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Investor Networks Criticize Australian Corporate Climate Transition Plans, Urge Clear Framework for Disclosure

ESGInvestor Networks Criticize Australian Corporate Climate Transition Plans, Urge Clear Framework for Disclosure

Three influential investor networks, including the Investor Group on Climate Change (IGCC), the Principles for Responsible Investment (PRI), and the Carbon Disclosure Project (CDP), have criticized Australian companies’ current climate transition plans, deeming them “incomplete” or “inadequate” for the needs of investors. These networks are urging the Australian federal government to establish a “clear framework” for the development and disclosure of corporate climate transition plans.

The investor networks acknowledge the Australian government’s progress toward making climate-related financial disclosures mandatory and aim to strengthen climate disclosures across the financial sector through mandatory reporting. The government is working to align the nation’s climate disclosure standards closely with the “IFRS S2 Climate-related Disclosures” established by the International Sustainability Standards Board (ISSB).

In their letter to the Treasurer, the three networks suggest adopting the ISSB Climate Standard’s baseline requirements for disclosure as an initial step. However, they argue that further measures should be taken in alignment with Australia’s climate commitments and the goals of the Paris Agreement.

The networks emphasize that various global frameworks for transition planning have been developed, citing efforts in the UK and the EU, and stress the importance of harmonization to enable investors with global portfolios to assess progress consistently.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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