider the role of water in the energy transition, and unpack South East Queensland Water's plan for continued to access a safe, secure and resilient water supply now, and for generations to come. See insights page

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    The fourth edition of the Ashurst Powering Change report highlights that nearly two thirds of senior business leaders expect their organisation's investment to flow away from traditional fuels and towards renewable energy at an accelerated pace over the next 12 months.

    For further analysis of the report, tune in to this episode of Nearing Net Zero, as Dan Brown and Elena Lambros consider the investment trends fuelling the transition and the associated obstacles. See insights page

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    The need to rapidly accelerate the transition to cleaner energy is now more important than ever.

    In Australia, the Government is driving the decarbonisation agenda across a number of initiatives at both a Federal and State level. Tune into this episode of Nearing Net Zero series in which Elena Lambros and Dan Brown discuss the latest regulatory and legislative developments fuelling the transition. See insights page

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    This publication is a joint publication from Ashurst Australia and Ashurst Risk Advisory Pty Ltd, which are part of the Ashurst Group.

    The Ashurst Group comprises Ashurst LLP, Ashurst Australia and their respective affiliates (including independent local partnerships, companies or other entities) which are authorised to use the name "Ashurst" or describe themselves as being affiliated with Ashurst. Some members of the Ashurst Group are limited liability entities.

    The services provided by Ashurst Risk Advisory Pty Ltd do not constitute legal services or legal advice, and are not provided by Australian legal practitioners in that capacity. The laws and regulations which govern the provision of legal services in the relevant jurisdiction do not apply to the provision of non-legal services.

    For more information about the Ashurst Group, which Ashurst Group entity operates in a particular country and the services offered, please visit www.ashurst.com

    This material is current as at 3 December 2024 but does not take into account any developments to the law after that date. It is not intended to be a comprehensive review of all developments in the law and in practice, or to cover all aspects of those referred to, and does not constitute legal advice. The information provided is general in nature, and does not take into account and is not intended to apply to any specific issues or circumstances. Readers should take independent legal advice. No part of this publication may be reproduced by any process without prior written permission from Ashurst. While we use reasonable skill and care in the preparation of this material, we accept no liability for use of and reliance upon it by any person.

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