Time for action on the path to net zero: Climate change roadmap launched for boards and management
With many organisations grappling with increasing pressure on climate change — and a lack of clear cohesive action at a federal level — Governance Institute of Australia has today launched a new guide designed to be used as a roadmap on the path to net zero.
The new Guide for boards and management on the path to net zero responds to recent major international climate policy developments, significant shifts in expectations on organisations to take action – including disclosing climate risk – and also ongoing concerns about a lack of firm action at a national level.
Based on the findings from a specially convened Governance Institute working group, the new guide will assist all organisations – large and small and across sectors – to take immediate action on climate, Governance Institute CEO Megan Motto said.
“Many organisations still do not see climate change as an immediate threat,” Ms Motto said.
“But recent extreme weather events have confirmed that climate and climate risk management need to be front of mind for every organisation. And this mindset shift needs to happen immediately.”
Ms Motto said the guide is designed to be used by senior managers and directors as they build climate into their organisation’s strategy and provides a clear and practical framework to take the next steps on the path to net zero.
And board buy-in is essential, with tips included in the guide on how to engage your organisation – top down – on the key issues.
“Engaging the board is the first step in setting up effective climate governance,” Ms Motto said.
“You will need a business case, and this must follow a review of how the organisation’s priorities and risks may be impacted by climate change. Individual business units who will be tasked with carrying out the board’s plan must be educated as the next step.”
Key steps to net zero, outlined in the new guide:
- Governance: Orchestrating the climate change conversation. How do you embed climate into the core of an organisation?
- Strategy: Planning for net zero. How do you deal with the challenges related to transitioning to net zero?
- Expectations: Managing legal and stakeholder expectations. How do you manage expectations on climate disclosure and action amongst evolving legal expectations?
- Reporting: Selecting a framework. How do you select a reporting framework which addresses stakeholder needs?
“The key message is: Do not put this off. Organisations need to recognise that the time to act is now. There can be no delay,” Ms Motto said.
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Media contact: media@governanceinstitute.com.au.
About Governance Institute of Australia
A national membership association, advocating for a community of more than 43,000 governance and risk management professionals from the listed, unlisted and not-for-profit sectors. Our mission is to drive better governance in all organisations, which will in turn create a stronger, better society.