ESG Reporting Intelligence Logo

Australian ESG News – Q3 2021

by | May 20, 2022 | ESG

Greenpeace Australia Pacific launches Hero to zero: uncovering the truth of corporate Australia’s climate action claims, reviewing the targets of 80 of the highest carbon emitting ASX200 Companies. Greenpeace claims that many of the carbon net zero initiatives are corporate Greenwash such as purchasing carbon offset schemes. They specifically highlighted how Qantas, Santos and AGL make impressive net zero claims without reducing their usage or production of fossil fuels.

Australian businesses struggle to meet expectations placed on them to better understand ESG risks in their supply chain with first annual modern slavery reporting described as “race to the middle”. Entities with a minimum annual consolidated revenue of $100 million are required to conduct modern slavery reporting. Therefore, it is crucial that entities understand how to assess their own supply chains and operations in order to comply with the regulation.

Senate passed a bill to ban anyone from importing products made using forced labour – this needs to still pass the House of Representatives, however the impacts of this bill if successful will be far reaching for a range of industries importing goods from emerging markets. · The bill was proposed by independent senator Rex Patrick who believes that its “An important step forward in the international efforts to combat modern slavery”( https://www.theguardian.com/australia-news/2021/aug/23/australian-senate-poised-to-pass-bill-banning-imports-made-using-forced-labour). The bill will amend the Customs Act, where it will prohibit importing goods into Australia that are manufactured, in whole or in part, with the use of forced labour.

Green Bond issuances on track to top over $500 billion for 2021 with post-pandemic recovery being led by responsible capital. Green Bonds are becoming increasingly popular for large organisations due to their ability to leverage markets to help fund 2050 Net Zero Emissions targets. Banks, property, renewable energy, waste, and state governments are currently the most prominent issuers of green debt.

The last 12 months have seen some more very significant developments in this space, with 2021 shaping-up as being at least as controversial, as courts continue to provide greater clarity surrounding the mechanisms providing returns to litigation funders and overlapping class actions; stakeholders await the first Group Costs Order under Victoria’s contingency fee scheme; and participants work their way through the consequences of recent legislation designed to restrict class actions in Australia.

Update on class actions in Australia | International Bar Association (ibanet.org)

A wide range of Sustainability-Linked leans are increasingly in demand for Australian funds and borrowers with issuances such as:

  • AirTrunk – $2.1 billion corporate sustainability-linked loan.

  • CBA sustainability-linked loan for Agriculture.

  • Frasers Property – Secured a $300 million five year sustainability linked loan.

  • ISPT – Secured a $2.8 billion sustainability linked loan facility.

NAB launched specialist derivative products tied to environmental, social and governance (ESG) targets. https://www.miragenews.com/nab-extends-offering-of-esg-derivatives-to-623327/

Contact us to discuss how your organisation can reduce ESG risks, create an effective ESG strategy, reduce their carbon footprint and better manage ESG risk in your supply chain.

Recent Posts

Uyghur Forced Labor Prevention Act (UFLPA) – Antislavery/Modern Slavery

by | Apr 29, 2023 | ESG | 0 Comments

The adoption of the Uyghur Forced Labor Prevention Act (UFLPA) by the United States on 21 June 2022 will go down in the annals of anti-slavery, heralding a new chapter...

European Union’s New Sustainability Regulation- Corporate Sustainability Reporting Directive (CSRD)

by | Apr 14, 2023 | ESG | 0 Comments

The European Parliament adopted CSRD in November 2022, giving further stimulus to transparency on environmental, social and governance affairs in registered...

Mental Health and Well-being Awareness in the Workplace – DEI

by | Mar 21, 2023 | ESG | 0 Comments

Organisational and leadership focus, up until recently was almost exclusively focused on financial viability and the customer-centric mindset. In a post-pandemic-world...

Mandatory Climate Disclosures: Australian Government Launches Consultations

by | Mar 12, 2023 | ESG | 0 Comments

The Australian government released a consultation paper on 12 December 2022 seeking opinions for designing and executing a binding climate-related fiscal reporting rule...

What is Greenwashing – Everything You Must Know About It

by | Mar 8, 2023 | ESG | 0 Comments

Greenwashing is a term that has emerged in recent years to describe the practice of companies presenting themselves as environmentally friendly, sustainable, or...

How to Develop a Modern Slavery Statement

by | Feb 23, 2023 | ESG | 0 Comments

As ESG (Environmental, Social and Governance) issues continue to gain prominence in the corporate world, modern slavery is an area that companies are increasingly being...

Environmental Sustainability

by | Feb 16, 2023 | ESG | 0 Comments

Environmental sustainability is a concept that has gained significant attention in recently as the world grapples with the challenges of climate change, resource...

What is Governance

by | Feb 5, 2023 | ESG | 0 Comments

Governance is a critical aspect of corporate sustainability and is the foundation of all ESG (Environmental, Social, and Governance) efforts. Good governance practices...

What is the Australian Human Rights Commission

by | Jan 23, 2023 | ESG | 0 Comments

The Australian Human Rights Commission (AHRC) is an independent statutory body established under the Australian Human Rights Commission Act 1986. The commission's...