Mount Waverley Development Update
JLL has been appointed as the leasing agent for Aliro's latest development at 151-161 Forster Road, Mount Waverley, Melbourne.
Aliro is actively preparing for new mandatory climate-related reporting requirements
TRUGANINA, MELBOURNE, VICTORIA, AUSTRALIA - JUNE 03: Goodman Aliro 45 National Drive on June 03, 2020 in Truganina, Melbourne, Victoria, Australia.
The last decade has seen significant growth in Environmental, Social and Governance (ESG) reporting. This can be largely attributed to two major events: the 2015 Paris Agreement on Climate Change, which aims to limit global average temperature increases, as well as the introduction of the UN Sustainable Development Goals, which called on governments and organisations to end poverty, improve health and education, reduce inequality, and combat climate change.
Capital markets can now access more sustainability-related information than ever before. However, the overabundance of voluntary reporting frameworks and standards means that companies are reporting on ESG issues in many different ways. This has spurred investors to call for greater standardisation of sustainability reporting so they can access more consistent and comparable information.
The IFRS Foundation is seeking to solve this problem with the International Sustainability Standards Board (ISSB) Standards. These will consolidate several existing reporting frameworks, including the TCFD Recommendations, the SASB Standards, and the Integrated Reporting Framework. This represents one of the most significant shifts in ESG reporting in recent years.
What does this mean for Australian property companies?
In early 2024, the federal government introduced a Bill which proposes the establishment of ISSB-aligned mandatory climate reporting standards in Australia. If enacted, large property groups will be required to report on complex topics such as climate transition scenarios, as well as emerging ESG data sets such as Scope 3 emissions.
Based on released guidance, it is likely that some Australian property companies, including Aliro Group, will not be legally required to report against the new standards until at least 2027. However, due to our commitment to ESG excellence and transparent disclosure, we are proactively preparing to join our listed peers in the first phases of mandatory reporting. This has involved accelerating our work on Greenhouse Gas (GHG) emissions measurement and target setting, while also elevating our approach to climate risk management.
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