Australia has proposed new draft legislation mandating climate-related reporting for large and medium-sized companies, including disclosures on climate risks, opportunities, and greenhouse gas emissions across the value chain. The requirements, based on proposals from the Australian Accounting Standards Board, align with the International Sustainability Standards Board's sustainability disclosure standards. The legislation applies to public companies and large proprietary companies, with phased implementation based on company size, starting from July 1, 2024. It also includes Scope 3 reporting with a phased approach, assurance requirements similar to financial reports, and limited immunity for sustainability reports until the end of June 2027.

Source: ESGToday