Non-bank lenders and mandatory sustainability reporting
On 22 August 2024, the Australian Senate passed the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 (Bill) with some minor amendments.
27 August 2024
New Environmentally Sustainable requirements for Commonwealth procurement of construction services
The Environmentally Sustainable Procurement Policy (the ESP) came into effect on 1 July 2024. This brings the Commonwealth government’s approach to procurement closer to Australia’s commitment to net zero by 2050.
12 July 2024
7 Takeaways for Businesses from the ACCC’s Draft Guide on Sustainability Collaboration
In this update we identify 7 key takeaways for businesses wanting to collaborate to achieve sustainability outcomes, including a new streamlined authorisation process for particular types of collaboration.
09 July 2024
Climate-related financial disclosure
On 27 March 2024, the Treasurer introduced and read the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 (Bill) to the House of Representatives.
03 April 2024
Mandatory climate reporting: KWM’s submissions to Treasury
On 12 January 2024, Treasury released a consultation draft of legislation to require mandatory climate reporting by Australian companies. For a description of the proposed reporting regime, see our Client Alert.
27 March 2024
Draft Sustainability Reporting Legislation released for consultation
On 12 January 2024, Treasury released draft legislation, Treasury Laws Amendment Bill 2023: Climate-related financial disclosure, and an accompanying explanatory memorandum and policy document for the implementation of mandatory sustainability reporting in Australia.
19 January 2024
TNFD publishes final framework as TCFD disbands
On 12 October 2023, the Task Force on Climate-related Financial Disclosures (TCFD) published its sixth and final status report.
03 November 2023
AgriThinking | Navigating the waters: unpacking Australia’s Bill for a sustainable Murray-Darling Basin
On 6 September 2023, Australia’s Minister for Environment and Water, the Hon. Tanya Plibersek MP, introduced the Water Amendment (Restoring Our Rivers) Bill 2023 (Cth) (Bill) to Parliament.
21 September 2023
Mandatory climate reporting in Australia – Treasury proposes a broad reach with a limited safe harbour
Treasury has released its second consultation paper on climate-related financial disclosures. This paper builds on Treasury’s initial consultation paper released late last year. The initial consultation paper received 194 submissions, most of which are publicly available here.
05 July 2023
Pathway to sustainable development: legal risks of climate change for the finance sector
This is a result of the important role finance flows play in the global shift toward a low-carbon, climate-resilient economy[1]. The stakeholders range from pension funds to banks and import-export institutions, which not only face the continuing indirect risks arising from climate action brought against clients and investees, but are also increasingly the direct targets of climate action for their roles in financing projects associated with significant carbon emissions.
01 June 2023
Australia’s Modern Slavery Act Review – Reforms on the Horizon
The eagerly anticipated report on the statutory review of Australia’s Modern Slavery Act 2018 (Cth) (Act) has been released (Report).
31 May 2023
Super trustees in the post-ESG world
After signalling its intent by issuing infringement notices to four financial services providers (including one superannuation trustee) and foreshadowing its intensified focus on sustainable finance practices in its Corporate Plan and enforcement priorities for 2023, ASIC has fired a first shot across the bow for superannuation trustees. That shot took the form of commencement of legal proceedings on 27 February 2023 within which ASIC alleged that misleading statements were made about the sustainable nature and characteristics of certain superannuation investment options. This will be a sobering warning to all superannuation trustees to take great care regarding their conduct and disclosure on ESG related matters. This article explores three aspects of those considerations.
13 March 2023
Climate change litigation targets board of directors in world-first derivative action
Directors beware! A world-first derivative shareholder action has been commenced by ClientEarth in the High Court of England and Wales against 11 Shell directors for breach of their directors’ duties.
20 February 2023
EPA Victoria consults on new separation distance guideline and landfill buffer guideline
The Environment Protection Authority Victoria (EPA) has released a new Separation Distance Guideline and a Landfill Buffer Guideline (Guidelines).
10 February 2023
Reforming Australia’s Federal Environmental Laws
The Final Report of the Independent Review of Australian Carbon Credit Units (ACCUs) was released on 9 January 2023 (the Report). We considered the independent review in our October update on the proposed biodiversity certificates scheme.
08 February 2023
Federal environmental law reform: What you need to know in 2023
The year 2023 is shaping up as a significant year for legislative reform in Australia, with comprehensive changes to fundamental environment and climate change laws expected.
30 January 2023
ASIC’s greenwashing penalties and treasury consultations turn up the heat on sustainability reporting
As pressure grows to achieve net zero by 2050, organisations need to know how regulators are investigating and enforcing ‘greenwashing’.
14 December 2022
Parliament releases first annual climate change statement
As part of the economy-wide approach to achieving commitments under the Paris Agreement, the Federal Government has announced further changes intended to support industry emissions reductions, while maintaining competitiveness as the global economy decarbonises.
