August Sustainability Recap
Read about the latest insights, trends, and regulations that may impact your company!
How to Build a Successful Sustainability Roadmap
In this blog article, Dr. Tim Siegenbeek van Heukelom, Chief Impact Officer, shares the five key steps of a sustainability roadmap. Fundamentally, we should think of these steps as foundational pillars that every sustainability program needs to have.
Breaking News: Australia's Senate passes new mandatory climate-related financial disclosure law
The legislation to enact Australia’s mandatory climate-related financial disclosure regime was passed by the Senate on 22 August 2024.
Over 6,000 entities are expected to be climate reporting by 2030. The precise detail of what needs to be reported will be set out in an Australian Sustainability Reporting Standard (ASRS) which the Australian Accounting Standards Board (AASB) is expected to finalize shortly (potentially before the end of August).
Reporting?will need to be consistent with the ASRS issued by the AASB. As of January 2025, companies and asset owners meeting specific financial thresholds will be required to disclose the following information:
The legislation requires disclosure of this information in an annual?‘sustainability report’?which entities will need to prepare,?consisting of:
What does this mean in terms of determining materiality? Disclosure will be on material climate-related risks and opportunities (ASRS S2), and a financial materiality assessment will be required for companies deciding to also report on ASRS 1 (the equivalent of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information) which will be issued as a voluntary standard, covering all (so not only climate) sustainability-related financial disclosures.
Need help getting ready? Talk to our team about how and when your business will be affected by ASRS, and learn how we can help you with identifying material climate-related risks and opportunities and conduct a general materiality assessment (single, double, financial, impact -- we do it all).
August Webinar Rewind
Our Chief Impact Officer dives into the sustainability legislation and standards that will impact the Asia-Pacific region in the near future. Understand what your organization needs to comply with and best practices to prepare.
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Or stream any of our previous webinars on-demand here.
August Sustainability News Highlights
Sustainability, ESG, and DEI became something no large company could ignore. Yet, the momentum slowed as organizations realized it wasn't easy, faced backlash, or focused their attention elsewhere (current events, the emergence of AI). The 'sustainability recession' will end soon - for many reasons.
Source: Yahoo! Finance
Adoption of a new reporting baseline will benefit boards and investors alike. If your board doesn't want to do sustainability reporting, shareholders should question if the board is discharging its duty to the company and if they have the right directors.
Source: Financial Times?
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ASN Impact Investors, an asset manager with €4.2bn in its portfolio, has divested from all clothing companies after concluding they aren't meeting their sustainability standards. If businesses don't progress their sustainability efforts, they'll lose critical investments.
Source: NL Times
Coming up this September for Socialsuite
?? September 25th - Socialsuite is co-hosting Impact Hour Climate Week NYC 2024 with Hower Impact and 3BL.?
If you're attending NYC Climate Week 2024, feel free to reach out - we'd love to meet!