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The law which introduces mandatory climate reporting for large and medium-sized companies marks a major step towards the establishment of a new climate risk disclosure framework for the country.
In a statement following the vote in the Senate, Australia Treasurer Jim Chalmers said: “These critical reforms provide investors and companies the clarity and certainty they need to support the net zero transformation and further strengthen Australia’s reputation as an attractive destination for international capital.”
The Australian Accounting Standards Board and the Australian Auditing and Assurance Board is developing standards respectively for climate disclosures. Read more about the law and its effect on business here.
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