The financial services industry has strongly backed a government push to make disclosure of climate-related risks mandatory for companies and financial institutions, in legislative changes that could come into force for larger businesses as soon as next year.
If Australia lags other comparable jurisdictions in this area, it risks missing out on international investment, Treasurer Jim Chalmers told an Australian Sustainable Finance Institute forum on Monday. Senior leaders from some of the countries largest financial institutions and investors, including the big four banks, super funds Aware Super, HESTA and Cbus, fund managers such as IFM Investors and Fidelity, and insurers Allianz and IAG, also endorsed a joint statement supporting the measures.
The consultation paper Treasury released on Monday said key questions to be considered were the coverage, scope, frequency, format, timing, and international alignment of the reporting requirements. Which agency enforces the requirements will also need to be canvassed, as well as whether any obligations will clash with existing reporting obligations.
Australian Council of Superannuation Investors research released this year showed that the number of ASX 200 companies with net-zero commitmentsLoading, an international framework released in 2017 and used by thousands of companies across the world.
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