Climate

The Responsible Investment Association Australasia (RIAA), representing 75% of managed funds in Australia, has warmly welcomed the passing of the legislation to enact mandatory reporting on climate by Australian businesses. RIAA has long campaigned for a mandatory climate-related disclosure regime in Australia. Clear and comparable disclosure of climate-related financial information will help investors identify and understand the large-scale financial risks from the impacts of climate change and transition to net zero emissions. It will also encourage action to mitigate these risks. By incentivising high quality, useful and internationally aligned climate-related disclosures, this Act will help maintain Australia’s place in the global economy.

Draft guidance by the Australian Competition and Consumer Commission (ACCC) to clarify how the Australian Competition Law interacts with collaborations related to sustainability.

The NZ Government’s second emissions reduction plan (ERP2), a strategy to reduce emissions in New Zealand during the second emissions budget period (2026 – 2030).

Proposed guidance by the Financial Markets Authority (FMA) on references to climate statements in disclosure documents, such as product disclosure statements (PDS).

Auditing and Assurance Board (AUASB) on the development of assurance standards for climate and other sustainability information.

15 of Australia’s most influential organisations representing business, finance and both retail and institutional investors and shareholders have come together to support the passage of Schedule 4 of the Federal Government’s Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 (Climate reporting Bill). Together, the group represent more than 900 companies, investors with over AU$80 trillion assets under management, 7.7 million retail shareholders and over 80,000 directors, senior executives, accountants and other business professionals. To maintain Australia’s place in the global economy, the group considers it’s essential there is a climate reporting framework that incentivises high quality, useful and internationally aligned climate-related disclosures.

Proposed National Adaptation Plan which built on the first ever Australian National Climate Risk Assessment.

Exposure draft for the Australian Sustainability Reporting Standards from the Australian Accounting Standards Board (AASB) based on the ISSB global baseline reporting standards.

Department of Industry, Science and Resources (DISR) clarifying consultation requirements for offshore oil and gas storage regulatory approvals. RIAA wrote to the DISR to draw attention to RIAA’s submission on the First Nations Clean Energy Strategy which sets out a number of relevant considerations for this consultation.

Australian Treasury released the exposure draft legislation for mandatory climate-related financial disclosure (CRFD) requirements.