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On 12 January 2024, the Australian Treasury released the Exposure Draft Treasury Laws Amendment Bill 2024: Climate-related financial disclosure (Exposure Draft legislation). It builds off previous consultations focused on the Government’s objective to improve the transparency and comparability of information available to investors regarding Australian entities exposures to climate-related financial risks and opportunities as well as their plans and strategies in response to those exposures.
Figure 1: Timeline for the development of climate-related financial disclosure standards and legislation
If the proposed amendments are adopted it will pave the way for the Australian Accounting Standards Board (AASB) to make sustainability standards which would then be given legal effect through amendments to the Corporations Act 2001 and Australian Securities and Investments Commission Act 2001.
This Exposure Draft legislation proposes, amongst others, requirements in relation to:
This follows the release of the following International Sustainability Standards Board (ISSB) standards on 26 June 2023:
Shortly after the release of the international sustainability standards, the Australian Accounting Standards Board (AASB) released on 23 October 2023 Exposure Draft ED SR1 Australian Sustainability Reporting Standards – Disclosure of Climate-related Financial Information to propose climate-related financial disclosure requirements. It includes three draft Australian Sustainability Reporting Standards (ASRS Standards):
ESG Assurance Lead Partner, PwC Australia
Tel: +61 (2) 4925 1125
Partner, PwC Australia
Tel: +61 282 661 330