Federal Treasurer, Josh Frydenberg’s recent calls for companies to disclose climate risks must result in action not more hot air, says transparency coalition, Publish What You Pay.

The Treasurer’s recent address to the Australian Industry Group and op-ed in Nine Media demonstrate a step in the right direction by the federal government. This positive development comes as US law makers are undertaking rule making process for mandatory climate risk disclosure set to report in the coming months. There are also moves underway in Canada, UK, Hong Kong and other jurisdictions.

Any system of mandatory disclosure must be aligned with TCFD+ and reflect other standards such as the GRI.

Clancy Moore, national director of transparency coalition, Publish What You Pay made the following statements:

“The government must set a timeline for Australia to have a system of mandatory climate risk disclosure no later than 2024. This includes the mining, gas and oil sectors as they are significant drivers of climate risk and impacts.”

“The US, UK and EU are all moving to regulate fossil fuel companies to publicly disclose to communities and investors their exposure to climate risks and impacts. Australia should join these efforts or risk stranded assets, job losses and economic uncertainty.”

“As a member of the G20 and resource rich nation, we expect Australia to lead constructive discussions on standard setting and alignment for reporting. This should also include setting consultative processes with civil society, investors and businesses.”