In September 2022, the Australian Government passed the Climate Change Bill to enshrine in legislation our nation’s commitment to achieving net zero carbon emissions by 2050. The new law comes after almost a decade of discussions surrounding climate risk, and increasing demand from the public for more concrete action.
It’s a move that aligns with shifting global sentiment around sustainability, and similar international initiatives that aim to address current and emerging environmental and social challenges impacting humanity.
In light of this shift, several frameworks have been put forward by leading institutions to help guide the development of such initiatives. ESG (environmental, social and governance) is perhaps the most renowned and widely accepted framework, particularly due to its universal applicability.
While the concept of sustainability can be very broad, ESG provides a relatively straightforward roadmap for benchmarking individual and collective practice against specific objectives. With the net-zero target now set in stone, both industry and government are actively looking to frameworks such as ESG to guide their transition to sustainable environmental, social and governance practices.
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