Climate-related financial disclosure exposure draft legislation
On 9 February 2024, AFIA responded to Treasury’s exposure draft legislation and explanatory materials for climate-related financial disclosure obligations. AFIA continued to support the introduction of climate-related reporting in so far that the requirements are implemented in a scalable, proportionate manner, which provides entities with enough time to prepare and upskill. AFIA welcomed the acknowledgement in the consultation of the issue of scalability for smaller and less resourced entities by the introduction of a materiality exemption for Group 3 reporting entities. AFIA provided a number of comments and recommendations, including clarification on the timing and coordination with the finalisation of this legislation alongside the Australian sustainability reporting standards, which remain under consultation.