Christy Ditchburn

As we all now know, the XRB has decided to: Extend the adoption provision for scope 3 GHG emissions disclosures by one year. Extend the adoption provision for anticipated financial impacts disclosures by one year. Introduce a new one-year adoption provision relating to the assurance of scope 3 GHG emissions. However, it has not proceeded with the proposal to delay transition planning because the XRB heard "strong user demand for this information." The rationale for this decision, which we agree with, is: Transition planning is seen as an iterative and dynamic process. It is a key conversation starter in submissions. Disclosure does not require a fully developed and finalized plan. Transition plans are expected to be ongoing and evolving. They serve as a crucial tool for improving business decision-making and capital allocation. Transition plans significantly contribute to the overall purpose of the climate reporting regime. Since the proposal to make these changes was issued, we have seen a number of boards use this as an excuse to slow down preparation for next year's disclosure. However, the message is very clear that, on the contrary, reporting entities need to be ramping up preparation, particularly if they are to be in a position in 2026 to quantify and cost their climate risk. https://lnkd.in/eXaKQRZv Melanie Baker-Jones Te Whakahaere Āhuarangi Ltd

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Click below if you would like to see what the inside of my home office looks like. And to hear me say some things about cybersecurity. Or, even better, skip me altogether and watch some excellent vodcasts presented by my colleagues on our recent TechTalks seminars.

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EPBC Act reforms - Update on the 'Nature Positive' Stage 2 legislative changes

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The XRB has now issued the Consultation Document and Exposure draft on proposed 2024 amendments to Climate and Assurance Standards. In relation to NZ CS 2 (adoption provisions) the Consultation Document proposes "the extension by one accounting period: • Adoption Provision 4: Scope 3 GHG emissions, along with related extensions to: o Adoption Provision 5: Comparative information for scope 3 GHG emissions o Adoption Provision 7: Analysis of trends, insofar as it relates to the analysis of scope 3 GHG emissions trends • Adoption Provision 2: Anticipated financial impacts • Adoption Provision 3: Transition planning." There is also a proposal to "establish a new adoption provision (Adoption Provision 8) for the assurance of scope 3 GHG emissions disclosures for accounting periods ending before 31 December 2025" This relief may be welcomed by some, given cost and data pressures, as it means they will not be required to disclose and be answerable to the regulator on these aspects. However, irrespective of these proposed extensions, for certain CREs, climate change will present material risks and opportunities. As such, rapidly building capability and generating information related to these disclosure points—such as data on the financial impacts of these risks and opportunities—sooner rather than will be seen as valuable to support informed decision-making. A link is provided below for those who wish to provide comment to the XRB - noting that Consultation closes 30 October 2024. https://lnkd.in/g4wr9A63 Mark Baker-Jones Te Whakahaere Āhuarangi Ltd

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Changes are afoot in the area of privacy reform. Thank you to my BM colleagues for doing the heavy lifting but including me as an author! Interestingly, I disagree with some of my colleagues at other firms (as reported in Lawyerly and elsewhere) that the proposed new tort of serious invasion of privacy will lead to more class actions arising out of cybersecurity data breaches. The requirement that the defendant "intentionally" or "recklessly" invade privacy (as opposed to negligently) is likely to exclude almost all of the recent significant PI data breaches. However, I have worked on a case of an "intentional" (but misguided) disclosure of PI by a business that did not involve a threat actor. Depending on the sensitivity of that data, a class action could be possible under this new regime but I think it's an edge case. The government has indicated that a direct right of action for data subjects for breach of the APPs is "agreed in principle", which, if legislated, in my view would lead to more privacy class actions. However, this week's draft legislation does not include anything about that proposal.

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Keeping up with ESG in Australia - June 2024 edition is up now! Spotlight on WHS, Australia's climate reporting regime, the new Anti-Slavery Commissioner, recommendation for a national Human Rights Act, resources for directors on responsible AI governance, the Sustainable Finance Roadmap and an ESG litigation update. #ESG #modernslavery #humanrights #sustainablefinance

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🤓 Excited to be speaking at the upcoming Geekout hosted by the Legal Technology and Innovation Community (LTIC), Association of Corporate Counsel Australia I'll be sharing insights on how to leverage task management software for executive reporting and enhancing legal team performance 🚀 Grateful for the opportunity to get my geek on and discuss how innovation and data-driven strategies can transform legal operations 🤓 Looking forward to connecting with like-minded professionals! #LegalInnovation #LegalOps #TaskManagement #Webinar #data #geekout

