Business leaders say Australia is being left behind the rest of the developed world due to the federal government’s failure to commit to serious climate change action and want a national net zero emissions target to urgently be set.

As the Coalition remains split over whether to adopt bolder climate targets ahead of a United Nations summit in Glasgow next month, a report compiling the views of 500 decision-makers across corporate Australia reveals companies are stepping up their decarbonisation goals and voicing growing frustration at the government’s lack of climate leadership.

“Business wants to see strong emissions targets for 2050 and 2030 that will put Australia in the mainstream of advanced economies and guide immediate action and long-term decision-making,” Australian Industry Group chief executive Innes Willox said.

Prepared by Schneider Electric, the nation’s largest corporate energy adviser, the research surveyed executives from prominent businesses including Coles, ANZ, Westpac and Telstra.

More than 70 per cent of respondents believed Australia must commit to net zero emissions – a target requiring the nation to remove as much carbon dioxide from the atmosphere as it emits – by 2050.

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Nearly two-thirds [62 per cent] of businesses surveyed said the federal government was not doing enough to combat climate change, and a similar proportion [64 per cent] believed Australia was lagging other developed countries.

Schneider Electric Pacific president Gareth O’Reilly said Australian companies were conscious about being left behind as the world moved to net-zero and wanted to take advantage of the opportunities that a sustainable future could offer.

“Australian businesses are telling us it’s time for government to work with them. In fact, over half of the respondents saw companies as the most impactful agents of change after the federal government,” he said.