Australia Senate Passes New Mandatory Climate Disclosure Law.

The Australian Senate has passed a new law mandating climate-related disclosures for large and medium-sized companies. This legislation, aligned with the International Sustainability Standards Board (ISSB) guidelines, requires companies to report on climate risks, opportunities, and greenhouse gas emissions across their value chains. The law is part of the Albanese government’s Sustainable Finance Roadmap, aiming to mobilise private capital for a net-zero economy. Reporting will start in 2025 for large companies and will be phased in for medium-sized companies over the following two years. The Australian Accounting Standards Board (AASB) and the Australian Auditing and Assurance Board (AUASB) are developing the necessary standards for these disclosures.