Australia & New Zealand Carbon Accounting Software Market Size and Forecast (2021 - 2031), Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Deployment (Cloud and On Premises), End-Use Industry (Construction and Infrastructure, Manufacturing, Transportation and Logistics, Retail Trade, and Wholesale Trade), and Country

The Australia and New Zealand carbon accounting software market size was valued at US$ 150.6 million in 2023 and is expected to reach US$ 668.0 million by 2031; it is estimated to record a CAGR of 20.5% from 2023 to 2031.

The Australia and New Zealand carbon accounting software market is segmented into the Australia and New Zealand. Carbon dioxide emissions from various sectors in Australia accounted for 355.9 million metric tons in 2022. Combustible fuel usage in Australia accounts for 1% of the world's total carbon dioxide emissions. As per the International Energy Agency (IEA), carbon dioxide emissions in the industrial and transportation sectors accounted for more than 35% of the total carbon dioxide emissions in Australia. Moreover, the emissions from the manufacturing sector accounted for 53.34 million metric tons in 2022. In contrast, the transportation, postal, and warehousing sectors in the country reported 28.5 million metric tons of carbon emissions.

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.

According to New Zealand's Ministry for the Environment, the greenhouse gas emissions of New Zealand were 71.12 million metric tons of carbon dioxide equivalent in 2022. The agriculture and energy sectors accounted for more than 85% of the total emissions produced in 2022. Carbon dioxide accounted for 40% of the total greenhouse gas emissions. The carbon dioxide emissions from sectors such as transportation, petroleum refining, agriculture, and energy decreased from 2021 to 2022. As part of the Paris Agreement, New Zealand has set a goal of reducing net emissions to 50% by 2030 below the gross 2005 levels. It has also set domestic emissions reduction targets. The country is expected to disclose information on its goals based on the Paris Agreement in the first biennial transparency report, which would be published by December 31, 2024. There is an increasing need for carbon accounting software to efficiently monitor, track, analyze, and report the carbon emissions produced by companies operating in different sectors for the reduction of carbon emissions. The government of New Zealand has been using the Emission Trading Scheme (ETS) as the main tool for carbon emission reduction.

Based on deployment, the Australia and New Zealand carbon accounting software market is segmented into cloud and on-premise. Carbon accounting is the first step to accurately measuring, reporting, and reducing greenhouse gas emissions of enterprises. The conventional methods of measuring carbon emissions were laborious and often inaccurate. However, new tools and approaches, such as carbon accounting software, enable companies to understand, report, and reduce emissions faster and more accurately than before. Cloud-based carbon accounting software is being increasingly adopted across all industries owing to the growing awareness of its benefits and the ease it provides in managing vast amounts of data generated from daily operations. In addition to providing extensive storage capacity with access to the internet, cloud-based solutions feature robust processing power, allowing quick tracking of carbon emissions data. Owing to the increasing demand for cloud-based solutions across various industries, carbon accounting software vendors are also focusing on the development of new and advanced solutions. Key companies offering cloud-based carbon accounting software in Australia and New Zealand include Net0, IBM, Pangolin Associates, Avarni, NetNada, CarbonetiX, and BDO.

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 key Australia and New Zealand carbon accounting software market players that are profiled in this market study.

The overall Australia and New Zealand carbon accounting software market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the Australia and New Zealand carbon accounting software market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Australia and New Zealand carbon accounting software market.