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ESG stands for Environmental, Social, and Governance and is a framework used to evaluate how a business manages sustainability risks and opportunities.
The Australian Sustainability Reporting Standards (ASRS) are a new set of mandatory reporting requirements that define how Australian companies must disclose their climate-related financial risks, greenhouse gas emissions, and sustainability strategies.
The new Australian Sustainability Reporting Standards (ASRS) came into effect 1 January 2025.
ESG reporting will be rolled out in a staged approach with reporting obligations phased in across three groups based on company size, revenue and emissions profile. See table below for timeline;
| Group 1 | First annual reporting period beginning on or after 1 January 2025 |
| Group 2 | First annual reporting period beginning on or after 1 July 2026 |
| Group 3 | First annual reporting period beginning on or after 1 July 2027 |
Whilst ESG reporting requirements start with big businesses, those businesses will now be required to report on their entire supply chain.
That means your emissions, energy use, and sustainability efforts are part of their climate report, and you may be required to provide ESG-related data to support their disclosures.
A three-phased approach to implementation will apply based on the following thresholds (to determine which group you fall into, you must fulfil at least 2 out of the 3 requirements below);
| Number of Employees | Consolidated Gross Assets | Consolidated Revenue | |
| Group 1 (1st Jan 2025 Onwards) | 500+ | $1 B+ | $500 M+ |
| Group 2 (1st July 2026 Onwards) | 250+ | $500 M+ | $200 M+ |
| Group 3 (1st July 2027 Onwards) | 100+ | $25 M+ | $50 M+ |
| AND |
| NGER Act Reporters | Asset Owners** |
| Above NGER publication threshold | Not applicable |
| All other NGER reporters | Assets under management $5 B+ |
| Not applicable | Not applicable |
Under the new ASRS, businesses report on four core areas – Governance, Strategy, Risk Management, and Metrics & Targets. A detailed table of the voluntary and mandatory reporting requirements follows;
ASRS S1 – Sustainability-related Disclosures (Voluntary)
| Category | Reporting Requirements |
|---|---|
| Conceptual Foundations | Disclose material information fairly; ensure consistency with financial statements and present information clearly and cohesively. |
| Core Content | Governance: Disclose, processes, controls, and procedures for managing sustainability-related risks and opportunities (SROs). Strategy: Describe the approach to managing SROs. Risk Management: Disclose processes for how SROs are identified, evaluated, and monitored. Metrics & Targets: Report performance and progress toward sustainability objectives or legal obligations. |
| General Requirements | Include references used, where and when disclosures are made, comparative data, and a declaration of adherence to the standard. |
| Judgements, Uncertainties & Errors | Disclose information about judgements made in preparing sustainability-related financial disclosures and significant measurement uncertainties affecting reported figures. Where an error was made in prior periods, correct it by restating the figures. |
ASRS S2 – Climate-related Disclosures (Mandatory)
| Category | Reporting Requirements |
|---|---|
| Governance | Describe the systems and controls in place for managing climate-related financial risks and opportunities. |
| Strategy | Detail climate-related risks and opportunities, and their impacts on business operations and financial outcomes, and include scenario planning and transition strategies. |
| Risk Management | Explain how climate risks are identified, assessed, and integrated into broader business risk frameworks. |
| Metrics & Targets | Report climate-related indicators (e.g., Scope 1 & 2 emissions from the start; material Scope 3 emissions from year two) and any climate targets established. |
No. While emissions are a major component, the ASRS also require disclosure of climate-related risks, opportunities, transition plans, and resilience strategies.
Broader ESG reporting extends even further, covering social impact, governance, and ethical operations.
Not only does ESG reporting help your business prepare for the future by identifying and managing risks and opportunities related to environment and social impact, improving cost efficiency and long-term resilience, it also helps you to build trust and transparency with investors and stakeholders, enhancing your reputation and brand.
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