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ARTICLE · 18 JANUARY 2024

Australian Government Publishes Proposed Climate Disclosure Legislation

Ropes & Gray LLP
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On Friday, the Australian government released an Exposure Draft proposing amendments to the Australian Securities and Investment Commission Act...

AustraliaEnvironment
Michael Littenberg
Michael Littenberg
Marc Rotter
Marc Rotter
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On Friday, the Australian government released an Exposure Draft proposing amendments to the Australian Securities and Investment Commission Act and the Corporations Act that would require specified large businesses and financial institutions to make climate-related disclosures. Previous discovery and design consultations were held in December 2022 and June 2023, respectively. The comment period on the Exposure Draft is open until February 9.

Key aspects of the Exposure Draft are summarized below:

Reporting entities: Subject to the phase-ins described below, an entity generally would be required to prepare a sustainability report for a financial year if it has a financial reporting requirement under Chapter 2M of the Corporations Act (which includes among others public companies and large proprietary companies) and for the financial year it:

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