How Australia's largest industrial companies are tracking on emissions

Mandala's analysis follows earlier work on transport and electricity generation. It examines how emissions from Australia's largest listed industrial companies have tracked from 2020 to 2025. Emissions from industrial activities account for more than 30 per cent of Australia's gross emissions, making the sector central to any credible net zero pathway.

Drawing on global sustainability reporting from the top 20 ASX-listed industrial companies, the analysis finds around half reported lower Scope 1 and Scope 2 emissions in FY25 than in FY20. In aggregate, emissions across the cohort fell by approximately 4 per cent, driven by a mix of fuel switching, energy efficiency improvements, process electrification, and portfolio changes through capacity reductions, plant closures and M&A activity.

Performance varies significantly by company - some have materially reduced emissions while others have grown them substantially. Meeting Australia's net zero commitment will require deeper investment in industrial decarbonisation and reduced fossil fuel reliance. The size of corporate commitments matters, but so too does their conversion into delivered emissions reductions over the next decade.

Sustainability reporting – Absolute scope 1 and scope 2 emissions change

TOP 20 ASX INDUSTRIAL COMPANIES – FY20 to FY25

Read the full research note here.