At Futureproof, we’re committed to staying at the forefront of climate trends and ESG practices to help you navigate the ever-evolving landscape of corporate sustainability. Recently, I had the opportunity to attend two leading events that are shaping the future of corporate ESG strategy—the AICD Climate Governance Forum and the Impact X Summit: The Future of ESG Data & Disclosure. Here are the top takeaways to keep you informed:
Mandatory Climate Reporting: A New Era for Business
With Australia set to introduce mandatory climate risk reporting from January 2025, the message from industry leaders is clear: start preparing now. ASIC is taking a measured approach, offering support and documentation to help companies—large and small—navigate these new requirements. ASIC Commissioner Kate O’Rourke outlined a “pragmatic and proportionate” approach towards enforcement of the new regulation.
The Australian Accounting Standards Board (AASB) announced that it had renamed the ASRS standards to AASB S1 and AASB S2 to align with the ISSB naming and announced the final standards would not be released until the Climate Reporting Bill passes through the House of Representatives. While the final standards are expected to be finalised soon, the start date for mandatory climate reporting remains unchanged. In the meantime, businesses should continue preparing based on the most recent working draft and stay informed about AASB developments.
Big names like Coles and Stockland are already making strides, with Coles achieving 100% renewable energy and Stockland emphasising that climate reporting is not a burden, but an opportunity to align business strategy with sustainability goals. Early engagement with stakeholders will be key to ensuring smooth transitions, particularly in areas like Scope 3 emissions.
Government: Two Steps Forward, One Step Back
During the AICD Climate Governance Forum, Australia’s Minister for the Environment and Water, Tanya Plibersek, emphasised the government’s increasing focus on Nature Positive policies and the circular economy, which the Productivity Commission is currently exploring.
Her message on reporting and consideration of environmental and social factors was clear: “It’s a no brainer where this is heading”. However, as parliamentary negotiations between Labor, the Coalition and the Greens remain gridlocked, progress on the Nature Positive and EPA reforms are stalling.
ESG: From Backlash to Opportunity
The conversation around ESG isn’t without its challenges. Ming Long described the ESG transition as one of the biggest disruptions of our time. Yet, businesses that embrace transparency and avoid greenwashing are well-positioned to turn this disruption into a growth opportunity.
It’s no longer just about compliance—ESG reporting is about telling your sustainability story. Investors are paying attention, and the key to maintaining their trust lies in transparency, consistency, and a focus on long-term outcomes.
Supporting SMEs in the ESG Journey
A major theme from the Impact X Summit was the need to bring SMEs along on the journey. Larger companies must communicate ESG data requirements early, giving SMEs time to align their reporting and avoid last-minute panic.
Collaboration is key. By working together and supporting one another, larger businesses can help SMEs become part of a more sustainable supply chain, ensuring growth and success for all parties involved.
Indigenous Knowledge & Nature-Positive Strategies
One of the most compelling discussions centred around Indigenous knowledge systems and nature-positive solutions. Businesses are increasingly recognising the need to incorporate these insights into their operations. Indigenous practices can provide thousands of years of guidance for sustainable growth that balances environmental restoration with cultural heritage.
As we look toward the future, valuing natural capital and integrating biodiversity into corporate strategy will be key to not only meeting compliance but also driving competitive advantage. Blackmore’s have identified that “nature is our number one supplier”.
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At Futureproof, we’re excited to help you take the next step toward sustainable growth. Whether it’s developing your climate risk reporting strategy or aligning your ESG practices with emerging standards, we’re here to support you every step of the way. Futureproof will help your business navigate these challenges and capitalise on the opportunities ahead.
If you’d like to discuss how these changes impact your organisation or explore how we can assist with your sustainability initiatives, don’t hesitate to reach out.
Ben Swan
Managing Director, Futureproof
