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ARTICLE · 03 SEPTEMBER 2023

The next step towards mandatory climate-related financial risk disclosure (CRFD): Treasury's consultation to date

Corrs Chambers Westgarth
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A mandatory CRFD regime appears to have relatively broad support across industry and is likely to become reality.

AustraliaEnvironment
Abigail Gill
Abigail Gill
Louise Camenzuli
Louise Camenzuli
Sofia Jaquiery
Sofia Jaquiery
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For some years now in Australia, investors and regulators have been calling for greater consistency, accuracy and transparency in relation to disclosures about climate-related financial risks and opportunities.

Until recently, the Financial Stability Board's Taskforce for Climate-related Financial Disclosures (TCFD) Framework has been the standard most promoted by regulators like ASIC and ASX for climate-related corporate disclosures, on the basis that TCFD reporting has generally been acknowledged to have led to improved standards of governance and disclosure.

The International Sustainability Standards Board (ISSB) has now taken over the TCFD framework. ISSB has released two disclosure standards (discussed here):

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