Submission: Publish What You Pay and TI Australia on climate-related financial disclosures
Publish What You Pay (PWYP) and Transparency International Australia have made a submission to the Government's consultation on climate-related financial disclosure.
Everyone benefits from transparency including markets who can then make better decisions. We therefore strongly support the Government's intention to implement a climate-related financial disclosure scheme for Australia.
Our submission is partly focussed on the need for comparable, consistent, reliable and standardised disclosures of climate-related financial risks by the fossil fuel sector. The design and implementation of standardised, internationally-aligned requirements for disclosure of climate-related financial risks in Australia must adequately cover the fossil fuel sector due to the fundamental relationship between fossil fuel extraction and climate change mitigation.
PWYP and TI Australia recommend that legislation is further strengthened by requiring project-by-project reporting for extractive industry companies, and through ensuring that where reporting exemptions exist, disclosure is made as to the rationale for the exemption.