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To upskill company bean counters to meet Australia’s new climate change disclosure requirements, Melbourne-based university RMIT Online has partnered with Deloitte to offer training in this area.
RMIT Online CEO Nic Cola said, “Compliance relies on upskilling,” and the partnership will see a short course, known as a “micro-credential” offered to those at the financial reporting coalface.
“Encompassing governance, strategy, risk management, and metrics and targets, organisations will need to update more than their financial reporting,” Mr. Cola said, in comments obtained by AAP.
Deloitte stressed the new compliance reporting was not just a box-checking exercise, but would make businesses more resilient in the face of the effects of climate change.
Government Sets New Requirement
Australian businesses must now display their compliance with climate risks and sustainability in their financial reporting under new mandatory standards.
The Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act introduced the requirements for large financial institutions and publically-listed entities.
The new Australian Sustainability Reporting Standards (ASRS) officially come into effect this year, after submissions closed on March 1st.
Compulsory from July, they implement the disclosure standards based on the International Sustainability Standards Board (ISSB)’s climate standard, IFRS S2, which, according to KPMG, is part of a “global baseline of investor-focused sustainability reporting,” that creates uniformity in financial sector reporting.
The standards tie in with the Albanese Labor government’s Sustainable Finance Strategy which aims to “modernise” financial markets and maximise economic opportunities associated with energy, climate, and sustainability goals in line with its 2050 net zero target.
In November 2023, Australian Treasurer Jim Chalmers said a consultation paper on the strategy was being developed to “help Australian companies, investors and the Australian community make the most of the energy and net zero transformation, and help Australia realise its ambition to become a renewable energy superpower.”
“We want to ensure that markets have access to high quality, credible and comparable information when it comes to climate and sustainability so that investors and companies have the confidence, clarity and certainty they need, and they are better able to manage climate‑related risks,” Mr. Chalmers said.
While initially voluntary, sustainability reporting has gained traction among Australian businesses as stakeholders demand greater transparency and accountability.
Some companies have already started reporting their performance on climate change.