Australia & New Zealand Carbon Accounting Software Market
Rising Focus on Controlling Scope 3 Greenhouse Gas Emissions to Fuel Australia & New Zealand Carbon Accounting Software Market Growth During Forecast Period
As climate change continues to influence the global agenda for greenhouse gas emissions, large enterprises are under considerable pressure to reduce their carbon footprint by taking a more proactive approach to carbon management. The landscape of carbon management is rapidly changing with the increasing acceptance of carbon pricing, net zero commitments, surging awareness and focus on Scope 3 emissions, and the adoption of high-tech solutions to monitor and reduce emissions. The Scope 3 emissions refer to indirect carbon dioxide emissions that are generated from the utilization of products and services. These include emissions from the transport of goods, and utilization and disposal of products. These types of carbon emissions can often be significantly high, particularly for companies in industries with large supply chains, including retail and manufacturing. As they become more aware of their contribution to global emissions, they are acting to minimize or reduce Scope 3 emissions. This helps reduce their environmental impact along with creating a more sustainable value chain, which can help them remain competitive amid the burgeoning awareness regarding sustainability in people and other businesses. Hence, the growing focus on Scope 3 greenhouse gas emissions fuels the demand for carbon accounting software in Australia and New Zealand.
Australia & New Zealand Carbon Accounting Software Market: Industry Overview
The Australia and New Zealand carbon accounting software market has been segmented on the basis of deployment and end-use industry. On the basis of deployment, the market has been segmented into cloud and on-premise. On the basis of end-use industry, the Australia and New Zealand carbon accounting software market has been segmented into manufacturing, construction and infrastructure, transportation and logistics, wholesale trade, and retail trade.
Australia has set ambitious goals for achieving net-zero emissions by transforming its energy sectors and decarbonizing transportation. The country is taking initiatives to address the shortcomings of federal policy despite significant differences in the level of action across state governments. Under its current policies, carbon dioxide emissions are expected to continue to rise and be consistent with warming of more than 3°C if all other countries pursue similar ambitions. Thus, the Australian Government feels obliged to set more ambitious 2030 carbon emissions reduction targets, set policies to achieve its targets and provide funding to support other entities to improve its sustainability ratings. Carbon accounting software makes it easier for companies to report on the environment, meet sustainability goals, and comply with emissions regulations. The software accelerates cross-team data collection, emissions analysis, and reporting to promote transparency and increase investor confidence. The key companies operating in the carbon accounting software market in Australia include NetNada, ClimateClever, CarbonetiX, Sumday, Viridity, Trace, and Workiva.
Australia & New Zealand Carbon Accounting Software Market: Competitive Landscape and Key Developments
Workiva; Avarni; Terrascope; Sumday; ClimateClever; CarbonetiX; GreenHalo; NedNada; Trace; Energy Solution Providers Limited; Opportune; IBM Corporation; SAP SE; Salesforce, Inc.; Microsoft; Diligent Corporation; Cogo; and Carbon Trail are among the leading players profiled in the Australia & New Zealand carbon accounting software market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The Australia & New Zealand carbon accounting software market report provides detailed market insights, which help the key players strategize their market growth. As per the company press releases, below are a few recent key developments:
- Workiva launched a carbon solutions platform to help its clients comply with the rising demand for climate-risk reporting and global disclosure regulations. Also, Workiva announced it had acquired carbon accounting and emissions reporting startup Sustain. Life the same day it launched the carbon management tool. The startup’s CEO and co-founder, Annalee Bloomfield, said the consolidation would “simplify emission tracking and ensure transparency in emissions data.
(Source: Workiva, Press Release, June 2024)
- Green fintech Cogo announced its partnership with the UK’s greener digital bank, Tandem. This partnership has evolved to offer customers a carbon management solution integrated into the bank’s app. Working together since November 2022, the extension to this partnership will now enable customers to easily measure, understand, and reduce their carbon footprint.
(Source: Cogo, Press Release, October 2024)
