Davina Mitchell on LinkedIn: The Australian Parliament has recently passed legislation regarding… (2025)

Australian Parliament Passes Law to Begin Mandatory Climate Reporting in 2025 🌏Are you ready? If not, don’t worry, we are. Clients of Optima Technology are primed to provide accurate and independently validated data for climate reports, that the Board of Directors can confidently sign and approve.Read on to find out more about your new obligations.As we all expected, Australia’s House of Representatives has just passed the Treasury Laws Amendment Bill, paving the way for mandatory climate-related reporting for large and medium-sized companies starting in 2025.This monumental change aims to identify and mitigate climate-related risks due to greenhouse gas emissions across the value chain.Starting in January 2025, public and large proprietary companies that have over 500 employees, revenue over $500M, or assets over $1B will be required to disclose their climate impact. Medium-sized companies will follow suit in July 2026, while smaller companies will join from July 2027.The legislation also includes a phased approach to Scope 3 emissions reporting, granting companies an extra year to disclose their indirect value chain emissions and offering three years of limited litigation protection concerning these disclosures.In order to comply with the new climate reporting law, measuring and verifying accurate emissions data will be of critical importance for Australian businesses. That’s why, at Optima Technology we specialise in helping our clients gather accurate and audit-ready emission data covering both direct and indirect emissions, very cost effectively. High quality validation is even more important now. Optima validates 100% of your energy data (others often just spot check 10%). Optima also validates across multiple data points and dimensions (others tend to use a single dimension).This is why we can confidently claim that Optima data is high quality and audit ready.Why should you care about that? Use the wrong data and you may be subject to claims that you have underreported your emissions with the associated reputational and legal consequences.If errors result in overreporting, you may end up paying too much for carbon offsets that are not necessary. If you have any questions about the new climate legislation, or how it affects your business, feel free to DM me, and I’d be happy to provide you with a free audit of your emission reporting.#ClimateAction #Sustainability #NetZero #ESG

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The Australian Senate has passed new mandatory climate disclosure law, making it mandatory for public and private companies to report on climate disclosures. These reporting requirements for Group 1 of the companies will begin from 1st January 2025. Ensuring compliance to these disclosures take time, so the time to act is now. We have written a 3-min article on why this is important, what's changed, and what's next. Have a read and comment/flick me a message if you have any questions! Automic Group Steve Morgan Owen Morrison Louisa Scott#AutomicESG #climatereporting #ASRS #corporatetransparency https://lnkd.in/dvhh2UzV

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Mandatory #climatedisclosure for U.S. companies is here. In several key jurisdictions, companies will be required to disclose climate-related information within the next few years.This post published on the blog of the Harvard Law School Forum explores three legal regimes relevant to U.S. companies: 🔺 California’s S.B. 253 and 261🔺 U.S. Securities and Exchange Commission’s (SEC) proposed climate-related disclosure rule🔺 the European Union’s Corporate Sustainability Reporting Directive (#CSRD)Companies need to 1. determine what disclosure rules will apply to them 2. put into place the necessary infrastructure to be in a position to develop, collect and report the information called for by applicable requirements. About the current status of the #SECclimaterule:"While it is impossible to predict what the final rule will look like, expectations are that it may differ significantly from the proposed rule, specifically with respect to disclosure requirements relating to #scope3emissions and the thresholds for climate-related financial metrics."#sustainabilityreporting #sustainabilitystandards https://lnkd.in/d93nr2jB

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California recently enacted two new corporate climate disclosure laws, SB 261 (mandating climate-related risk reports in line with FSB Task Force on Climate-related Financial Disclosures (TCFD)) and SB 253 (mandating emissions disclosures). Together, the bills contribute to a broader global trend of stricter and more extensive climate disclosure requirements for companies. As part of a recent paper unpacking the new regulation, ISS-Corporate analyzed which industries are currently the best prepared to meet the new standards, looking at current emissions disclosures and third party verification of emissions by sector. We found that among S&P 500 companies, more than 80 percent of all issuers disclose Scope 1 and Scope 2 emissions, while about 65 to 85 percent also disclose Scope 3 as well as third-party verification of emissions. However, among S&P 1500 companies (excluding the S&P 500), disclosure drops significantly—particularly when it comes to Scope 3 disclosure and verification of emissions. Read ISS-Corporate’s full report by Sara Derian and Daniel S. Feinberg for more on the new regulation: https://lnkd.in/erPB8f3j Learn more about our sustainability solutions here: https://lnkd.in/etyQNcj7 #Sustainability #GHGEmissions #Climate

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Scope 3 emissions are at the center of the ESG world and regulations today (anticipated SEC climate disclosures, CSRD, California climate disclosure law), but what exactly are they?Learn more: https://ow.ly/SPOY50QEwpb #scope3 #energytransition #decarbonization #netzero #telestostrategy

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Australia passed a law to begin mandatory climate reporting in 2025. This article struck me as interesting in two ways. 1. This will also apply to mid-sized companies. 2. It highlights protections for Scope 3 for a few years, but the subtext seems to be an expectation to get ready for more scrutiny on #Scope3I would suspect this would be hard to pass in the US but the #EU may potentially include Mid-Sized organizations in their CSRD requirement. https://lnkd.in/e38unAcS

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California recently passed three extensive climate disclosure laws: “Climate Corporate Data Accountability Act,” “Greenhouse gases: climate-related financial risk,” and“Voluntary Carbon Market Disclosures Act" ( SB 253, SB 261, and AB 1305). These laws mark the first comprehensive climate-related disclosure requirements in the U.S. Applicability of each of these laws is potentially very broad and AB 1305 has the most pressing compliance date of Jan. 1, 2024.These laws require similar but more limited disclosures than the Securities and Exchange Commission’s (SEC) proposedClimate Disclosure Rule. Given the rise in climate-related regulations and in particular, the impending compliance date for AB 1305, companies should be immediately considering a comprehensive strategy for climate-related risk disclosures. My colleague, Michael Kirwan, and I, drafted the attached summary on California's climate disclosure laws. Please reach out to us for any questions about any of the issues discussed or for more information about 's Environmental, Social & Governance (ESG) practice. #esg #environmentalsocialandgovernance #esglawyers #climatedisclosure #climatedisclosures #foley

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🚨The #SEC's final #climatedisclosure rule has sparked debates on its impact & implementation. Check out our #ClimateLaw blog series for a deep dive into this pivotal rule: Part 1 breaks down the rule's overview & introduces the materiality threshold for GHG emissions disclosure. Curious about how the rule has evolved since its proposal and what it can do for environmental #transparency? Find out: https://buff.ly/49YnSMj Part 2 navigates the future of climate disclosure within the SEC's rulemaking landscape. Should the rule have been re-proposed? How might the SEC update and strengthen the rule going forward? Check out our analysis of the SEC’s rulemaking process: https://buff.ly/43o8kz1 Part 3 examines the interplay between the #SEC's rule and existing frameworks like California's laws & the EPA’s reporting regime. How will the new SEC climate disclosure rule coexist with federal & state efforts? Find out here:

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The SEC's climate disclosure rules are here, and many public U.S. companies will now need to disclose details regarding climate-related risks, strategies and governance and, for some companies, information about Scope 1 and Scope 2 emissions.Hear from Nithya Das, Chief Legal and Chief Administration Officer at Diligent, about the new rules in Corporate Compliance Insights.

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