Corporations Act 2001

CHAPTER 2M - FINANCIAL REPORTS, SUSTAINABILITY REPORTS AND AUDIT  

PART 2M.3 - FINANCIAL AND SUSTAINABILITY REPORTING  

Division 1 - Annual financial reports, sustainability reports and directors ' reports  

Note: This Division applies to retail CCIVs with modifications: see Subdivision C of Division 4 of Part 8B.4 .

SECTION 296D   CLIMATE STATEMENT DISCLOSURES  

296D(1)    
The climate statements for a financial year, and the notes to the climate statements, must together disclose all of the following:

(a)    any:

(i) material financial risks there are for the entity; or

(ii) material financial opportunities relating to climate there are for the entity;

that are required to be disclosed by sustainability standards made for the purposes of this paragraph;

(b)    any metrics and targets of the entity relating to climate that are required to be disclosed by sustainability standards made for the purposes of this paragraph, including metrics and targets relating to:

(i) scope 1 greenhouse gas emissions; or

(ii) scope 2 greenhouse gas emissions; or

(iii) scope 3 greenhouse gas emissions (including financed emissions);

(c)    any information that:

(i) is about governance of, strategy of, or risk-management by, the entity in relation to the risks, opportunities, metrics and targets mentioned in paragraphs (a) and (b); and

(ii) is required to be disclosed by sustainability standards made for the purposes of this paragraph.

296D(2)    
For the purposes of this section, the question of whether there are any of the following for an entity is to be worked out in accordance with sustainability standards made for the purposes of this subsection:

(a)    a material financial risk relating to climate;

(b)    a material financial opportunity relating to climate.

296D(2A)    
Subsection (2B) applies if sustainability standards made for the purposes of subsection (1) require the disclosure of:

(a)    a scenario analysis (within the meaning given by sustainability standards made for the purposes of this paragraph); or

(b)    information derived from a scenario analysis; or

(c)    information about a scenario analysis.

296D(2B)    
For the purposes of subsection (1) , a disclosure of a scenario analysis, information derived from a scenario analysis or information about a scenario analysis is taken not to satisfy that requirement unless the scenario analysis is carried out using at least both of the following scenarios:

(a)    the increase in the global average temperature well exceeds the increase mentioned in subparagraph 3(a)(i) of the Climate Change Act 2022 ;

(b)    the increase in the global average temperature is limited to the increase mentioned in subparagraph 3(a)(ii) of that Act.

296D(3)    
This section does not apply if subsection 296B(1) applies for the financial year.