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We at Jaramer are delighted to observe the launch today of the Commonwealth Government’s First Nations Clean Energy Strategy (2024-2030). Key benefits for First Nations people include: 1. Improved Access to Clean Energy Removing barriers to renewable energy access, including transitioning from diesel systems to sources like solar and battery. Upgrading energy systems in remote areas to provide affordable, reliable clean energy and better consumer protections. Improving the energy performance of housing to reduce costs and increase energy efficiency. 2. Economic Opportunities Supporting participation in the clean energy business sector through capacity building and the establishment of First Nations-led projects. Developing a clean energy workforce for training and job opportunities. Facilitating economic participation through benefit-sharing agreements, project co-ownership, and investment in clean energy projects. 3. Cultural Heritage Recognising cultural heritage in clean energy projects. Providing guidance for project developers to engage respectfully and incorporate First Nations values and heritage protection into projects. 4. Empowering Self-Determination Promoting First Nations-led decision-making and project development. Offering resources, expertise, and toolkits for First Nations communities to actively negotiate and participate in projects. 5. Partnerships and Capacity Building Establishing equitable partnerships with stakeholders to ensure long-term benefits. Encouraging the development of First Nations-led initiatives like on-Country energy mapping and planning. 6. Energy Insecurity Reducing energy poverty by investing in renewable energy systems and housing. Introducing protections to prevent disconnections and improving access to funds for renewable energy installations. 7. Alignment with Goals Supporting the Closing the Gap priorities by enhancing housing, employment, and economic opportunities. Addressing climate change impacts that disproportionately affect communities. The Strategy ensures First Nations people participate and benefit, fostering economic growth, cultural preservation, and sustainable energy access. Our experts at Jaramer can help you navigate the complex legal frameworks that are set out in the Strategy including: Creating engagement plans to collaborate with stakeholders. Native title and statutory land rights. Communal property rights based on traditional laws and customs. First Nations rights and cultural heritage matters. Early and ongoing engagement with stakeholders. Advice relating to Prescribed Bodies Corporate and similar organisations to guide projects, improve outcomes, and align with economic opportunities. Building capacity and structuring partnerships to ensure active engagement. Reach out to me or our team if you require assistance! https://lnkd.in/g_4mxbvG

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We are seeing in Australia a rapidly evolving litigation landscape when it comes to ESG issues. We have spotlighted emerging trends and potential implications for future ESG-related disputes, and provided some practical guidance on engaging stakeholders and mitigating the risk of litigation #esg #litigation

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An early ESG news wrap this week because I'm at the Financial Services Council New Zealand breakfast with the Climate Change minister tomorrow. So, what's news? 🌳💚🔽 ▶ Eco Choice Aotearoa released its Sustainable Procurement Toolkit - supply chains are key to the transition! ▶ the IEA released its World Energy Investment 2024 report, showing clean energy investment is outspending fossil fuel investment by 2:1 (but much more is needed) ▶ the NZ Government has announced proposed amendments to the Crown Minerals Act, including removing the ban on oil & gas exploration. ▶ A Ministerial directive letter set new target timeframes for processing overseas investment office decisions. ▶ Sustainable Business Network, Aurecon, thinkstep-anz, released a comprehensive study of Aotearoa New Zealand's circular economy potential. ▶ the Australian climate reporting bill passed the House without amendment and will now go to the Senate this month. ▶ NAB released its Supplementary Climate Disclosures, including its proposed Customer Transition Plan assessment framework. ▶ Pollination launched a $150m VC fund to back climate and nature solutions startups in Australia. ▶ European Securities and Markets Authority (ESMA) released its final report on greenwashing in the European financial services sector. ▶ Smith School of Enterprise and the Environment - University of Oxford released its The State of Carbon Dioxide Removal report. As you might expect, there is a gap to our Paris goals! It also clarifies key terminology for #voluntarycarbonmarkets ▶ Microsoft has signed its biggest carbon removal contract so far: a 10-year deal covering 3.3 million metric tons of emissions starting in 2028 at a Stockholm installation. The new project uses bioenergy with carbon capture and storage. ▶ The Integrity Council for the Voluntary Carbon Market (ICVCM) approved its first high-integrity CCP-labelled carbon credits. ▶ the Indicators of Global Climate Change Report was released with an accompanying database and dashboard on key stats such as average temperature rise, emissions, warming trajectory, carbon budgets etc. ▶ The Church of England Pensions Board released its 2023 Stewardship Report. ▶ BNP Paribas Asset Management and other institutional investors have called on ESG data providers to enhance their data offerings on ocean-related risks and opportunities at a project and issuer level. Better data is needed to meet the 2022 Kunming-Monteral Agreement frameworks for protecting 30% of the planet's lands, inland waters, marine and coastal areas by 2030. ▶ the WBCSD – World Business Council for Sustainable Development released its #naturebasedsolutions map covering different typos of #nbs ▶ China is creating a new "carbon footprint management system" to measure emissions for about 100 key products from 2027. What did I miss? #esg #climatechange #sustainability #esglitigation #greenwashing #dlapiper 📸 Andrey Strizhkov / Unsplash

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Great to reflect on ‘energy = economy’ and what is needed to navigate an energy transition in a way that delivers social and economic outcomes for all of New Zealand and for future generations. Chelydra Percy Mark Macfarlane Malcolm Johns #energy #shapingnewzealandsfuture

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My colleagues Samantha Daly and Julia Green take a look at 'nature positive' in this interesting article. What is nature positive, and how will it impact future development (in the energy and resources sector, or more broadly)? Read on for the answers...

