New legislation has been introduced by the Australian government that will set out mandatory climate reporting rules for companies. The Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill will support increased investment in cheaper and cleaner energy, help companies and investors manage climate risks, and ensure standardised, internationally-aligned reporting requirements, Treasurer Jim Chalmers said. The new climate reporting requirements come into effect from 1 January next year for Australia’s largest listed and unlisted companies and financial institutions, with other companies phased in over time. “Our changes will establish Australia’s climate risk disclosure framework, giving investors and companies the transparency, clarity and certainty they need to invest in new opportunities as part of the net zero transformation,” Chalmers said.
