The proposed Treasury Laws Amendment Bill 2024 framework is designed for Australian companies to provide people and investors with greater information about climate-related financial risks and opportunities as well as publish climate-related plans and strategies in sustainability reports. These disclosures will be mandated through amendments to the Corporations Act 2001 and related legislation.

According to the draft legislation, companies with annual revenue or if part of a group, consolidated annual revenue of $1 million or more, and which meets sustainability reporting thresholds in the chart above must prepare a sustainability report that includes scope 1, 2 and 3 emissions.

The sustainability reports will need to include:

• Information relating to governance, strategy, risk management and metrics and targets (including Scope 1 and Scope 2 greenhouse gas emissions) will be required from the first year of reporting.
• Scope 3 emissions (i.e. emissions that occur up or down their supply chain and emissions associated with their financing or investment activities) will be required from the second year of reporting.

For more details the proposed legislation documents can be found here:

• New climate reporting reforms for a stronger financial system | Ministers, Australian Government Treasury
• Mandatory climate-related financial disclosures (Policy position statement) | Australian Government Treasury

Sustainable Platform has provided climate-related risk metrics and Sustainability Reports that include Scope 3 emissions and benchmarking to institutional investors and Australian companies since 2017. For partnership opportunities or more information on how we can help your fund or company please contact us.