The Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 (Cth) was introduced on 27 March 2024 and passed in the Australian Senate on 22 August 2024. It sets out the mandatory climate related financial disclosures that Australian reporting entities will be required disclose under the new Australia Sustainability Reporting Standards Climate Standard (AASB S2).

This reporting standard is currently in draft, to be finalised shortly, and aims to align with the ISSB standards (with some adjustments for Australian applicability). To guide your organisations through the implications of these new laws, we have prepared a briefing focused on the requirements for reporting entities to address and disclose the risks, impacts and opportunities that climate change presents.

This briefing lays out which entities will be required to comply with the new Mandatory Climate-Related Reporting Standards, what the main reporting requirements are likely to be in terms of AASB S2, the timelines for reporting compliance and a number of other useful points to consider in preparation for the new reporting requirements.

By embracing these early, your organisation can lead in transparency, strategy and risk management related to climate impact—transforming compliance into opportunity. Take a proactive stance on climate disclosure, ensuring your organisation not only meets but exceeds the expectations set forth by this new regulatory framework.