RMGs are guidance documents. The purpose of an RMG is to support PGPA Act entities and companies in meeting the requirements of the PGPA framework. As guides, RMGs explain the legislation and policy requirements in plain English. RMGs support accountable authorities and officials to apply the intent of the framework. It is an official’s responsibility to ensure that Finance guidance is monitored regularly for updates, including changes in policy/requirements.
Audience
This guide assists Commonwealth entities (non-corporate and corporate Commonwealth entities) and Commonwealth companies who are required to publicly disclose their exposure to climate risks and opportunities along with the actions to manage them.
It will assist officials who are responsible for preparing a climate disclosure in publicly reporting on their exposure to climate risks and opportunities along with the actions to manage them.
Preparation responsibility varies from entity to entity and includes teams with responsibility for sustainability, risk, annual reporting, net zero policy or emissions reporting.
Which Commonwealth entities and companies report Commonwealth Climate Disclosure?
Commonwealth entities and companies follow different reporting regimes depending on their type, size, and profile. They are classified into 2 streams:
Large Commonwealth companies who follow the sustainability reporting requirements under the Corporations Act 2001 and are required to report against the Australian Sustainability Reporting Standard in AASB S2 Climate‑related Disclosures. Refer to the Australian Securities and Investments Commission’s sustainability reporting for further information.
Commonwealth entities and smaller Commonwealth companies follow the Commonwealth Climate Disclosure Requirements explained in this RMG.
Key points
This guide:
- supports the implementation of Commonwealth Climate Disclosure, the Government’s policy for ensuring climate risks and opportunities of Commonwealth entities and companies are transparently reported and managed
- explains the Commonwealth Climate Disclosure Policy and supporting legislation, as well as highlighting how the Commonwealth's approach aligns with domestic and international standards
- outlines the 4 key pillars: Governance, Strategy, Risk management and Metrics and targets
- explains which Commonwealth entities and companies need to report climate disclosures, and when, based on their size, profile and type (Tranche classification)
- outlines the Core Requirements and the General Requirements, needed to implement a climate disclosure
- explains how and where a disclosure should be published, and includes practical guidance on climate disclosure reporting.
Resources
Related resources including policies, relevant legislation and glossary terms are in the right-hand menu.
This provides resources and examples to help officials understand how to do a climate disclosure.
