From 1 January 2025, mandatory climate reporting legislation becomes law, meaning that from this time, the largest corporations in Australia (with smaller organisations phased in at a later date), will be required to report on their climate related risks and opportunities in a mandatory sustainability report.
The change in law presents new challenges for businesses, which will require real consideration by business leadership; not just to ensure compliance but to also provide quality reports that demonstrate the resilience to address the transitional risks of climate change, and the creation of long-term value for the business.
At this stage, it is critical for board members to understand the significance of this reporting requirement and their role and responsibilities as directors. Here, we provide a summary of the mandatory climate reporting regime in Australia to effectively support businesses through this change.
