The Centre for Policy Development’s submission to Treasury on the mandatory disclosure of climate-related risks and opportunities makes recommendations to support a swift, just and orderly transition to net zero. It was written by Toby Phillips and Dr Mara Hammerle.
The Centre for Policy Development submission to Treasury on mandatory disclosure of climate-related financial risk and opportunity recommends one clear set of rules that cover as much of the economy as possible
Australia’s major trading partners are moving towards a net zero economy – more than three quarters have committed to net zero emissions by 2050.
A mandatory disclosure system can standardise how Australia tracks climate risk and transition in a way that is clear and consistent to the public, investors and trading partners.
Consistency attracts low-carbon investment by enabling comparisons with international markets.
There is no current requirement to disclose climate-related risks and opportunities in a standard way.
This makes it harder for leaders to know what to disclose, and for investors and policymakers to compare one organisation with another.
A mandatory regime sets clear requirements for who needs to make disclosures, and how they should be made.
A single rule across the economy provides clarity, fairness and comparability.
Government is a quarter of GDP and invests on behalf of citizens. A swift, just and orderly transition benefits from a complete national and sectoral picture of climate risk and opportunity.
Private companies inhabit the supply chains of listed companies. Listed companies required to disclose should not be forced into guesswork about their supply chain emissions. Investors should not be able to privatise (de-list) companies to avoid disclosure.
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