The Government has tabled its response to the report of the Senate Economic References Committee on carbon risk.   The SERC report Carbon risk: a burning issue was originally tabled on 21 April 2017 and made a number of recommendations for the Government, ASIC and ASX, particularly in relation to the way in which companies report on carbon risk and related measures. Since then, ASIC has encouraged companies and boards to pro-actively consider reporting on climate change risk.

The Government indicates in its response that it agrees in principle with the need for ASIC and ASX (in particular the ASX Corporate Governance Council) to provide appropriate and high level guidance that companies can apply to meet disclosure obligations, but has declined to review the Corporations Act 2001 (Cth) or implement changes to requirecompanies to report on carbon emissions and risk.