{"id":77078,"date":"2024-07-01T14:53:17","date_gmt":"2024-07-01T18:53:17","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/sustainability-reporting-in-australia-rapid-movement-towards-new-standards\/"},"modified":"2024-07-19T17:37:28","modified_gmt":"2024-07-19T21:37:28","slug":"sustainability-reporting-in-australia-rapid-movement-towards-new-standards","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/sustainability-reporting-in-australia-rapid-movement-towards-new-standards\/","title":{"rendered":"Sustainability reporting in Australia: Rapid movement towards new standards"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0080b7ae74c]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0080b7ae74c'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/regional-analysis\/\" rel=\"category tag\">\n                    Regional Analysis\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/regulation\/\" rel=\"category tag\">\n                    Regulation\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/risk\/\" rel=\"category tag\">\n                    Risk\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/sustainable-finance\/\" rel=\"category tag\">\n                    Sustainable Finance\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Sustainability reporting in Australia: Rapid movement towards new standards<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0080b7b5134'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">July 1, 2024<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0080b7b7b27'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>For over ten years, companies in Australia have been reporting on their sustainability efforts using a range of voluntary frameworks and global standards. Having multiple reporting frameworks without a unified structure for reporting can be a challenge.<\/p>\n<p>It is important for the vast majority of companies to have a standardized reporting framework that is interoperable with global standards.<\/p>\n<p>The Australian Accounting Standards Board (AASB) has recently consulted on an exposure draft of the Australian Sustainability Reporting Standards (ASRS). When finalized, these will become the mandatory reporting requirement standards for Australian entities to apply for their climate-related financial disclosures.<\/p>\n<p>These proposed reporting standards were developed to align with international standards, making close reference to the International Financial Reporting Standards (IFRS) Foundation\u2019s Sustainability Disclosure Standards (also known as ISSB Standards). These standards provide a consistent and comprehensive global baseline across IFRS S1: General Requirements for Disclosure of Sustainability-related Financial Information; and IFRS S2 Climate-related Disclosures.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:black;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Navigate today\u2019s complex regulatory landscape. Get insights delivered straight to your inbox.<\/h3>\n      \n          <\/div>\n\n          \n<div\n  id=\"cta_814392790029757892\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/global-regulation\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0080b7bcdac'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>The AASB Exposure Draft closely references IFRS S2, focusing on climate-related disclosures. The ED covers three standards: ASRS 1 General Requirements for Disclosure of Climate-related Financial Information, ASRS 2 Climate-related Financial Disclosures, and ASRS 101 References in Australian Sustainability Reporting Standards.<\/p>\n<p>\u201cS2 covers emissions reporting across the value chain and would require companies to report information on their data on Scope 1, 2, and 3 emissions \u2014 meaning emissions throughout their entire supply chain,\u201d says Dr. Keith Kendall, AASB Chair, at the recent Bloomberg <a href=\"https:\/\/go.bloomberg.com\/attend\/invite\/sustainable-finance-forum-sydney\/\">Sydney Sustainable Finance Forum<\/a>. \u201cUnder S2, preparers are required to report on the forward-looking opportunities and risks associated with climate change and their business.\u201d<\/p>\n<p>\u201cThis is an important first step for Australia to introduce standardized reporting requirements in Australia, providing investors with consistent and transparent information for their investment decisions,\u201d Kendall explains.<\/p>\n<p>This coincides with the Government\u2019s recent final policy to implement mandatory climate-related financial disclosures. Australian businesses, public and private, will need to be aware of these proposals and prepare to report.<\/p>\n<p>Kendall\u2019s key advice? \u201cDo not wait until the standards are finalized. Businesses will need time to prepare and collate the necessary information to be ready to comply with the requirements.\u201d<\/p>\n<p>So, how do firms start preparing for their mandatory climate disclosures? And what are the risks and challenges involved as they prepare?<\/p>\n<h2>Key risks and challenges for preparers<\/h2>\n<p>Switching the lens to get the market\u2019s view, representatives from the buy-side, sell-side, and policymakers shared their key concerns regarding climate-related disclosure at a panel discussion moderated by Bloomberg\u2019s Government and regulatory affairs team.<\/p>\n<p>\u201cFrom an asset manager perspective,\u201d says Charlotte O\u2019Meara, Senior ESG Specialist at Challenger, \u201cdata is probably the biggest challenge.\u201d While many Australian companies are used to reporting on their Scope 1 and 2 emissions, reporting on Scope 3 is a much taller order. \u201cThose looking at it now have reported big gaps in the data, particularly for some of the harder asset classes like private equity and private credit,\u201d O\u2019Meara adds.