Net Zero Newsletter – Senate Approved Climate Bill

Australia is stepping up its game, with climate accountability no longer optional. On 22 August 2024, the Australian Senate passed a mandatory climate reporting bill, set to begin on 1 January 2025 for the largest emitters and corporations. This landmark legislation mandates detailed disclosures on climate-related risks and opportunities, with a phased rollout for smaller entities in 2026 and 2027. Organisations must ensure compliance with the Australian Sustainability Reporting Standards (ASRS), with initial leniency for forward-looking statements. In summary:

• Mandatory climate reporting will begin on 1 January 2025, starting with large emitters, companies, and financial institutions (Group 1 entities). Group 2 and 3 entities will follow on 1 July 2026 and 1 July 2027, respectively, based on size. Registered charities are excluded, but some Not-for-Profits will be included.
• Disclosures must be made annually in a ‘Sustainability Report’ as part of the Annual Reporting suite, adhering to the Australian Sustainability Reporting Standards (ASRS). Directors must declare compliance, initially confirming “reasonable steps” were taken.
• To encourage transparency, the legislation includes a three-year liability period with regulator-only enforcement for forward-looking disclosures, including scope 3 emissions, scenario analysis, and transition planning. The Senate also added a requirement for organisations to conduct two mandatory climate scenarios—one consistent with 1.5°C warming and another exceeding 2°C.

Now the big question is:

ARE YOU READY FOR THE NEW REGULATION?

To help you prepare early and stay ahead, our comprehensive ASRS course is now available on-demand, providing essential guidance to navigate these new regulations. Don't miss out—equip your organisation with the knowledge needed to comply. Register today!

If you haven’t registered yet, this is the perfect opportunity to dive into the 15-module course, covering essential aspects of the ASRS. Whether you're just starting with sustainability reporting or looking to deepen your expertise, this course delivers crucial insights and guidance to keep you ahead of regulatory demands—completely free of charge.

??Title:?Navigating the Australian Sustainability Reporting Standards (ASRS)? ?

?? Modules: 15

?? Duration: 1.5 hours of video content

??Cost:?FREE

Hear from our ASRS participants:

Since the launch of our Navigating the Australian Sustainability Reporting Standards (ASRS) course, we’ve been featuring feedback from participants across various sectors. This month, we highlight a comment from Latha Lewis, Project Officer at Tom Farrell Institute for the Environment at University of Newcastle, who recently completed the course:

ESG in Action Workshop

“After attending an ESG in Action Workshop run by 100% Renewables, we are able to start the process of developing our Climate Action Strategy. It was a great workshop, offering practical strategies and inspiring ideas on how we can improve our practices. We’re excited to implement these learnings and enhance our ESG efforts." — JET Excavators and Trucks

This feedback from JET Excavators and Trucks highlights the impact of our recent work, showing how we’re advancing sustainability and ESG practices. As we move through the second half of 2024, our focus on sustainability, innovation, and compliance remains strong. Over the past month, we have been actively involved in key discussions and initiatives.

Just today, in collaboration with the Department of Regional Development, Manufacturing, and Water in Queensland, we hosted the latest instalment of our?"ESG in Action: An Impactful Communication and Compliance Masterclass", The session led to valuable discussions on integrating ESG principles into business strategies. Industry leaders came together to explore how effective communication can improve ESG compliance and drive lasting outcomes.

The feedback we’ve received reinforces our dedication to this work and motivates us to continue pushing the boundaries of what’s possible in ESG.

If you missed our previous session, no worries! We’ll be bringing the same invaluable content to you in person with several sessions across multiple locations in Queensland. There may even be another online session. Stay tuned for more details on these upcoming sessions.

Conversation with Venture Capitalist Creel Price

Then, in the afternoon, from 5:30 pm to 7:30 pm AEST, I will be leading the discussion on?How to Build Climate Ventures and Get Them Funded: A Conversation with Greenhouse Founder Creel Price. We’ll ?hear from Creel, Co-founder of Greenhouse and Investible, about his founder journey and how it has shaped his work with entrepreneurs and the investment thesis behind Investible. This event will explore the intersection of climate action and entrepreneurship, offering valuable insights into building successful climate ventures and securing the necessary funding. ?

Don’t miss this opportunity to learn from one of the industry's leading figures. Register now!

