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Australian Climate Reporting Standards: Unlocking Value from Compliance

Published Date

Following a global demand from the capital markets for internationally comparable climate-related disclosures, the Australian Government has taken a significant step forward by introducing the Climate Related Financial Disclosure (CRFD).

This policy, based on internationally aligned disclosure recommendations of the TCFD and ISSB, will ensure that Australia has a rigorous and credible climate reporting regime to sustain its reputation as a destination for the international capital that will inevitably be needed in the transition to net zero.

How businesses should prepare

Preparations should start now. The Government intends to provide companies with a 4-year phase-in plan, with most disclosures required from the first year. While this may seem a short time to implement such measures, Australian companies will benefit from the experience of hundreds of companies in other jurisdictions where similar requirements apply.

To help them prepare for this new regime, Schneider Electric has developed a 6-step process based on best practice:

  • MOBILISE: raise awareness and align vision on requirements
  • ASSESS: identify gaps between what you have and what is required
  • PLAN: set an action plan on each gap
  • BUILD: build capabilities to achieve action plan
  • REPORT: structure information in a consolidated report
  • REVIEW: prepare for audit and review    

Fill out the form below to download our recent report to learn more.

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