New Mandates Coming to Australia and New Zealand
Australia and New Zealand have both passed reporting mandates that require companies to report data related to their sustainability performance. These mandates are aligned with a global movement of regions mandating companies to report data related to the carbon footprint, climate risk, and other metrics as we transition to the Net Zero economy.
Let’s take a closer look at the Australia Sustainability Reporting Standards and New Zealand’s Mandatory climate-related disclosures:
Australia Sustainability Reporting Mandates
Who is required to report?
- Companies in Australia with revenue over $50M AUD or 100+ employees
What needs to be reported?
- Greenhouse gas emissions
- Climate risks
- Climate governance, strategy and risk management
- Other sustainability data
When does reporting start?
- Group 1 – Jan 2025 – Revenue over $500M AUD or 500+ Employees
- Group 2 – July 2026 – Revenue over $200M AUD or 250+ Employees
- Group 3 – July 2027 – Revenue over $50M AUD or 100+ Employees
New Zealand Sustainability Reporting Mandates
Who is required to report?
- All registered banks, credit unions, and building societies with total assets of more than $1 billion.
- All managers of registered investment schemes (other than restricted schemes) with greater than $1 billion in total assets under management.
- All licensed insurers with greater than $1 billion in total assets or annual premium income greater than $250 million.
- Listed issuers of quoted equity securities with a combined market price exceeding $60 million.
- Listed issuers of quoted debt securities with a combined face value of quoted debt exceeding $60 million.
What needs to be reported?
- Greenhouse gas emissions
- Climate risks
- Climate governance, strategy and risk management
- Other sustainability data
When does reporting start?
- Reporting began January 1, 2023
How can CarbonSuite help?
CarbonSuite is the only Built for NetSuite solution for mandatory sustainability reporting in Australia and New Zealand. As certified experts in both NetSuite and sustainability reporting, CarbonSuite helps you streamline and integrate your sustainability process within your existing financial and operational processes in your NetSuite ERP system.
CarbonSuite uses Built for NetSuite features like our Emission Workbench and our AI Data Scanner to automate the sustainability reporting process. Our SuiteApp ensures that you stay compliant and up to date with sustainability reporting mandates.
Contact us to learn more today.
Customer Story – CH4 Global
Sydney, Australia based CH4 Global was looking for a solution to automate their sustainability reporting process. Luckily, they found CarbonSuite’s Built for NetSuite carbon accounting and sustainability reporting SuiteApp.
CH4 Global produces a special type of seaweed that when fed to cattle, reduces their methane emissions by up to 90%. Cow burps and flatulence produce methane (CH4). Methane is a greenhouse gas that warms the earth 28 times more than carbon dioxide (CO2). With CarbonSuite, CH4 Global was looking to automate their own carbon accounting and sustainability reporting processes. Hear more about their story with CarbonSuite here.
Hear from Orlando Hayes, Sustainability Manager at CH4 Global:
“I started working with the CarbonSuite team about a year ago with the intent of simplifying the GHG accounting process and automating calculations. Over that time, it has been a pleasure to work with Poyan and the CarbonSuite team. The SuiteApp is the only one that actually integrates with NetSuite and allows accounting teams to take ownership of GHG reporting. They have been flexible and open to new ideas, and we have also managed to integrate the platform with other third-party apps, ultimately letting us create custom expense reports that capture emission data on flights, fuel usage, mileage, and more. This distribution of efforts in GHG accounting will ultimately enable us to track our impact while scaling operations. Excellent team both in technical knowledge and personality, I would 100% recommend and use again.”
For more information, send us an email at [email protected] or Contact Us.