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ASIC’s mandatory climate reporting regime is coming in 2025, and businesses must prepare. CFOs, are you ready to align financial reporting with sustainability goals? Key steps: - Assess climate data reporting capabilities - Engage stakeholders - Implement governance frameworks for compliance This is an opportunity to enhance transparency, manage risks and build investor confidence. Need help navigating the changes? Contact us for expert guidance. 🌱 https://hubs.ly/Q02Sktjr0 #Sustainability #ASICCompliance #CFO #ClimateRisk #CarbonGroup

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Well - it was a long time coming and after more than four years in the making, the first tranche of reforms of the Australian Privacy Act have been introduced into parliament. While the privacy world has not been expecting to see all of the “agreed” or “agreed in principle” reforms, expectations were high that we would see some of the fundamental and much needed reforms to the Privacy Act. The Bill certainly left us feeling like it’s the amuse bouche and hungry for more, with a relatively limited set of reforms being included. However, there are some interesting new provisions including a new statutory tort and criminal offence, and changes to enforcement and breach management powers. And, as with everything privacy and data, there may be some unintended consequences for APP entities. We will be publishing more analysis and insight over the next few days – sign up to our blog ‘A&O Shearman on data’ to find out more. Ross Phillipson Yik Yuen Chong Cara Burley A&O Shearman #APAC #privacy #cyber A&O Shearman | Preference Manager | International Law Firm with Global Reach | Login (aoshearman.com)

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The Senate approved Australia's new climate change disclosure rules yesterday. While the new climate reporting legislation doesn't directly target small businesses, SMEs involved in the supply chains of large companies—or those hoping to be—are expected to be impacted. This is because, in the coming years, large companies will be required to report on scope 3 climate emissions, which include emissions across their entire supply chain. As a result, these large entities are increasingly likely to ask their SME partners to report on their greenhouse gas emissions. We can theregore expect to see onboarding and contractual requirements pushing SMEs to disclose their climate credentials. The marketplace offers excellent tools to help SMEs gather data on their climate emissions. SMEs that are ready and willing to adapt will distinguish themselves and gain a competitive edge. The Australian Institute of Company Directors writes about the new legislation further here: https://lnkd.in/gh9sZJPk #ClimateChange #SMEs #Sustainability #SupplyChain #Compliance #CompetitiveAdvantage #GreenBusiness

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And here we have it. A snapshot view of the first tranche of #PrivacyActReforms tabled before Parliament yesterday, and the likely impacts for business. To quote the AG, this tranche of reforms ‘will not be the last’, referencing a likely second tranche over the coming 12-18 months, election-dependant. The increased enforcement and investigation powers for the OAIC coupled with a proposed statutory tort and other key changes included in this first tranche means that complacency is not an option. Read our article on the key changes and likely impacts for your business here. More in-depth reviews will follow in the coming weeks as we digest the legislation in more detail. Watch this space! Gadens #privacy #informationsecurity Dudley Kneller Antoine Pace Michael Morris Eve Lillas Lucy Hardyman Matt Schwab Wen Wong

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People have asked me what prompted my move from a corporate for-profit legal role into the NFP sector. I get it, it’s an unusual leap in the legal profession. Last week I had the pleasure of speaking with Jerome Doraisamy for the Lawyers Weekly podcast about this and more. Aside from the many surprising benefits of working in the NFP space, we talked about how making purpose-driven career choices and seeking alignment with my values and goals has lead to a more satisfying and sustainable life in the law. And so to answer the question: Why not - after all, like any industry, the NFP sector holds excellent challenges and opportunities for any driven career professional. But more to the point, it was about alignment. Breaking with notions of what a successful career ‘should’ entail, and making change in pursuit of a happier and healthier working life is something that I’m now very comfortable with, and readily embrace. And I’m sharing my story to help others feel more comfortable with treading their own unique path. 🌼 I’m no career coach, but I know how helpful it is to have someone with experience in your corner to confide in. So if you’re struggling to find happpiness in your legal career (whatever the reason) or you’re unsure about making a change, reach out. I’ll share what I know to help you get closer to your goal, or connect you with the right support crew. A big thank you to Jerome and the LW team for the write-up! https://lnkd.in/g3yCCXab

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https://lnkd.in/gQzexVeV PLAN FOR 2025: Hear key Regulators, leading environmental lawyers and experts present the CHANGES EXPECTED IN 2025 on key environmental, climate change, carbon management/emissions reduction and energy laws, requirements and new developments to assist you and your organisation to remain compliant. Program and Register - https://lnkd.in/gQzexVeV Australian Environment Business Network (AEBN) www.aebn.com.au #ESG #NetZero #climateaction #epa #environment #emissions #emissionsreduction #climatechange #carbon #carbonmanagement #ghg #greenhousegas #mitigation #environmental #environmentalmanagement #practitioners #energy #renewable #renewableenergy #renewables

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