United Nations Climate Chief Simon Stiell launched a sustainability reporting initiative in Sydney yesterday.
Stiell is the executive secretary of the United Nations Framework Convention on Climate Change (UNFCCC) and was here to participate in an event hosted by the UN Global Compact Network Australia (UNGCNA), the Australian Securities Exchange (ASX), and Chartered Accountants Australia and New Zealand (CA ANZ).
The event, which was held at the ASX, was the official launch of the Sustainability Reporting Community of Practice (SRCoP)– a new initiative designed to fast-track Australian business leadership on climate and sustainability reporting.
The visit comes as Australia positions itself to co-host the 31st UN Climate Change Conference (COP31) in partnership with Pacific Island nations.
Stiell’s presence underscores the economic opportunity for private sector engagement in delivering the highest possible ambition for Australia’s Nationally Determined Contributions (NDCs) under the Paris Agreement.
Stiell said transparency and accountability is essential to unlocking the full economic potential of climate action, here in Australia and all around the world.
“Australia has an incredible opportunity to lead the world in clean energy. But to do so the private sector and markets needs clear and consistent signals including a new national climate plan - or NDC,” he said.
“The launch of the Sustainability Reporting Community of Practice is another critical step and can help unlock action, transform industries, and increase returns on investment.”
UN Global Compact Network Australia executive director, Kate Dundas, said Australia’s bid to co-host COP31 with Pacific neighbours is a powerful statement of regional solidarity and climate ambition.
“As we prepare to potentially welcome the world’s largest climate summit, the launch of the Sustainability Reporting Community of Practice is a timely and strategic move. 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,” she said.
The first stream of the SRCoP – Climate – will focus on helping corporations meet their reporting obligations in line with the Australian Accounting Standards Board’s (AASB) S2 Climate-related Disclosures through live webinars, curated resources and peer-to-peer learning forums.
Chartered Accountants Australia and New Zealand CEO, Ainslie van Onselen, said 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 – as Australia’s peak accounting body, and expert in the field – plays a key role in ensuring the profession and other financial professionals are adequately educated and equipped for what’s ahead.
ASX managing director and CEO Helen Lofthouse said the transition to net zero is perhaps the greatest challenge facing this generation.
“From a market perspective, the energy transition will require a historic transformation of our economy and economies around the world,” she said.
“Exchanges have a crucial role in the transition in both supporting efficient capital allocation to the most attractive opportunities as well as help the market manage risk through the transition."