Ai Group welcomed the chance to make a submission on the 'Climate-related financial disclosure' Consultation paper.

Our members are affected by climate change and climate policy in many different ways, but all have a stake in a successful transition that avoids as much climate change as possible and positions Australia to prosper in a net zero emissions world. Some of them already make climate-related financial disclosures, others do not and may be directly caught up in the Government’s proposals, while others will not be covered but may be impacted through information requirements imposed by other participants in their supply chains.

Our submission addresses some of the issues raised by the Paper. Broadly we support the proposed approach. However we urge the Government to push back the commencement of each Group’s coverage by 12 months to provide more adequate time to prepare for implementation and compliance; and to ensure strong guidance on the materiality of Scope 3 emissions, which otherwise could consume considerable business reporting resources for little investor gain.