UN Climate Chief Simon Stiell joins launch of sustainability reporting initiative in Australia ahead of COP31 host decision
In a landmark moment for Australian climate leadership, Simon Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), visited Sydney today to participate in a flagship event hosted by the UN Global Compact Network Australia (UNGCNA), the Australian Securities Exchange (ASX), and Chartered Accountants Australia and New Zealand (CA ANZ).
The event, which included a ceremonial "Ring the Bell" at the ASX, marked the official launch of the Sustainability Reporting Community of Practice (SRCoP) – a new initiative designed to fast-track Australian business leadership on climate and sustainability reporting.
The visit comes as Australia positions itself to co-host the 31st UN Climate Change Conference (COP31) in partnership with Pacific Island nations. Stiell's presence underscores the economic opportunity for private sector engagement in delivering the highest possible ambition for Australia's Nationally Determined Contributions (NDCs) under the Paris Agreement.
United Nations Framework Convention on Climate Change (UNFCCC) Executive Secretary Simon Stiell commented: "Strengthening transparency and accountability is essential to unlocking the full economic potential of climate action, here in Australia and all around the world.
Australia has an incredible opportunity to lead the world in clean energy. But to do so the private sector and markets needs clear and consistent signals including a new national climate plan - or NDC. The launch of the Sustainability Reporting Community of Practice is another critical step and can help unlock action, transform industries, and increase returns on investment."
UN Global Compact Network Australia Executive Director Kate Dundas commented: "Australia's bid to co-host COP31 with our Pacific neighbours is a powerful statement of regional solidarity and climate ambition."
"As we prepare to potentially welcome the world's largest climate summit, the launch of the Sustainability Reporting Community of Practice is a timely and strategic move. It empowers Australian professionals to lead with integrity, transparency and impact—ensuring our private sector is ready to support national and regional climate goals through world-class sustainability reporting."
The first stream of the SRCoP – Climate – will focus on helping corporations meet their reporting obligations in line with the Australian Accounting Standards Board's (AASB) S2 Climate-related Disclosures through live webinars, curated resources and peer-to-peer learning forums. Future streams will expand to cover Nature and Social themes, with sessions on reporting fundamentals and cross-cutting ESG topics.
The initiative is underpinned by CA ANZ's leading sustainability expertise and knowledge, and reflects a shared commitment to equipping Australian professionals with the tools and insights to lead, in a rapidly evolving global reporting landscape.
Chartered Accountants Australia and New Zealand Chief Executive Officer Ainslie van Onselen commented: "The introduction of mandatory climate-related disclosures is one of the most significant changes to the corporate reporting system in a generation and CA ANZ – as Australia's peak accounting body, and expert in the field – plays a key role in ensuring the profession and other financial professionals are adequately educated and equipped for what's ahead."
"This role extends to sharing our expertise and knowledge to support participants in the Community of Practice to navigate sustainability reporting requirements. Supporting the UN Global Compact Network Australia and the ASX to bring to life this important initiative was a natural decision - it underscores our commitment to leading the way in sustainability reporting and assurance education through empowering and upskilling professionals in a rapidly evolving landscape."
ASX Managing Director and CEO Helen Lofthouse commented: "The transition to net zero is perhaps the greatest challenge facing this generation. From a market perspective, the energy transition will require a historic transformation of our economy and economies around the world. Exchanges have a crucial role in the transition in both supporting efficient capital allocation to the most attractive opportunities as well as help the market manage risk through the transition. We are pleased to be a partner in launching the Sustainability Reporting Community of Practice as a critical step in building the knowledge and capability within our markets to make sure we do this well."
About the UN Global Compact Network Australia
As a special initiative of the UN Secretary-General, the United Nations (UN) Global Compact is a call to companies everywhere to align their operations and strategies with ten universal principles in the areas of human rights, labour, environment and anti-corruption, and to take action in support of UN goals. With more than 20,000 companies, 5 Regional Hubs, 62 Global Compact Country Networks covering 73 countries, and 15 Country Managers establishing Networks in 34 other countries, the UN Global Compact is the world's largest corporate sustainability initiative.
In Australia, UN Global Compact Network Australia (UNGCNA) brings together Australian participants of the UN Global Compact, including over 65 listed companies, other businesses, non-profits and universities, to advance the private sector's contribution to sustainable development. We connect, enable and lead businesses and stakeholders to create a sustainable future by supporting businesses to act responsibly and helping them find opportunities to drive positive business outcomes.
About Chartered Accountants Australia and New Zealand
Chartered Accountants Australia and New Zealand represents more than 140,000 financial professionals, supporting them to make a difference to the businesses, organisations and communities in which they work and live. Chartered Accountants are known as Difference Makers. The depth and breadth of their expertise helps them to see the big picture and chart the best course of action.
www.charteredaccountantsanz.com
About Australian Securities Exchange
ASX is an integrated exchange offering listings, trading, clearing, settlement, technical and information services, technology, data and other post-trade services.
It operates at the heart of the globally attractive, deep and liquid Australian financial markets.
