ACCR’s climate program aims to accelerate Australia’s transition to a low carbon economy in line with the Paris Agreement. We engage with ASX-listed companies on their climate risk disclosure and the need to set emissions reduction targets consistent with the Paris Agreement, and we also push for reviews by ASX-listed companies of their industry associations’ climate policy advocacy.
Say on Climate
ACCR has joined hedge fund activist investor Chris Hohn’s Children’s Investment Fund Foundation’s (CIFF) Say on Climate initiative to campaign for company transparency on climate reporting and annual non-binding votes by shareholders.
Few major Australian listed companies have made credible commitments, supported by detailed plans, to align their activities with the goals of the Paris Agreement. Australian law does not compel companies to disclose in line with the recommendations of the TCFD, nor to set meaningful and realistic emissions reduction targets.
Say on Climate resolutions call for (at a minimum):
- Annual disclosure of emissions
- A strategy to reduce emissions
- An annual vote on the plan at the AGM
More about Say on Climate
Lobbying on climate and energy policy
Several lobby groups (or ‘industry associations’) representing ASX-listed companies have an undue influence on climate and energy policy in Australia. We target companies whose industry associations engage in adverse climate lobbying, particularly where that lobbying is at odds with the company’s own policies. This work has led to BHP exiting the World Coal Association, significant changes at the Minerals Council of Australia, and lobbying becoming a key point of engagement by investors.
In order to limit global warming to an increase of 1.5°C above pre-industrial levels, rapidly decarbonising the global economy is crucial. We challenge ASX-listed companies to set and disclose credible short, medium and long term emissions reduction targets in line with the Paris Agreement. Our work in this issue focuses on the heavy emitters and largest energy users across the ASX.