The Financial Services Council (FSC) congratulates the Government on the passage of its climate disclosure regime legislation in Parliament today.
CEO of the FSC Blake Briggs said: "Climate disclosure requirements for Australian companies are an important milestone for Australia as we move towards a low-carbon economy.
"Accurate climate disclosures provide Australian investors data that will help in pricing the risk and opportunities of climate change to investment portfolios, allowing the Australian investment community to play its role in the carbon transition.
"Fund managers and superannuation funds are stewards for the savings of millions of Australians, and it is appropriate to set clear and transparent standards for the disclosure of the climate risks and opportunities associated with Australians' investments.
"Having consistent reporting of climate risk across Australian companies helps ensure that investment decisions can be made in the best long term financial interest of Australians," Mr Briggs said.
The Government consulted extensively with the business community on these landmark reforms to ensure they are workable for funds management and superannuation businesses, who are both primary users of the information and disclosing entities.
Industry looks forward to working with the Government, ASIC and the Australian Accounting Standards Board to develop the final regulations as well as accounting and assurance standards.
