Toward the end of 2018, Future Business Council will be launching Climate Risk Australia, an online resource centre designed to better equip corporate Australia in navigating the risks associated with climate change and our transition to a low-carbon economy.
The centre will serve as a comprehensive information platform dedicated to providing up-to-date knowledge, insights, reports, tools and services. The platform is Future Business Council’s response to a perceived lack of information and practical guidance specific to the Australian context, and is well timed given the emphasis placed on climate-related risk in recent years.
In 2016, a legal opinion commissioned by Future Business Council and the Centre for Policy Development was instrumental in heightening awareness of climate-related risk among Australian business leaders. Noel Hutley SC, who provided the opinion, concluded that it was “only a matter of time” before a company director is found personally liable for failing to perceive, disclose or take steps in relation to a foreseeable climate-related risk”.
Another watershed moment came in 2017 when Larry Fink, CEO of the world’s largest asset manager in Blackrock Inc., put directors around the world on notice, rejecting decades of business orthodoxy by urging them to go beyond financial performance.
“Every company must not only deliver financial performance, but also show how it makes a positive contribution to society”, Fink wrote, warning that companies must benefit “all of their stakeholders, including shareholders, employees, customers, and the communities in which they operate”.
The Task Force on Climate-Related Financial Disclosures (TCFD) has pioneered the development of voluntary, consistent climate-related financial risk disclosures for use by companies in providing information to investors, lenders, insurers, and other stakeholders. The Task Force was established to consider the physical, liability and transition risks associated with climate change and what constitutes effective financial disclosures across industries. Climate Risk Australia will be building on the Task Force’s insights, applying them to the Australian context, and giving Australian companies the tools to manage climate risk successfully.
Climate Risk Australia is expected to launch in November 2018, and Future Business Council is currently seeking support and input from interested parties.
For further information on how to get involved, contact email@example.com