August 2024 ESG Policy Update – Australia

Australia's Department of Climate Change, Energy, the Environment and Water has released consultation papers outlining the regulatory framework for the final phase of environmental protection reforms under the EPBC Act. With submissions closing on 13 October 2026 and implementation scheduled for 1 December 2026, these reforms will fundamentally reshape how projects are assessed and approved, introducing streamlined pathways...

New South Wales has introduced comprehensive Data Centre Guidelines to manage the rapid growth of data centre investment while addressing resource, environmental and community impacts. The framework establishes six core principles with 17 performance measures covering energy efficiency, water usage, consumer cost protection, renewable energy commitments and community benefits.

Our monthly ESG bulletin provides a targeted snapshot of key developments we see as reflecting the “must know” trends in the Australian market and, where relevant, the international market.

The NSW Government has released a comprehensive data centre policy framework establishing new guidelines for electricity network connections, planning approvals, and environmental standards. These reforms require data centres to contribute to network infrastructure costs, procure renewable energy, and demonstrate demand flexibility while offering streamlined approval pathways for compliant projects.

The High Court of Australia has ruled that NSW planning authorities must consider Scope 3 greenhouse gas emissions when assessing resource and energy development applications. In a landmark 3:2 decision, the Court invalidated approval for the Mount Pleasant coal mine extension, establishing that consent authorities cannot fulfill their climate change obligations by examining only Scope 1 and Scope 2 emissions.

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The UN Special Rapporteur on the Human Right to a Clean, Healthy, and Sustainable Environment has made history by intervening in Australian Federal Court proceedings challenging the extension of Woodside's North West Shelf gas project until 2070. The intervention raises critical questions about how international environmental law obligations should inform the interpretation of Australia's Environment Protection and Biodiversity Conservation Act, particularly regarding climate change impacts and heritage

The High Court of Australia has delivered a landmark judgment on greenhouse gas emissions in mining development applications, examining whether consent authorities must consider conditions to minimize Scope 3 emissions. The case centers on a judicial review of the Mount Pleasant coal mine expansion approval, where the Independent Planning Commission imposed conditions on Scope 1 and 2 emissions but not on Scope 3 emissions that represented 98% of the project's total emissions.

Australia's Industrial Chemicals Introduction Scheme has released a draft evaluation statement revealing which of the 522 PFAS chemicals listed on the Australian Inventory are actually being imported or manufactured in the country, their volumes, and their uses. The evaluation identifies 139 PFAS being introduced, with most used in lubricants, paints, and adhesives, while proposing to prioritize trifluoroacetic acid for risk assessment and add notification requirements for certain PFAS before commercial

Australia's Environment Protection and Biodiversity Conservation Act 1999 reforms continue to progress, with the commencement of further provisions and the introduction of four new National Environmental Standards.

On 30 September 2026, the SEC proposed rule amendments advancing Chairman Paul S. Atkins’ “responsible retailization” of private markets, expanding retail access to private-market strategies while adding key investor safeguards.

The EU has introduced its first major amendment to the AI Act through the AI Omnibus regulation, which delays certain compliance deadlines while maintaining others. Organizations must understand which obligations remain on schedule, including transparency requirements and general-purpose AI provisions, and which have been deferred, such as high-risk AI system requirements.

California is implementing a major tax policy shift that will subject software-as-a-service, remotely accessed software, and digital products to sales and use tax beginning January 1, 2027. The California Department of Tax and Fee Administration has proposed emergency regulations establishing sourcing rules, a $5 million threshold that shifts tax liability from retailers to purchasers, and key exemptions for custom software and certain service-based digital products.

Texas Senate Bill 140 (SB 140) took effect 1 September 2025, and applies to conduct occurring on or after that date. The bill amended Section 302 of the Texas Business and Commerce Code to extend registration and disclosure requirements to text messages by expanding the definition of “Telephone solicitation,” which previously applied only to a “telephone call,” to include certain transmissions of text or graphic messages and images. In addition, SB 140 added a definition of “Telephone call” that incorporates the definition found in Section 304, which includes certain text or graphic messages and images, but excludes certain agreed-to transmissions.

The Federal Trade Commission has issued a proposed enforcement policy statement targeting businesses that use consumer personal data to set individualized prices. While acknowledging it cannot prohibit all personalized pricing, the FTC warns that companies may violate federal law if they fail to clearly disclose their use of personal data in pricing decisions.

China's stock exchanges have implemented three major trading rule changes effective July 6, 2026, designed to enhance market quality and align practices with international standards. The reforms expand after-hours trading, modify public fund pricing mechanisms, and adjust price limits for risk-warning stocks. How will these structural changes impact institutional investors, ETF efficiency, and overall market participation in China's evolving capital markets?

Australia is moving closer to criminalising match-fixing and sports corruption through proposed federal legislation that would create seven new offences targeting manipulation of sporting events.

The SEC and CFTC have issued coordinated regulatory relief measures that significantly advance crypto-based trading infrastructure in US markets, bypassing Congressional gridlock on the CLARITY Act. These orders establish new frameworks for tokenized securities venues and passive software providers, potentially reshaping how digital assets are traded and accessed in regulated markets.

Venezuela's post-Maduro reopening is creating unprecedented opportunities for foreign investors across energy, mining, telecommunications, and infrastructure sectors. With expanding OFAC sanctions relief, landmark legislative reforms, and major US companies nearing multibillion-dollar deals, the country presents investment prospects not seen in a generation—though success requires disciplined navigation of corruption, security, and regulatory risks.

The European Commission has issued guidelines on transparency obligations under Article 50 of the EU AI Act, clarifying how providers and deployers must inform individuals when they interact with AI systems or are exposed to AI-generated content. These non-binding guidelines address a wide range of AI applications, from chatbots to deepfake technologies, and establish four main transparency scenarios with specific disclosure requirements that businesses must now prepare to implement.