Submission: Mandatory climate disclosures
Submission to Inquiry: Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024
Climate Integrity welcomes the opportunity to make a submission to the comment on the Senate Economics Legislation Committee Inquiry into Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 [Provisions].
Submission Summary
Our submission is focused on the changes made from the Exposure Draft to the final Bill that broaden the scope of the modified liability regime to include immunity from legal action by third parties, including investors, in relation to an entity’s transition plan.
Mechanisms for holding corporations to account for making misleading statements about their climate action are critical for encouraging best-practice climate action plans and science-based emissions reductions.
Recommendations
Ensure third parties retain the right to take legal action against entities for making misleading statements about their climate actions, including transition plans, to ensure accountability and to encourage best-practice, science-based emissions reductions.
Strongly preferred: The modified liability provisions in s1707D of the bill are removed.
Supported: The modified liability provisions are reverted to cover Scope 3 emissions and scenario analysis only as outlined in the exposure draft.
