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South Australia intends to help businesses prove their credentials as consumers demand more sustainable and environmentally friendly products.
A new lab is being set up in Adelaide to support environmental, social and governance (ESG) risk assessment and reporting.
"ESG is becoming increasingly important as we experience the significant impact of climate change," the state's Minister for Trade and Investment Nick Champion told an investment conference.
"We see it very much whenever we have a natural disaster in the state, whether it's storms or bushfire."
The Indo-Pacific Carbon Accounting Lab aims to develop the data infrastructure and carbon accounting systems needed for reporting across entire supply chains and was showcased at the recent climate conference in Egypt.
"You only have to look at last month's storms, which lashed our state and left thousands without power, and in my own neck of the woods a few years back, the Pinery fires, to know that climate change is very real," he said.
The state Department for Trade and Investment said the lab would enable companies that have made commitments to net-zero carbon emissions to track changes over time, resulting in more accurate and reliable sustainability reporting.
Businesses that can demonstrate their credentials should also be able to cut the cost of capital, the department said.
The lab is partnering with Salesforce, Deloitte and National Australia Bank on pilot projects for ESG reporting in global exports in food and wine, minerals and energy, tourism and defence.
"For businesses, now is the time to act on ESG if you haven't already done so," Mr Champion said.
He said the transition to net zero has been estimated to be a $100 trillion opportunity worldwide and significant investment in data analytics and infrastructure would be needed.
South Australia says it is leading the charge in quantum technologies, renewable energy and data centres.
"We're poised to transform the net zero efforts of businesses and countries into an economic benefit by enabling the accurate accounting of emissions, supporting businesses across the region to better account for their progress," he said.
Invest SA has been re-established within the department to support investment, particularly in technology and ESG.
