Mandatory climate-related financial disclosures (CRFD) for Australian businesses – What you need to know

In July 2023, the Australian Treasury closed a final consultation on mandatory climate-related financial disclosures (CRFD) for Australian businesses.

The disclosures cover both public and private companies, and require a rapid implementation of climate reporting, in line with international frameworks (TCFD[1], ISSB[2]). The pace and stringency of the proposed requirements will require companies to rapidly advance their climate governance, risk assessment, metrics and reporting.

In addition we will be producing a series of blogs to take you through the key elements proposed in Treasury’s CRFD’s, and what companies need to be doing now in order to prepare. We will focus on four key disclosure areas that we think will be the most challenging for companies to address:

• Scope 3 – How to ensure a complete & robust value chain emissions inventory
• Climate Scenario Analysis – From qualitative to quantitative, where to start on climate scenario analysis
• Transition Planning – How to align your business with a 1.5C world, and what you need to report
• Assurance Readiness – How to ensure your disclosures are ready for assurance and verification

Following our series of blogs, stay tuned for a webinar that will bring all this together, case studies of best practice and Q&A opportunities.

Contact James, Luke or Josh for further information.

[1] Task Force on Climate-Related Financial Disclosures | TCFD) (fsb-tcfd.org)

[2] IFRS - International Sustainability Standards Board