Australia Enacts Mandatory Climate Disclosure Law
Australia has joined the growing list of nations implementing mandatory climate disclosure news. After extensive consultations, the Australian government finalised its new law in February 2024, requiring non-financial institutions and asset owners to report on their climate sustainability efforts.
The journey towards this new news began in early 2023, with the Australian government holding three rounds of consultations over 14 months. These discussions involved various stakeholders, including investors, companies, and advocacy groups, each with their own expectations for the new law.
The Treasury and the Australian Securities and Investments Commission (ASIC) led the development of the new mandatory climate sustainability reporting law. It aims to balance the competing demands of these stakeholders, ensuring the news regime is effective and widely supported.
Australia is not alone in this initiative. The list of countries introducing similar mandatory disclosure news is growing, reflecting the global urgency to tackle climate change.
The finalised law in Australia marks a significant step in the nation's commitment to combating climate change. It will impact non-financial institutions and asset owners, requiring them to disclose their climate-related risks and opportunities. As the global trend towards mandatory climate disclosure continues, Australia's new news joins other nations in driving transparency and accountability in corporate climate action.
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