Australia is undergoing one of the most significant changes to corporate reporting in a generation, with mandatory climate related financial disclosures now being phased in across the economy.
Building climate disclosure capability
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Program Lead for the Business, Economy and Governance Program at the UTS Institute for Sustainable Futures, Alison Atherton, explained in the Research Cafe that the new requirements introduced last year and rolling out over three years apply to reporting entities under the Corporations Act 2001. Public sector organisations in NSW like UTS now have similar reporting requirements.
“It is a huge transformation across the landscape of corporate reporting,” she said.
“The corporate regulator, the Australian Securities and Investments Commission (ASIC), see part of its role as being involved in that uplift of skills and knowledge across the economy. That’s why it decided to commission a series of educational modules to help those who haven't reported before.”
To support organisations navigating these new obligations, ASIC and the Australian Accounting Standards Board partnered with UTS to develop this suite of educational resources.
“A lot of companies have been reporting on a voluntary basis as it hasn’t been mandatory, so these educational resources support those smaller organisations in the supply chain who are required to report for the first time.”
Led by the Institute for Sustainable Futures in collaboration with Climate-KIC, the UTS Business School Centre for Climate Risk and Resilience and specialist e-learning provider Studio Three Learning, the project focused on building foundational knowledge for first-time reporters.
About the learning resources
“The modules focus on introductory knowledge. They introduce the underpinning foundational concepts behind the disclosure,” Alison explained.
The free online learning modules cover key concepts such as climate risk, opportunities, governance, risk management and metrics. They are available through the ASIC website and include interactive e-learning modules and videos. A series of workshops and webinars were held through May and June.
The initiative has received strong engagement and positive feedback, with participants highlighting the value of accessible, introductory guidance in a rapidly evolving reporting environment.
“The modules have already attracted strong engagement with people saying this is filling a gap in foundational knowledge,” Alison said.
As climate disclosure requirements continue to develop, the project team hopes to expand this work, helping organisations build capability and confidence while supporting their climate reporting journey.
“We are also hoping that we can apply some of this knowledge and education internally with UTS for our own reporting, and hopefully to other organisations as well so we can continue to develop and support organisations in their disclosure journey.”