The Property Council of Australia welcomes the opportunity to provide comments on the second Climate-related Financial Disclosure Consultation Paper.
The Property Council supports a global approach to the development and local implementation of sustainability disclosure standards. We note that Treasury has adopted six principles in guiding the climate-related financial disclosure reforms and the final design of the new requirements – namely support climate goals, improve information flows, well-understood, internationally aligned, scalable and flexible and proportional to risk. Our responses align broadly with these principles.
We support Australia’s alignment with the recently released inaugural IFRS S1 and S2 standards. Our overarching goal should be Australia’s alignment with globally consistent, comparable, reliable, and assurable corporate reporting systems to provide all stakeholders with a clear and accurate picture of an organisation’s ability to create sustainable value over time. It will provide businesses with the necessary framework to accurately and consistently report how they are responding to climate change and supporting the decarbonisation of our economy, as well as unlock the opportunities of the global momentum in sustainable finance.