<\/p>\n<p>Companies will have to reach deep into their supply chain to find usable, comparable information. These standards will be subjected to audit and assurance, so there is a very high level of accountability involved and the data reported must reflect this. Even companies who don\u2019t meet the threshold to report on Scope 3 themselves will need to know a certain amount of information because they will most likely sit within the supply chain of an organization affected by the rules.<\/p>\n<p>Leanne Bloch-Jorgensen, Head of Sustainability, Client Coverage at National Australia Bank, offers this sharp advice: &#8220;Don\u2019t think this doesn\u2019t apply to you; you\u2019re still in someone\u2019s supply chain.\u201d<\/p>\n<p>There are also challenges around capability and capacity. Some of the larger businesses have invested a lot of money and time in hiring the right people to help them build their capabilities in sustainability reporting. Access to expertise will be key, says Bloch-Jorgensen: \u201cYou may have the data, but you need to know how to interpret it, how to translate it, and turn it into a meaningful, forward-looking statement.\u201d<\/p>\n<p>Companies will have to ensure that they set aside enough budget and time to train cross-department teams in sustainability reporting.<\/p>\n<h2>Getting preparation and disclosure right<\/h2>\n<p>Those companies already building toward reporting against S1 and S2 share some similar qualities, aware that information to meet the requirements will come from right across the business.<\/p>\n<p>They are instituting behavioral changes from the board level downwards and bringing together experts from data, strategy, risk, and governance teams to get the job done.<\/p>\n<p>Those that have been successful in preparing for the requirements are also already breaking up what seems like an overwhelming task into manageable chunks. S1 and particularly S2 will have challenging technical standards that will need to be met, particularly for Australian companies with an international footprint. Breaking it down into jurisdictions and really thinking strategically about how to organize the business and phases of work to meet this challenge is key.<\/p>\n<p>The third successful trait during the course of preparation is a cultural shift: learning along the way instead of waiting until everything, including data and systems, becomes available. Disclosures and reporting can seem complex and daunting, particularly for finance professionals who are used to having perfect systems, perfect information, and plenty of best practices available to them. In the case of sustainability reporting, preparers are on a journey along with their peers.<\/p>\n<p>Bloch-Jorgensen points out that preparation isn\u2019t all burdensome. \u201cPreparing for TCFD taught us that the process of preparing for mandatory climate disclosures can be a really insightful piece of work that actually helps mobilize an organization and embed transition strategy, not just to mitigate risk but to leverage opportunities for the business and see the viability of the company in a different environment.\u201d<\/p>\n<p>If the process is done right, preparers will be ready for audit and assurance when the time comes.<\/p>\n<p>The best approach is one that does not let perfection get in the way of progress. Regulators shouldn\u2019t let perfection get in the way of progress; they are aware that companies are in the early stages of reporting on these issues, and the hope is that all internal and external stakeholders in the process will work together with understanding to improve reporting over multiple years.<\/p>\n<p>Though risk is an essential consideration of sustainability reporting, opportunity is also. The latter should motivate preparation.<\/p>\n<p>Lastly, understanding that this is a group effort, not a solo marathon, is key. And it won\u2019t be the last effort regulators have to make. Rebecca McCallum, a Director at the Commonwealth Treasury, says that \u201cthis is not the only disclosure that\u2019s going to be required in this space \u2014 the standards were designed with the expectation that the framework for reporting will be expanded.\u201d<\/p>\n<p>Climate-related financial disclosure is an essential priority for the Government. \u201cThe Treasury Laws Amendment (Financial Infrastructure and Other Measures) Bill 2024 (Bill) will put in place mandatory obligations, starting with large businesses,\u201d Rebecca reminded. Since the time of the event and as of May 14, 2024, the Bill has been introduced to the Parliament and considered by a Senate Committee.<\/p>\n<p>Those companies that will succeed in reporting against sustainability standards, now and in the future, will work together with regulators and policymakers in the same direction. The recently announced Government\u2019s Sustainable Finance Roadmap makes clear the same intent \u2013 Government will work closely with regulators and industry to achieve clearly understood and coordinated outcomes.<\/p>\n<p>Companies should be keen to share best practices, particularly those who have reported using TCFD rules since they are far ahead in this process and have valuable advice to offer others. Preparers should be clear with regulators about any specific guidance they need and engage in consultations as much as possible.<\/p>\n<p>A shared approach to problem-solving is the only way to report useful information, avoid greenwashing, and mobilize capital toward sustainable outcomes.<\/p>\n<p><em>Bloomberg\u2019s Public Policy and Regulatory team brings you insight and analysis on policy developments to help navigate the complex and fast changing global regulatory landscape. To discuss regulatory solutions, <a href=\"https:\/\/www.bloomberg.com\/professional\/regulatory-insights\/#contactus\">please get in touch with our specialists<\/a> or <a href=\"https:\/\/www.bloomberg.com\/professional\/regulatory-insights\/\">read more insights<\/a> from our Regulatory team.<\/em><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0080b7bf48f]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0080b7bf48f'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px 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