02 December 2022
Land Court Refuses Queensland Coal Mine On Environment And Human Rights Grounds
In a decision that will have significant ramifications for the coal industry, the Queensland Land Court has found that scope 3 emissions are a relevant consideration and that human rights may be infringed by mining activities.
28 November 2022
Greenwashing – Understanding (and handling) the heat
Greenwashing mentions in global financial press have more than doubled since January. Regulators are intensifying efforts as businesses transition to a net zero economy, fuelling a surge in interest.
09 November 2022
NSW EPA releases its Draft Climate Change Policy and Action Plan for public consultation
On 8 September 2022, the NSW Environment Protection Authority (NSW EPA) released its draft Climate Change Policy (Draft Policy) and Action Plan (Draft Action Plan) for public consultation.
20 October 2022
Australia’s GHG reduction targets and Paris agreement commitments to be taken into account in (some) commonwealth decision making
In June 2022 Australian government lodged an updated Nationally Determined Contribution (NDC) with the United Nations Framework Convention on Climate Change (UNFCCC) secretariat in relation to Australia’s obligations pursuant to Article 4 of the Paris Agreement, committing Australia to net zero GHG emission by 2050 and 43% below 2005 levels by 2030.
19 September 2022
Chapter 1: Targets and working together
By leveraging strong economic and trade complementarities, Australian and Chinese businesses are well positioned to unlock new opportunities and deliver a greener future.
14 September 2022
Chapter 8: Beyond collaboration: the heart of the challenge
The issue of a global climate challenge and agreed emission targets by definition crosses borders. Confronting it requires international cooperation.
14 September 2022
The review of Australia’s modern slavery law – what to expect
The Modern Slavery Act 2018 (Cth) (MSA) has been in force since 1 January 2019. Under the MSA, companies that carry on business in Australia and have a minimum annual consolidated revenue of A$100 million are required to report annually on how they are addressing modern slavery risk in their domestic and global operations and supply chains.
26 August 2022
Federal Budget 2022-23: Climate & ESG Deep Dive
In our full Federal Budget Report, we reflected on the fact that Australia remains a ‘lucky’ country in having a stable political environment, vast natural resources and low unemployment. The challenge for the Government will be capitalising on those advantages and being able to smooth short term issues while still ensuring long term prosperity.
31 March 2022
The next wave of sustainability disclosures
On 15 March 2022, the Taskforce on Nature-related Financial Disclosures (TNFD) released a prototype for its nature-related risk-management and disclosure framework.
31 March 2022
Consideration of First Nations people’s human rights given by the Land Court in the Youth Verdict Case
As outlined in our previous alerts in May 2020, July 2020 and September 2020, a legal challenge has been commenced against Waratah Coal’s application for a mining lease and environmental authority for its Galilee Basin mining project.
23 March 2022
The Federal Court beats back landmark tortious duty of care climate change case
In its decision today, the Full Federal Court overturned last year’s ground-breaking decision in Sharma v Minister for the Environment [2021] FCA 560 (Sharma).
16 March 2022
NSW passes legislation that expands director/manager liability for environmental offences
The Bill expands director and manager liability for environmental offences in NSW and provides the EPA with wider powers.
07 March 2022
Is your Green Claim True Blue? Environmental sustainability named as one of the ACCC’s key priorities for FY22/23
Outgoing Chair Rod Sims today announced the ACCC’s Compliance and Enforcement priorities for FY 2022-23 and, just like last year, it’s not all about digital platforms.
03 March 2022
New Local Environmental Plan Making Guidelines in Force
Written by Michelle Astridge, Michael Causer & Kate Dean.
31 January 2022
Santos victorious in scope 3 gas emissions case
Written by Michelle Astridge, Kate Dean and Lucy McKindlay.
21 October 2021
Greenwashing hits court room
This article was written by Edwina Kwan, Erin Eckhoff and Sati Nagra.
27 August 2021
IPCC report fans litigation risk flames
Written by Edwina Kwan, Darren Roiser, Gu Jieyu, Holly Blackwell, Erin Eckhoff and Sati Nagra
11 August 2021
A big week for the fossil fuel sector: climate activism hits global courts and boardrooms
Written by Daisy Mallett and Sati Nagra with contributions from Will Heath, Erin Eckhoff, Tom Crompton and Emma Newnham
01 June 2021
First Japan Investment Treaty Claim Renewable Energy Disputes In Asia
Written by Edwina Kwan, Amanda Lees, Patric McGonigal and Nick Horton
05 May 2021
How New Zealand's climate impact disclosure Bill could impact Australian businesses
This article was written by Erin Eckhoff with contributions from Daisy Mallett, Will Heath, Emma Newnham and Sati Nagra.
20 April 2021
