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Marque Lawyers Sustainability Actions

Published climate reporting update

On 17 September 2024, formal assent was received to amendments to the Corporations Act and the ASIC Act to require certain companies to report on their emissions, climate-related financial risks, and what steps are being taken to address these risks. These new disclosures tie in to the new sustainability reporting standards currently being finalised by the Australian Accounting Standards Board (AASB) based on international sustainability standards supported by ASIC, APRA and the ASX.

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Explained reporting obligations

Reporting entities will be required to prepare and lodge a new “sustainability report” each financial year, which includes a climate statement and associated notes prepared in line with the AASB’s sustainability standards. The three key sections of the climate statement are disclosure of all material climate-related financial risks and opportunities applying to the entity; reporting of climate-related metrics and targets, including scope 1, 2 and 3 emissions; and disclosure of the entity’s governance and risk management procedures relating to climate risks.

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Outlined transitional provisions

There are also certain transitional provisions granting some leeway in the initial reporting years, including that reporting entities will only be required to disclose scope 3 emissions from their second reporting year; for the first 3 years of operation, directors only need to declare that the entity has taken reasonable steps to ensure compliance; and the audit requirements are more limited and only scope 1 and 2 emissions are required to be audited until 30 June 2030.

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Set out phased adoption timing

There is to be a phased adoption process between 1 January 2025 and 1 July 2027 for the new laws, with reporting entities split into three groups. The biggest companies will have to start reporting first, on the basis that they have the most resources to prepare the sustainability report and smaller companies can then use their public reports as an example.

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About Marque Lawyers

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  • Employees
  • 25 - 100
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  • Australia