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Australia’s mandatory climate reporting starts January 1, 2025, following the passage of the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill. Royal Assent is expected soon, meaning entities will need to prepare for this new requirement. Under the new law, companies must conduct scenario analyses, evaluating both a low (1.5-degree) and high (2.5+ degrees) global warming scenario. This ensures businesses account for both climate-related physical risks and transition risks. A key late amendment, driven by the Greens, mandates the reporting of both a 1.5-degree scenario and a catastrophic warming scenario. This ensures businesses fully consider the wide-ranging impacts of climate change. The new rules aim to increase transparency and push Australian businesses to confront the realities of climate risk.
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