The Federal Treasury Department has developed its Climate Related Financial Risks draft legislation. This work applies to some AMCouncil Members organisations, in particular the large organisations and large super funds initially, then will ramp up to respond to all entities captured under NGERS reporting scheme and other asset owners. Download the Policy Statement and Policy Impact Analysis documents which outline the proposed legislation.
You can provide comments on this work via this link on the Treasury website. Please refer link for the draft legislation and other supporting documents.
The impact of this legislation impacts throughout the economy and long-term drive publicly available climate data on Australia’s largest organisations and establish direct linkages between environmental (climate) and financial accounting processes as a means of communicating company risks and climate performance. It includes a provision to increase reporting of Scope 1 and 2 emission to include Scope 3 emissions as well, which impacts on supply chains across a wide spectrum of businesses over time.
The submission opportunity closes on the 9th February, 2024 and if you feel there are any comments AMCouncil should provide that may assist our members please let us know by email to info@amcouncil.com.au