New climate change projections: What CMIP7 means for companies assessing climate risk
by James Balik-Meacher, Yinpeng Li, Nuzhah Tarsoo, Emma Elbaum
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Australian Sustainability Reporting Standards: Everything you need to know about mandatory climate disclosures for Australian businesses
- Post Date
- 24 August 2023
- Read Time
- 2 minutes
As of September 2024, the final standard has been confirmed with a few changes since this article was published. Please see our latest article which steps through what you need to know.
In January 2024, the Treasury released an exposure draft legislation[1] to introduce mandatory requirements for organisations to disclose their climate-related risks and opportunities.
The disclosures cover both public and private companies, and require a rapid implementation of climate reporting, in line with international frameworks (IFRS S1 & S2)[2]. The pace and stringency of the proposed requirements will require companies to rapidly advance their climate governance, risk assessment, metrics and reporting.
To understand who has to comply and when, download our factsheet
We have also been producing a series of blogs to take you through the key elements proposed in the ASRS, and what companies need to be doing now in order to prepare. The blogs cover four key disclosure areas that we think will be the most challenging for companies to address:
- Scope 3 – How to ensure a complete & robust value chain emissions inventory
- Climate Scenario Analysis – From qualitative to quantitative, where to start on climate scenario analysis
- Transition Planning – How to align your business with a 1.5C world, and what you need to report
- Assurance Readiness – How to ensure your disclosures are ready for assurance and verification
Contact James or Luke for further information.
Webinar
We held a webinar covering the key aspects of the disclosures, case studies of best practice and practical guidance on where companies can begin addressing the requirements.
For those that were unable to attend, you can view the recording at the link below. This webinar is relevant for all companies who will be required to report, whether experienced in their disclosures or facing this for the first time.
