Release of Climate-related financial disclosure: exposure draft legislation

On 12 January 2024, the Australian Treasury issued the Climate-related financial draft disclosure: exposure legislation. Access the EY Sustainability Disclosure Hub summary, designed to support you to understand the policy changes and the implications.

Treasury’s Climate-related financial disclosure: exposure draft legislation follows the agreed outcomes from the Climate-related financial disclosure: Second consultation paper that was released on 27 June 2023 and was followed by extensive consultation.

The exposure draft sets out measures to be implemented to mandate the disclosure of climate-related financial information via Australia’s corporate disclosure regime, including reporting entities, assurance requirements, reporting framework, liability enforcement, and transition and review provisions.

The release of the exposure draft marks an important milestone in the introduction of mandatory climate-related financial disclosures in Australia.

With reporting obligations beginning as early as 1 July 2024, starting the reporting journey early is critical to future success and to ensure that all disclosure requirements have been addressed and are ready to be assured as required.