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For many Australian organisations, the reporting of scope 3 emissions is about to move from being ‘on the radar’ to front of mind.
Until now, disclosure of scope 3 greenhouse gas (GHG) emissions1 in Australia has been voluntary. That is, the disclosure of emissions both upstream and downstream from the reporting entity. However, the disclosure of scope 3 emissions will become mandatory following the introduction of a mandatory climate-related financial disclosure regime in Australia for financial years starting on or after 1 January 2025.
Importantly, the process of understanding scope 3 emissions is critical to the broader requirements related to identifying Climate-Related Risks and Opportunities (CRROs) across an entity and its value chain (particularly with respect to exposure to transition risks).
Read Stepping up to mandatory scope 3 emissions reporting: Practical considerations for a smooth transition here
How EY can help
The EY Sustainability Disclosure Hub offers practical guidance to assist companies across the region prepare for mandatory reporting of climate and sustainability-related reporting. Please reach out to the team to discuss what the disclosure of scope 3 emissions means to you.
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