Australian Lawmakers Pass Mandatory Climate Risk Reporting Bill

Australian lawmakers passed a bill Monday that will compel companies to report their greenhouse gas emissions in annual reports from 2025.

The Australian House voted 90-53 to amend Australian Securities and Investments Commission and Corporations laws to phase-in mandatory climate-related financial reporting for all businesses.

“This is one of the most significant changes to the corporate reporting system in a generation,” Chartered Accountants Australia and New Zealand Sustainability and Business Reform Leader Karen McWilliams said.

Businesses will need to report three types of emissions: ones they directly produce, known as scope 1 emissions; ones indirectly produced by ...