Australia is launching significant sustainable finance reforms to achieve a net-zero economy, focusing on transparency, mobilizing private capital, and modernizing financial markets. Starting January 1, 2025, large businesses and financial institutions must disclose climate-related financial risks and opportunities, with standards finalized by August 2024.

The government, in partnership with the Australian Sustainable Finance Institute (ASFI), is developing a sustainable finance taxonomy to guide private capital toward sustainable activities, available for voluntary use by the end of 2024.

Additionally, a new regime for labeling and disclosing sustainable investment products will be introduced, with public consultation in early 2025 and implementation targeted for 2027. The government is also promoting nature-related financial disclosures, supported by a $4.1 million allocation in the 2024-25 Budget.