{"id":2706,"date":"2019-05-10T00:23:51","date_gmt":"2019-05-10T00:23:51","guid":{"rendered":"http:\/\/www.16news.com.au\/?p=2706"},"modified":"2019-05-10T00:23:51","modified_gmt":"2019-05-10T00:23:51","slug":"greens-to-mandate-carbon-risk-reporting-for-large-companies","status":"publish","type":"post","link":"http:\/\/www.16news.com.au\/index.php\/2019\/05\/10\/greens-to-mandate-carbon-risk-reporting-for-large-companies\/","title":{"rendered":"Greens to mandate carbon risk reporting for large companies"},"content":{"rendered":"

Greens climate change and energy spokesperson Adam Bandt MP and Greens treasury spokesperson Senator Peter Whish-Wilson today launched a new Greens policy to introduce mandatory carbon risk reporting for Australia\u2019s biggest companies, and to make directors responsible for managing carbon risk. Mr Bandt said that corporate sector is paralysed because of the perceived risks of \u2018moving first\u2019, which means the government has to step in to implement a regulatory framework that will force the corporate sector to act.
\n\u201cSmart companies know that the dangers of climate change are clear and present. Smart investors are asking tough questions about exposure to carbon risk. And financial regulators are waving the red flag,\u201d said Mr Bandt.
\n\u201cWhen APRA and the Reserve Bank urge us to take climate risk seriously but companies ignore their warnings, it\u2019s time for government to act.
\n\u201cAustralian companies are either not reporting on climate risk or not doing it very well.
\n\u201cThis is not good enough. Corporate Australia needs to fess up and explain just how prepared they are for a low emissions future.
\n\u201cThere is a need for government to step in, to set the standards, and to defuse any concerns about any \u2018first-mover disadvantage\u2019.
\n\u201cThe Greens would task the Council of Financial Regulators with developing carbon risk reporting standards consistent with the Financial Stability Board taskforce\u2019s recommendations.
\n\u201cThe Greens would make reporting against these standards voluntary in 2020-21, and mandatory from 2021-22 onwards, for ASX300 companies, heavily exposed companies, large private companies, super funds, banks, insurers and multinationals operating in Australia.
\n\u201cThe Greens also believe that managing carbon risk is part of a director\u2019s duty.
\n\u201cThe Greens would make explicit in legislation that directors of listed companies and large proprietary companies must take into account and disclose carbon risk.
\nGreens treasury spokesperson Senator Peter Whish-Wilson said without proper carbon risk disclosure requirements, the risk to the Australian economy from climate change is difficult to measure.
\n\u201cThe 2017 senate committee inquiry that I initiated heard consistent evidence that government needs to direct the corporate sector,\u201d said Senator Whish-Wilson.
\n\u201cThe government also needs to better inform the public of the entire nation\u2019s exposure to carbon risk,\u201d
\n\u201cThe Greens would require that reporting against these new standards be included within the Statements of Risks in the Federal Budget to provide a tally of the risk borne by the public sector and the private sector across the entire economy.\u201d
\nClick here to view the full policy.<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Greens climate change and energy spokesperson Adam Bandt MP and Greens treasury spokesperson Senator Peter Whish-Wilson today launched a new Greens policy to introduce mandatory carbon risk reporting for Australia\u2019s biggest companies, and to make directors responsible for managing carbon risk. Mr Bandt said that corporate sector is paralysed because of the perceived risks of … Continue reading “Greens to mandate carbon risk reporting for large companies”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-2706","post","type-post","status-publish","format-standard","hentry","category-aussie"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/2706","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=2706"}],"version-history":[{"count":0,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/2706\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=2706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=2706"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=2706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}