??Event title: How to Build Climate Ventures and Get Them Funded: A Conversation with Greenhouse Founder Creel Price

??Date: Thursday, August 29

??Time: 5:30 pm to 7:30 pm AEST

Location: Greenhouse, Salesforce Tower - Level 3/180 George St, Sydney

University of Newcastle’s Net Zero Grand Challenge

Another key event we recently participated in was the University of Newcastle’s Net Zero Grand Challenge, which took place on August 15th. This session featured a panel of experts discussing the challenge of collecting data and reporting Scope 3 emissions—an essential aspect of developing robust sustainability strategies.

I had the privilege of joining industry leaders, including Alana Stoeger (Sustainability Project Officer at Hunter New England Local Health District), Daan Schiebaan (Sustainability Manager at the University of Newcastle), and Joel Palmer (Director of Strategy, Planning & Performance at the University of Newcastle).

If you were unable to attend, you can still watch the full recording here.

Building on our focus on Scope 3 emissions, we recently showcased our C-Compass tool and NGER Waste Calculator at the Canberra Region Joint Organisation (CRJO) Net Zero Working Group Workshop. These tools are designed to support local governments in their carbon accounting efforts, helping to manage and reduce their carbon footprints effectively.

While C-Compass primarily addresses Scope 1 and Scope 2 emissions, our ongoing efforts are directed towards integrating Scope 3 considerations and emissions projections to inform target-setting.

Stay tuned as we continue to explore and implement innovative solutions for carbon management and sustainability.

Empowering Climate Action with Data and Digital Transformation - webinar

Mark your calendars for 12 September 2024 as we present, in collaboration with Trellis, "Empowering Climate Action: Harnessing Data and Digital Transformation for Success." This webinar will explore how accurate data management and digital transformation can enhance your sustainability efforts, with insights into Trellis' SaaS platform and real-world applications. Discover solutions to common challenges in climate action and elevate your ESG strategies with innovative tools and expert guidance.

??Webinar title: Empowering Climate Action: Harnessing Data and Digital Transformation for Success

??Date: Thursday, September 12

??Time: 12:00 PM - 1:00 PM AEST

??Location: Online event

Seats are filling up fast, and we have exclusive offers for attendees! Don’t miss out—register today to secure your spot.

CBA Bank stops financing fossil fuel companies

In a major step for environmental responsibility, Commonwealth Bank of Australia (CBA) has announced that it will cease financing fossil fuel companies that lack a clear emissions reduction plan. This policy shift aims to align the bank’s financial activities with climate goals and reduce its exposure to high-carbon industries. The decision reflects a growing trend among financial institutions to support companies with strong environmental strategies and to withdraw from investments that contribute to climate change. By implementing this policy, CBA is reinforcing its commitment to sustainable finance and encouraging businesses to adopt more responsible environmental practices. For more details, read the full article here.

ASIC takes action to combat greenwashing

The Australian Securities and Investments Commission (ASIC) has ramped up its efforts to tackle greenwashing with a recent crackdown on misleading environmental claims. As part of its ongoing regulatory action, ASIC has issued 47 infringement notices, totalling $123,000, to deter greenwashing misconduct. ASIC also progressed the civil penalty proceeding against Mercer Superannuation (Australia) Limited, which concluded with an $11.3 million penalty. This move underscores ASIC's commitment to ensuring transparency and accountability in environmental claims, reinforcing the importance of genuine sustainability practices. For more details, you can read the full announcement here.

ISO begins work on International Net Zero Standard

In other news, the International Organization for Standardization (ISO) has launched an initiative to create a global standard on net zero. This project seeks to establish a clear and consistent framework for organisations to define, achieve, and report on their net zero commitments, helping ensure transparency and accountability in global climate efforts. By bringing together experts and stakeholders from around the world, this new standard is poised to enhance the effectiveness of net zero strategies across industries and support the broader fight against climate change. For more information on this initiative, read the full article here.

Climate Active Certification of Hire Australia

We’re thrilled to celebrate another remarkable achievement in carbon neutrality! Hire Australia has successfully achieved Climate Active Carbon Neutral Certification for their Australian operations, marking a significant milestone in their sustainability journey. This accomplishment underscores their commitment to reducing their carbon footprint and promoting environmental responsibility.

At 100% Renewables, we’re incredibly proud to collaborate with such forward-thinking companies. If your organisation is also striving for Carbon Neutral certification, we encourage you to reach out to us.

Low Carbon Procurement Training Program

We’re excited to share that our Low Carbon Procurement (LCP) training program is taking shape and will soon be ready for you! Before we launch, we want to ensure the program meets your needs. If you haven’t yet completed our brief survey, there’s still time to provide your valuable feedback. Your insights will help us tailor the training to better suit your requirements. Plus, complete the survey now to enjoy a 50% discount on enrolment when the training becomes available!

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