CA ANZ, ASX, UNGCNA launch initiative to boost climate, sustainability reporting

CA ANZ, the Australian Securities Exchange (ASX) and the UN Global Compact Network Australia (UNGCNA) have together launched a new initiative to “fast-track” Australian business leadership on climate and sustainability reporting.

The three bodies hosted a flagship event in Sydney on Wednesday, 30 July, attended by Simon Stiell, United Nations Framework Convention on Climate Change (UNFCCC) executive secretary, marking the launch of the Sustainability Reporting Community of Practice (SRCoP) initiative.

Stiell attended the event as Australia was set to co-host the 31st UN Climate Change Conference (COP31) in partnership with Pacific Island nations, which “underscored the economic opportunity for private sector engagement on delivering the highest possible ambition for Australia’s Nationally Determined Contributions (NDCs) under the Paris Agreement”.

Commenting on the event, Stiell said strengthening transparency and accountability was essential to unlocking the full economic potential of climate action in Australia and around the world.

“Australia has an incredible opportunity to lead the world in clean energy. But to do so the private sector and markets need clear and consistent signals including a new national climate plan – or NDC,” he said.

“The launch of the SRCoP is another critical step and can help unlock action, transform industries and increase returns on investment.”

In a joint statement released by CA ANZ, ASX and UNGCNA, it was noted that the first stream of the initiative, ‘Climate’, would focus on helping corporations meet their reporting obligations in line with the Australian Accounting Standards Board’s S2 climate-related disclosures.

It would aim to do this through live webinars, curated resources and peer-to-peer learning forums, with future streams set to expand to cover natural and social themes, as well as sessions on reporting fundamentals and cross-cutting ESG topics.

CA ANZ added this would be underpinned by their sustainability knowledge and would reflect a shared commitment to “equipping Australian professionals with the tools and insights to lead, in a rapidly evolving global reporting landscape”.

Ainslie van Onselen, chief executive of CA ANZ, said the organisation looked forward to facilitating this crucial initiative within Australia.

“The introduction of mandatory climate-related disclosures is one of the most significant changes to the corporate reporting system in a generation and CA ANZ plays a key role in ensuring the profession and other financial professionals are adequately educated and equipped for what’s ahead,” she said.

“This role extends to sharing our expertise and knowledge to support participants in the community of practice to navigate sustainability reporting requirements. Supporting the UNGCNA and the ASX to bring to life this important initiative was a natural decision – it underscores our commitment to leading the way in sustainability reporting and assurance education through empowering and upskilling professionals in a rapidly evolving landscape.”

Australia’s bid to co-host COP31 with its Pacific neighbours was a “powerful statement” of regional solidarity and climate ambition, according to Kate Dundas, executive director of UNGCNA.

“As we prepare to potentially welcome the world’s largest climate summit, the launch of the SRCoP is a timely and strategic move,” Dundas said.

“It empowers Australian professionals to lead with integrity, transparency and impact – ensuring our private sector is ready to support national and regional climate goals through world-class sustainability reporting.”