The Australian Institute of Company Directors (AICD) has welcomed the introduction of the Federal Government's Climate Reporting legislation.
The introduction of this legislation marks another significant milestone in Australia's transition to a decarbonised economy.
The AICD is pleased to see the Government adopt a staged and sensible approach to the new climate reporting regime.
AICD Managing Director and CEO Mark Rigotti said this remains an extremely complex and challenging regulatory reform and the scale of the task ahead cannot be overstated.
"This move to mandatory climate reporting is a generational shift that will need to be carefully managed, requiring extensive up-skilling across boards, organisations, the audit profession and the economy as a whole. We need to get this right and encourage a strategic rather than compliance based mindset."
The AICD strongly supports a climate disclosure framework that incentivises organisations to make high quality, comparable and useful climate disclosures. It is extremely important that the regime encourages meaningful disclosures for investors and other stakeholders to rely on.
"On balance the Government's Bill reflects these intended outcomes and we look forward to working with the Parliament to ensure its passage."
The AICD stands ready to assist directors prepare for the new climate reporting regime, with a focus on awareness, education and competency.
Key resources including A director's guide to mandatory climate reporting, have had more than 18,500 downloads since their release in October 2023.
The new AICD Climate Governance Short Course commences this week, building on the climate e-learning course that launched in November.
Download the media release here.
