Companies will potentially find new economic benefits as they strive for net zero emissions as the Indo-Pacific Carbon Accounting Lab builds “trusted and accurate carbon data” across entire supply chains.

Trade and Investment Minister Nick Champion said the Lab supports companies with net-zero commitments to better track changes over time, providing more accurate and reliable sustainability reporting.

This can help reduce the cost of capital for businesses demonstrating their green credentials.

Minister Champion said there is an increasing spotlight on carbon impacts through supply chains as global companies look to meet their climate change targets.

For global companies purchasing component inputs for their products and services across international boundaries, this can make the task of gathering accurate and meaningful carbon data that underpins business decisions complex.

“Many companies are attracted to South Australia to establish their operations due to the state’s high renewable-energy penetration and reputation for excellence in sustainability,” Minister Champion said.

“To reap the benefit from this competitive advantage, the same companies also require trusted data and verification of actual impacts for their operations and for their supply chains.

“The Indo-Pacific Carbon Accounting Lab can help them to achieve this by collaborating with industry, government and academia to find solutions to real-world problems.”

South Australia’s Deputy Premier Susan Close was among thousands of world leaders at COP27, presenting at the Green Hydrogen event in the Blue Zone at the Australian Pavilion in Cairo.

Minister Close met government leaders from Scotland, California, Washington and British Columbia. She also met Quebec government representatives to discuss how South Australia is tackling climate change.

As part of the move, South Australia’s Department for Trade and Investment will link government agencies with commercial and research partners preparing for global export while contributing to the state’s net-zero ambitions.

In the first phase, the South Australian Government is partnering with Salesforce, the National Australia Bank (NAB) and Deloitte to explore the opportunity to work collaboratively on pilot projects in industries in which South Australia has a global competitive advantage, including food and wine, minerals and energy, tourism and defence.