Australian Senate Passes Mandatory Climate Reporting Bill

Australia’s senate voted to introduce mandatory climate change financial reporting with large companies’ first reports due on Jan. 1, 2025.

Senators voted 34-25 on Thursday to support the landmark bill, which creates a national framework for companies to report climate-related financial risks based on international standards.

“These critical reforms provide investors and companies the clarity and certainty they need to support the net zero transformation,” Treasurer Jim Chalmers said in a statement.

Companies will have to report different types of emissions, referred to as scopes, and their plans to reduce them in annual financial reports with start dates ...