A License to Operate:
The Challenges & Opportunities of Australia's Mandatory Climate Reporting

The shift from voluntary to mandatory reporting marks a turning point in Australia’s climate disclosure.

NetNada's latest report provides critical insights from over 50 companies and 24 in-depth interviews with sustainability leaders and consultants across Group 1,2, and 3 entities; exploring the challenges and opportunities of AASB S2 compliance.
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Many organisations are grappling with the complexity, cost, and cultural shift required to meet the standards.  
But for those who lean in, there’s opportunity: stronger governance, investor confidence, and long-term value creation.

It’s not just about compliance, it’s about strategy.

"Reporting is the process, and sustainability is the outcome" - Quote within report by Ella Waite, Sustainability Manager at Avant. 
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50 companies and 24 in-depth interviews

About the authors
Afonso Firmo
Co-founder
Macarena Massuh
Sustainability Enablement Associate
Francesca Castro
Marketing and Research

“Professionals should understand climate resilience and scenario analysis, and there should be people in the room when a business strategy is being developed who are thinking about the climate transition plan” - Jessie Goldie, ESG Consultant, ex-Zip CO.

This report is meant for:

  • Enterprise executives: seeking to understand and strategically respond to climate disclosure requirements.
  • Sustainability professionals: aiming to enhance their reporting processes and drive internal change.
  • ESG consultants and auditors: looking for insights into implementation best practices and clients needs.
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Compliance is easy. Setting the right ambition level you’re comfortable delivering on and being transparent about is what’s hard.

Excerpt from NetNada ASRS report
Linda Romanovska, Materra Consulting
Features

What's included in the AASB S2 NetNada report?

Understand what are the critical challenges Australian organisations face in adapting to mandatory climate disclosures, and how can they be overcome.
Common pain points and opportunities identified by reporting entities and consultants.
Practical guidance on navigating the four reporting pillars (Governance, Strategy, Risk Management, Metrics & Targets) with insights on best practices and common pitfalls.
Practical guidance on assurance readiness.
The role of external help and the impact of internal skill gaps.
Technology as an enabler.
A Guided, Easy-to-Use Resource
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Our research team has built the License to Operate Report to help sustainability professionals and leaders understand the gaps & opportunities in mandatory disclosures.

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Frequently asked questions (FAQs)

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What is the purpose of the Australian Sustainability Reporting Standards (AASB S1 and AASB S2), and who issues them?
The Australian Sustainability Reporting Standards aim to provide a framework for entities to disclose information about their sustainability-related risks and opportunities, enabling primary users of general purpose financial reports to make informed decisions regarding resource allocation to the entity. These standards are issued by the Australian Accounting Standards Board (AASB), an Australian Government entity. It's important to note that these standards have not been prepared or endorsed by the International Sustainability Standards Board (ISSB).
What specific climate-related information does AASB S2 mandate for disclosure?
AASB S2 requires entities to disclose information on governance processes related to climate-related risks and opportunities, how climate-related risks and opportunities affect the entity's strategy and decision-making (including scenario analysis), the entity's risk management processes for climate-related issues, and specific metrics and targets. This includes disclosing absolute gross greenhouse gas emissions (Scope 1, Scope 2, and Scope 3), climate-related targets (including greenhouse gas emission targets), and performance against those targets.
What is the scope of AASB S2 Climate-related Disclosures, and is it mandatory?
AASB S2 specifically focuses on climate-related financial disclosures. Unlike AASB S1, AASB S2 is a mandatory standard for certain entities as mandated by the Corporations Act 2001. This means that entities within the scope of this legislation are required to comply with the disclosure requirements outlined in AASB S2.

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