Future Shakers Climate Risk and Reporting Masterclass

Future Shakers - Climate Risk and Reporting Masterclass

Preparing for Australia’s mandatory climate risk assessment and reporting standards

Friday 6th December 2024    Greenhouse, Sydney

In a rapidly warming world, decarbonisation efforts have not reduced emissions and global temperature rises to the extent we need. This has led to a shift towards risk as a primary consideration in climate impact. Growing climate change has profound risk implications for Australia’s finance systems and business sectors and we're now seeing a growing focus on assessing these very real climate related risks and how they impact operating capacity and business continuity.

Global standards for climate risk and sustainability reporting are becoming increasingly formalized, driven by the need for businesses and investors to manage the financial risks associated with climate change. The Task Force on Climate-related Financial Disclosures (TCFD) has set widely accepted guidelines that recommend organizations disclose climate-related risks and opportunities in areas such as governance, strategy, risk management, and metrics. TCFD's framework focuses on helping companies provide more consistent and transparent information to stakeholders on the impact of climate change on financial performance. In addition to TCFD, frameworks like the Sustainability Accounting Standards Board (SASB) and Global Reporting Initiative (GRI) offer guidance on integrating environmental, social, and governance (ESG) factors into business reporting, with specific metrics to track sustainability impacts and performance.

In 2021, the International Financial Reporting Standards (IFRS) Foundation established the International Sustainability Standards Board (ISSB) to develop a global baseline of sustainability-related disclosure standards, further consolidating these reporting frameworks. These standards aim to harmonize sustainability reporting with financial disclosures, addressing both climate-related risks and broader ESG factors. ISSB harmonised mandatory reporting standards are being rolled out across the world, led by the benchmark set by the European Union, where the Corporate Sustainability Reporting Directive (CSRD) sets out stringent climate disclosure requirements. The United States is also following suit, with the Securities and Exchange Commission (SEC) proposing new rules to mandate climate-related financial disclosures for large companies.

On 9 September 2024, Federal Parliament passed legislation establishing Australia's mandatory climate-related financial disclosure regime, harmonised against ISSB standards. On Friday 20th September the Australian Accounting Standards Board voted to approve two of the first mandatory climate reporting standards, AASB S1 and S2. These two initial standards will come into effect on the 1st of January 2025 for large entities meeting 2 out of the following 3 criteria: over 500 employees, over $1 billion gross assets, or over $500 million in annual revenue.

These Australian Sustainability Reporting Standards developed by the Australian Accounting Standards Board, and climate risk assessment provisions are part of a broader push worldwide to consider the climate risk implications for our financial system and business continuity. Investing now in assessing and reducing the mounting risk impacts of climate change has the potential to benefit both day-to-day business operations across all industries and society as a whole by galvanising more rapid and urgent climate action.

In the lead up to these changes beginning in 2025 we are bringing together an intensive Climate Risk and Reporting Masterclass on Friday December 6th 2024 at Greenhouse Sydney. This timely and affordable half day masterclass will explore climate risk and resilience assessment and sustainability reporting in depth through a combination of expert briefings, a hands-on intensive session and innovation showcase, providing climate risk assessment skills and strategies that can be readily applied to everyday operations.

The event will connect representatives of the Australian Accounting Standards Board, climate reporting experts, large organisations who are required to comply with emerging reporting obligations, members of their supply chains, and passionate sustainability focussed organisations who are keen to get ahead of the curve and embrace best practice before their compliance requirements kick in down the track.

Masterclass Agenda:

Participants will run through the new voluntary and mandatory Australian sustainability reporting standards in depth. Our intensive session carbon accounting, climate risk and resilience modelling, and financial impact quantification focussed session will help provide more clarity and structure around climate risk modelling requirements with some maps for the territory that translate readily to practice. The event will also showcase opportunities for promoting climate resilience and adaptation in business, transitioning to net zero and reducing climate impacts.

Early-bird registration available until November 15th - Reserve your place now and save $50 off the standard rate.

If you want to find out more about speaking, attendance, sponsorship, and partnership, or other Future Shakers event series opportunities contact me at alicia@strongerground.co.