Treasury has released for consultation a Sustainable Finance Roadmap. Background.
The roadmap sets out the Government’s prposals for sustainable finance reforms following the introduction of its legislation on mandatory disclosure of climate -related financial risks and opportunities.
The roadmap includes funding the completion of Australia’s preliminary sustainable finance taxonomy, developing a labelling regime for investment products marketed as sustainable, and supporting business transition planning for the net zero transformation.
The Australian Sustainable Finance Institute (ASFI) will deliver technical screening criteria for six priority sectors, against the objective of climate mitigation. These sectors align with the sector coverage in the Government’s sector decarbonisation plans and includes electricity and energy, industry, built environment, transport, resources, agriculture, and land. The initial taxonomy will also incorporate ‘do no significant harm’ and ‘minimum social safeguard’ criteria.
ASFI will finalise development of the initial Australian Sustainable Finance Taxonomy by the end
of 2024.
If you found this article helpful, then subscribe to our news emails to keep up to date and look at our video courses for in-depth training. Use the search box at the top right of this page or the categories list on the right hand side of this page to check for other articles on the same or related matters.
Author: David Jacobson
Principal, Bright Corporate Law
Email:
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
