On 27 June 2023, the Australian Treasury issued a second consultation paper titled “Climate-related financial disclosure”. This release builds upon a prior consultation and is in line with the Australian Government’s dedication to creating standardised and internationally aligned reporting requirements for businesses to disclose governance, strategy, risk management, targets, and metrics. Large businesses may need to comply with these reporting requirements as early as 2024, while smaller businesses would follow a phased approach over the subsequent three years.

Stringent reporting requirements and regulations are set to be implemented in the near future. Companies will need to disclose their governance processes, controls, and procedures used to monitor and manage climate-related financial risks and opportunities. Read our handy one-page guide below which provides valuable information about the Government’s proposed three-stage approach to implementing mandatory climate-related reporting as well as next steps for firms.

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