The Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 passed on September 9 introduces mandatory climate reporting for entities already required to prepare annual financial reports and meeting two out of three of the following criteria:
The new Sustainability Report must include:
The climate statement should include information on governance, strategy, risk management, emissions, financial effects as well as metrics and targets.
Mandatory climate reporting will be expanded to additional entity categories over the next two years.