Australian corporations’ local weather claims now topic to rigorous regulatory scrutiny – okay?
Guest contribution by Eric Worrall
Back in May, WUWT published a scientific claim that weak climate promises could be used as a trap to leverage real corporate climate spending. This scenario is now unfolding in Australia.
Green claims to be under scrutiny
Angela Macdonald-Smith
Senior Resource Author
July 4th, 2021 – 4:00 p.m.
Businesses can expect their climate demands to be scrutinized, and targets will only be stepped up with oil and gas producers directly in the line of fire.
While sensitivity to greenwashing claims has been increasing for many months, it is now moving to another level as ESG issues rise to the agendas of investors, lenders and other stakeholders and green credentials have monetary value.
“We’re moving into an environment where environmental performance now has financial value, and [that] means that you are testing performance claims that are being put on the market to a whole new level, ”says Emma Herd, EY’s new partner for climate change and sustainability.
…
Regulatory authorities have already been particularly active, be it in financial reporting, the labeling of financial products, or the documentation of fundraising or loans.
…
Most recently, Tamboran Resources was recognized by the Australian Securities and Investments Commission for its prospectus commitment to be a net zero emissions gas producer from the start for its $ 61 million IPO.
ASIC asked the Northern Territory gas explorer to remove references to clean and potential production in the prospectus and add details to its net-zero pledge to ESG.
…
Read more: https://www.afr.com/policy/energy-and-climate/green-claims-to-be-put-under-microscope-20210702-p5868g
The full AFR article is well worth reading if you have any exposure to major Australian mining companies.
Why is this happening? In my opinion, what is happening is a result of decades of corporate suicidal complacency in the face of increasingly absurd climate demands. For years, corporate bosses have been lulled into the belief that they can get away with empty climate promises, a little PR greenwashing to spice up their annual reports. Now they realize too late that the noose is tightening – the empty promises they have been lured to are actually legally enforceable commitments.
If the big corporations had challenged the climate mania from the start, instead of pretending they would stick to it, they wouldn’t be in this dire situation of having to keep their incredibly expensive climate promises.
Like this:
Loading…
Comments are closed.