Mandatory reporting: the new reality

New climate disclosure legislation is now in play in Australia.

While some companies have been voluntarily disclosing for some time, the new legislation makes it mandatory. For many this is new territory.

Industry leaders from across the country came together at the Sustainability Leaders Summit to discuss the new disclosure landscape.

Panel discusses practical ways to get started

Host:

• Saul Wakerman (co-founder and COO at Atticus)

Panel:

• Jo Hynes (Sustainability Manager at Atlas Arteria)
• Remy Crick (Associate Director ESG Sustainability & Impact at KPMG)

Getting started: practical next steps

Based on the panelists’ experiences, here are concrete steps to begin your sustainability reporting journey.

1. Prepare for assurance early

Don’t wait until your report is drafted to think about verification. Design your data collection and reporting processes with assurance in mind from the start. 

This means: 

• implementing clear data ownership
• establishing consistent calculation methodologies
• maintaining detailed audit trails
• documenting your assumptions. 

Document your methodologies thoroughly so external assurers can trace every number back to its source.

“If you haven’t gone through assurance before, then you are in for a big treat. I would definitely get onto that. Assurance will change… it’s really only been around metrics. I haven’t undergone assurance on some of that more qualitative disclosure.” — Jo Hynes, Atlas Arteria

2. Start small and build

As KPMG’s Remy Creek noted, “the standards aren’t meant to cause undue financial or resourcing stress.” You don’t need a glossy sustainability report in year one. Focus on meeting the mandatory requirements first, then expand your disclosures as your capabilities grow. For example, start with Scope 1 and 2 emissions calculations and a focused assessment of your most material climate risks rather than attempting to address every potential sustainability topic.

“In these standards, it does actually say that this exercise is not meant to cause undue financial or resourcing stress. You don’t need to keep up with companies that produce a beautiful, glossy sustainability report.” — Remy Crick, KPMG

3. Leverage available tools

Look for verification and reporting tools that can simplify your process. The right software can help manage data, track progress, and ensure consistency.

“Look out there, there are some good tools. Coincidentally, I know Atticus is the sponsor here, but tools like Atticus really help with the verification. Particularly when we’re in that mandatory environment versus the voluntary environment, that verification piece is really important.” — Jo Hynes, Atlas Arteria

4. Connect with industry peers

Join working groups within your industry. Some sectors are collaborating to develop common approaches to calculation methodologies and disclosure formats.

“We work with a lot of building companies, and they have actually formed a working group around trying to create their own emission factors because the government ones that are available to them, they believe to be conservative.” — Remy Crick, KPMG

5. Integrate with commercial objectives

Remember that sustainability planning and commercial planning should work together. Look for ways climate risk management can create business opportunities, not just compliance requirements.

“Your sustainability plan and your commercial plan need to go hand in hand. If your commercial plan is to acquire 10 new businesses, that’s fantastic. It’s just about having this sustainability lens over the top.” — Remy Crick, KPMG

Final thoughts

While embarking on your first sustainability report might seem daunting, remember that all companies—even large ones with established sustainability programs—are adapting to these new requirements.

The key is to start the process early, focus on what’s truly material to your business, and build your capabilities over time. With the right approach, sustainability reporting can become not just a compliance exercise but a valuable tool for understanding and improving your business’s long-term resilience.