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Climate-Related Financial Disclosure: Second Consultation

The Law Council of Australia provided a submission to Treasury’s Climate-Related Financial Disclosure: Second Consultation (the consultation), in response to the consultation paper dated June 20231.

Consistent with its Climate Change Policy adopted in 2021, the Law Council of Australia supports the development of a mandatory climate-related financial disclosure (CRFD) regime for Australia, drafted to reflect the IFRS S2 Climate-related Disclosures (IFRS S2) as issued by the International Sustainability Standards Board (ISSB).2

Inserting and incorporating CRFD into Australia’s existing corporate disclosure laws though will be challenging. The challenges are caused by the complexity of the existing legal framework for corporate disclosure (including annual reporting, continuance disclosure, fundraising disclosure, and voluntary corporate disclosure) that already applies to the diverse corporations, superannuation funds and investment funds to which the proposed CRFD regime will apply.


1 Australian Government, Treasury, Climate-Related Financial Disclosure – Consultation Paper (June 2023) <https://treasury.gov.au/sites/default/files/2023-06/c2023-402245.pdf>.
2 International Sustainability Standards Board, IFRS S2 Climate-related Disclosures (IFRS Foundation, 26 June 2023) <https://www.ifrs.org/projects/completed-projects/2023/climate-related-disclosures/#published-documents>.

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