Australia considers laws requiring large corporations to reveal their climate change initiatives
Jim Chalmers, the treasurer
Plans put out by the Albanese administration in Australia would require banks and other large corporations to tell the public what they are doing to reduce emissions.
The government is also searching for measures to combat "greenwashing," which occurs when companies exaggerate their environmental policies in an effort to win over customers.
In a speech Monday in Sydney, the treasurer, Jim Chalmers, will state that Australian businesses "need to make credible disclosures to stay competitive in global capital markets."
“There’s now broad acceptance that proper disclosure of these financial risks and impacts isn’t a nice-to-have extra,” he will say, according to speech notes distributed by his office in advance.
“This information is need-to-know – essential to mobilising the weight of our financial system behind the net zero transition.”
On Monday, Treasury will publish a consultation document on the creation of an Australian mechanism for disclosing climate risk, as reported by the Guardian.
)
Nigeria: Protesters take to the streets, police fire shots
)
US-Iran war: Tehran draws red lines — seven demands before any peace talks
&im=FitAndFill=(700,400))
‘Not the US or China’: These are the countries leading the world in arable land
)
Mark Carney mimics Trump in hilarious moment over C$70 billion clean-energy investment; room erupts in laughter
)
Pentagon revives mandatory testosterone testing for male troops aged 30 and above
)
FACT CHECK: Why did PM Modi ask Xi ‘is it okay’ at BRICS Summit? New video reveals...
)
Trump defends AI amid growing alarm, announces new 'AI force' and promises an 'AI czar'
)
Trump announces ‘AI Force’ as debate grows over AI risks and regulation
)
Iran sets 7 conditions to end war with US: What are Tehran’s demands?
)
China may have gained access to US's classified F-35 jets; parts meant for repairs diverted to Hong Kong, sparking Pentagon inquiry
)
Gaza under attack: Health chief's son killed in IDF strikes
)
Arvind Kejriwal, family members, Delhi CM Rekha Gupta get SIR notices
)
Cochin shipyard starts building Indian Navy's next-gen missile vessels
)
Russia extends ban on Western food imports for two more years in extended sanctions countermeasure
)
Ed Sheeran addresses Macklemore's removal, Gaza conflict during Philadelphia concert: 'I cannot hide how I feel'
)
Brigitte Bardot’s private collection set for Paris auction; key items and prices revealed
)
How did an Australian river with 500 crocodiles pass the Olympic test? Here's how
)
‘Will go to any extent’: Pakistan vows to defend Saudi Arabia amid Houthi attacks
&im=FitAndFill=(700,400))
Ananya Panday to Sharvari: 5 actresses serving major princess vibes
66 years of the Indus Waters Treaty: How India and Pakistan settled a bitter river dispute
)
The Verdict | When precision fails: US commits war crime in Minab school strike, UN finds
)
9 women found dead near Johannesburg: South Africans rally, demand 'enough' to femicide
)
Pak: A series of counter terrorism operations in Khyber Pakhtunkhwa
)
Trump wants to rename ‘Artificial Intelligence’, gives 3 options: Which one would you pick?
)
Flying cars in UAE: Ras Al Khaimah signs deal with Chinese company to test new transport
)
Reacher star Alan Ritchson opens up about alleged blackmail, suicide attempt during difficult period
)
Africa is splitting, and a lot sooner than estimated, giving way to a new ocean
)
Trump bans CNN, MS NOW and Politico from White House over ‘FAKE NEWS’
)
Trump 2.0: Dark days ahead for America’s ‘imperial presidency’
&im=FitAndFill=(700,400))
How many F-35s does Britain, Japan and Israel have?
)
Harry Brook targets long reign at top of T20I rankings after Sri Lanka sweep
)
Tirupati Laddu ghee adulterated with chemicals, says ED, supplier arrested
)
Russia holds first parliamentary elections since the beginning of the Ukraine war
&im=FitAndFill=(700,400))
Meet top 5 Indian batters with fastest T20I centuries
)
Raphinha hat-trick powers Barcelona to 3-1 win over Sevilla in La Liga
)
The government contends that in order for businesses and investors to manage climate risks and invest in new possibilities, they need clarity and confidence. It requests "more information and more openness on how they are reacting to climate change and assisting the transition to net zero" from big business and financial institutions.
The government says the reporting requirements are expected to be mandatory for large entities and phased in over time. It also plans to apply “appropriately tailored requirements to comparable commonwealth public sector corporate entities and investment funds”.
The government has also urged that Treasury create a thorough plan to expand Australia's green finance markets and take advantage of emerging global possibilities in sustainable finance.
WATCH WION LIVE HERE: