On the 9th September 2024 Australia’s House of Representatives voted to pass the Treasury Laws Amendment bill, including new mandatory climate-related reporting requirements for large and medium sized companies. They are the latest country to start enforcing set reporting requirements, which also covers their supply chain. 

Australia and many more countries including, South Korea, Singapore, India, EU, America, Brazil, to name a few, are pushing hard to ensure they drive a consolidated and formatted effort on companies reporting methods to tackle major ESG issues. 

The law is creating climate-related reporting requirements broadly in line with the recently-released standards by the IFRS Foundation’s International Sustainability Standards Board (ISSB). This is good to see major alignment towards these new ISSB standards, especially for the end value chains who are going to feel the impact significantly when it comes to data reporting demands from their customers. 

This is all great, but now is the time companies really need to up their act on training their staff on how to handle engagement with suppliers to ensure they get the needed data and work with them on improvements to meet their overarching goals.