The impact of climate change is a growing challenge for organisations, big and small. As part of international efforts to address these risks and decarbonise their operations, many Australian companies will be required to disclose their climate risks and opportunities under the new Australian Sustainability Reporting Standards (ASRS).
We provide a range of services to help your organsation identify, assess and mitigate climate risk. These include climate risk education, gap analysis, climate risk assessment, transition planning, scenario analysis and carbon footprint evaluation.
What is it?
According to the Australian Institute of Company Directors (AICD), the proposed mandatory climate risk reporting requirements are one of the biggest changes to corporate reporting in years. The legislation will mandate climate reporting for both listed and unlisted entities, subject to certain size thresholds. These organisations will be required to disclose their climate risks and opportunities under the new Australian Sustainability Reporting Standards (ASRS), which will mirror the global ISSB standards.
In addition to outlining their climate risks in an annual Sustainability Report (lodged with their organisation’s Annual Report) entities must provide a Directors’ Statement on climate risk and disclosure of their Scope 1, 2 & 3 emissions. They must obtain limited assurance, transitioning to reasonable assurance by 2030.
What are the benefits?
We recommend that organisations take a proactive, whole-of-organisation approach to addressing climate risk. Identify knowledge gaps and build capacity so your organisation is prepared for the new standards. Don’t forget the opportunities too: Renewable energy alternatives and new technologies offer many prospects to mitigate climate risk, drive innovation and cost reductions across your business.
