Media Releases

12 December 2022

 ‘IMPROVED ACCOUNTABILITY WILL DRIVE A MORE EFFICIENT TRANSITION’

Zali Steggall MP today welcomed the Government’s announcement of its consultation on the development of an Australian climate risk disclosure framework.

Steggall said: “This is a vital step for Australia’s emissions reduction ambitions. Improved accountability will drive a more efficient transition to Net Zero and boost investor confidence in Australia.”

Steggall said using a framework guided by the Taskforce on Climate Related Financial Disclosures (TCFD) will bring greater transparency and alignment across industries which will help organisations and investors to make more climate-informed decisions.

‘This is good for business and good for the climate.”

“Global markets are already on the move, countries like the UK and New Zealand are already well on their way to implementing this kind of reporting. Australia needs to be in the race”.

Steggall said it is reassuring to see the Government placing climate and sustainable finance firmly on the agenda and looks forward to further collaboration during the consultation period.

She would like the Government to also consider how the Taskforce on Nature-related Financial Disclosures (TNFDs) could also be incorporated.

‘Regulating disclosure of both climate financial risk (TCFD) and the growing area of focus to disclose natural risk (TNFD) are essential elements to boost Australian business credentials and future proof our economy.”  

For more information on the public consultation process, visit: Climate-related financial disclosure | Treasury.gov.au