Banks and other big businesses will be forced to come clean with the public about what they areThe government is also looking for ways to crack down on “greenwashing” – or when businesses try to win over consumers by overhyping their environmental practices., will say in a speech in Sydney on Monday that Australian firms “need to make credible disclosures to remain competitive in global capital markets”.
“This information is need-to-know – essential to mobilising the weight of our financial system behind the net zero transition.”Treasury will release a consultation paper on Monday on the development of an Australian climate risk disclosure system. It wants large business and financial institutions to provide “more information and greater transparency on how they are responding to climate change and supporting the transition to net zero”.
It also plans to apply “appropriately tailored requirements to comparable commonwealth public sector corporate entities and investment funds”.