<
https://reneweconomy.com.au/new-legislation-on-corporate-emissions-reporting-has-made-it-through-parliament-will-it-lead-to-real-action-on-climate-change/>
"Legislation that has just passed the Australian Parliament will significantly
increase and standardise reporting for Australia’s largest companies on their
greenhouse gas emissions and the risks and opportunities they face from climate
change.
Unsurprisingly, given the politically contested importance of climate change in
Australia, responses to the legislation have been divergent.
The federal treasurer says the changes will “help Australia maximise the
economic opportunities of cleaner, cheaper and more reliable energy, and better
manage climate risks in our economy.” The opposition says the bill will “change
our way of life. It’s going to cost more money to live.”
It is not surprising that there has been little discussion of this legislation
in the general media. The provisions are in the soporifically titled Treasury
Laws Amendment Bill (2024) and the bill actually deals with two different
topics; powers for the Reserve Bank and ASIC to deal with a financial crisis,
and climate-related financial disclosure by companies. This summary only deals
with the second set of provisions.
The largest companies will be required to prepare “sustainability reports,”
which include information on the climate-related financial risks and
opportunities they face, as well as information on their greenhouse gas
emissions and their related governance or risk management processes.
The obligation to produce a sustainability report will be phased in in three
groups, starting with the largest corporations. Groups are required to report
from the first financial year commencing in 2025, 2026 and 2027 respectively."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
