Australia has announced changes to its climate-reporting standards
It’s official — a new bill is before Australia’s parliament that will make climate reporting mandatory for roughly 20,000 local entities starting on 1st January 2025. Diligent ESG can help!
Comply with confidence
Tackle Australia's mandatory climate reporting standards with a purpose-built solution that offers the guidance and automation you need to comply with confidence.
Turn ESG goals into outcomes
Tell your ESG story with compelling data that shows regulators, shareholders and stakeholders that your ESG initiatives are more than just promises.
Centralize a growing ESG ecosystem
Leverage a single platform to collect, collaborate, and measure sustainability data from across your organization — and easily produce the audit-ready reports you need.
Increase efficiency and minimize costs
Save up to 27% of total ESG net costs by reducing audit spend by 50% with automation that saves hundreds of hours of work each year.
Key takeaways from the mandatory climate-related disclosures
- Delayed commencement: Mandatory disclosure requirements start from 1 January 2025
- Transitional period for directors: Directors will provide an ‘opinion’ on the sustainability report's compliance for the first three years.
- Modified liability approach: Statements in sustainability and auditors' reports are protected from misleading claims for three years, except by ASIC; forward-looking statements have 12 months of immunity.
- Greenhouse gas emissions: Definitions for Scope 1, 2, and 3 emissions now align with the Australian Sustainability Reporting Standards.
- Climate disclosure standards: Subject to AUASB's forthcoming assurance requirements, currently open for consultation.
Who's is required to produce climate-related disclosures
- Large entities that are required to prepare and lodge annual reports under Chapter 2M of the Corporations Act will be required to disclose information about climate-related risks and opportunities. This includes listed and unlisted companies and financial institutions as well as registrable superannuation entities and registered investment schemes.
- Asset owners (such as registrable superannuation entities and registered schemes) will be considered large if funds under management are more than $5 billion.
- Where entities are subject to both the annual reporting requirements under the Corporations Act and emissions reporting obligations under the National Greenhouse and Energy Reporting Act 2007 (Cth) (NGER Act), they will be required to disclose regardless of size.
Purpose-built carbon calculator
Get instant calculations and audit-ready reports you can be confident in. Generate disclosures with a single click and ensure complete coverage across Scopes 1, 2 and 3 emissions. We maintain more than 70,000 emission factors, helping ensure your calculations are automatically made with the most current data.
Easily gather information
Centralize your survey and evaluation activities on a single, easy-to-use platform accessible on any device, anytime. Collect key information from tens of thousands of employees, suppliers and other stakeholders to instantly report on important scope 3 data.
Reduce repetitive, manual tasks
Many companies are expected to report in various formats across jurisdictions and through third parties such as CDP. The Author solution from Diligent ESG lets you capture data once and then flow it across relevant portions of different reports. This saves significant time, reduces the risk of errors and frees your teams to focus on more strategic activities.
Diligent ESG Delivers 167% ROI
ESG can present opportunities for growing value — or risks for reputational damage. Master ESG and be ready for every challenge with our comprehensive solution that scales with your organization. From data collection, reporting on Australia's mandatory climate-related disclosures, Diligent ESG does it all!
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