Climate change risk reporting – what can we expect?

Assisted by Te Whakahaere Director, Mark Baker-Jones

In a joint submission to the International Sustainability Standards Board (ISSB), 20 prominent Australian business and finance bodies have supported a proposed sustainability reporting regime with a global baseline. Only last week, Australia's Climate Change Bill (Bill) had its third reading in the House of Representatives and should pass the Senate. Whereas the Bill is silent on reporting climate-related financial risk, it is all but inevitable that Australia will follow the rest of the world and introduce a mandatory climate-related financial disclosure regime for Australian financial institutions.

In reaching an unprecedented consensus, the group of Australia's most influential business and finance peak bodies expressed the need for a "globally consistent, comparable, reliable, and verifiable corporate reporting system to provide all stakeholders with a clear and accurate picture of an organisation's ability