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Stay Ahead: Preparing Your Business for Mandatory Climate-Related Reporting

Updated: May 27

Climate change - Mandatory Climate-Related Reporting

The landscape of corporate reporting is undergoing a seismic shift with the introduction of mandatory climate-related disclosures in Australia. Based on the International Sustainability Standards Board (ISSB)’s climate standard, IFRS S2, this change represents the most significant transformation in corporate reporting in decades. But who does it impact, what does it mean for your business, and where should you begin?

Who Does It Impact?

The phased-in reporting, starting with Australia's largest reporting entities, will eventually touch organisations of all sizes. This means that as more companies are required to report financial climate risks, the ripple effect will travel through the supply chain to small and medium enterprises (SMEs) and across the broader economy.

Starting from January 2025, Australia's largest corporations and asset managers will be mandated to disclose climate-related financial information in their annual reports. This includes:

  • Analysing climate scenarios

  • Reporting greenhouse gas emissions

  • Assessing business resilience to climate change

  • Outlining responses to climate risks and opportunities

Where to Begin?

To effectively manage climate risk, it's crucial to start with a comprehensive assessment of your existing operations and value chain. From there, you can develop an action-oriented plan that includes metrics and targets to address climate risk throughout your organisation.

One of your first steps is to understand where you currently stand in terms of ESG (Environmental, Social, and Governance) practices, in both maturity and ambition. Perspektiv offer comprehensive assessments to help you understand your current status and align it with ambitious objectives.

ESG maturity graphics

Building a Comprehensive Roadmap

After completing an assessment, the next step is to construct a detailed roadmap. Your roadmap will serve as a guide outlining actionable steps and initiatives aimed at aligning your operations with regulatory standards and addressing environmental challenges effectively. The roadmap will ensure that your organisation is adequately equipped to manage compliance requirements and proactively mitigate climate risks.

How prepared are you? Talk to one of our ESG experts about how we can support you on this journey.

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