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ARTICLE · 04 OCTOBER 2024

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September 2024 ESG Policy Update – Australia

K&L Gates
K&L Gates
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K&L Gates

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The Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 (Cth) passed Parliament on 9 September 2024 and received Royal Assent on 17 September 2024...

AustraliaCorporate/Commercial Law
Jim Bulling
Jim Bulling
Clive Cachia
Clive Cachia
Michael Hain
Michael Hain
Lisa Lautier
Lisa Lautier
Adam Levine
Adam Levine
Tom Young
Tom Young
Nathan Bodlovich
Nathan Bodlovich

Australian Update

Climate-Related Disclosures Legislation Passed

The Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 (Cth) passed Parliament on 9 September 2024 and received Royal Assent on 17 September 2024 (CRFD Act) The CRFD Act introduces, through amendments to the Corporations Act 2001 and related legislation, new mandatory climate-related disclosure requirements for large entities and financial institutions.

See here for details regarding the CRFD Act.

Australia's largest corporations and financial institutions (Group 1, roughly equivalent to the ASX 200) will be the first to disclose under the new laws, in respect of financial years from 1 January 2025, with phased implementation for other organisations over the following two years.

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