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The Australian government has proposed new draft legislation to enforce mandatory climate-related reporting obligations on large and medium-sized companies, as reported by ESG Today on January 15. These requirements would encompass disclosures on climate-related risks and opportunities, as well as greenhouse gas emissions throughout the value chain. Treasurer Jim Chalmers stated that the goal is to optimize economic opportunities in cleaner, more affordable energy while managing climate change risks. The legislation is designed to provide transparency, clarity, and certainty for investors and companies, supporting their involvement in the net-zero transformation. The proposed law follows a ‘Discovery consultation’ initiated by the Treasury in December 2022 and subsequent plans announced in June 2023 for mandatory climate-related financial disclosure requirements. The new legislation, based on proposals by the Australian Accounting Standards Board (AASB), applies to public companies and large proprietary companies meeting specific size thresholds, with a phased approach and a consultation period open until February 9.
Under the proposed legislation, companies would need to report on material climate-related risks and opportunities, metrics, targets, and governance or risk management processes related to these matters. The scope includes Scopes 1, 2, and 3 emissions, with reporting starting from July 1, 2024, for large companies and asset owners meeting specific criteria. Medium-sized companies would begin reporting from July 2026, and smaller companies from the following year. The legislation also introduces a phased-in approach for Scope 3 reporting, allowing an additional year for reporting on indirect value chain emissions. Assurance requirements for climate-related reporting, similar to those for financial reports, would be instituted, and companies would need to obtain assurance reports from their financial auditor.
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