The purpose of the Disclosure is to build understanding about the climate-related risks and opportunities that are relevant to Victoria and the actions the Victorian Government is taking to manage the risks and capitalise on the opportunities.
The Disclosure is aligned with international practice, including the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD) and the newly established International Sustainability Standards Board, which was established at COP26 to develop a comprehensive global baseline of sustainability disclosures for the capital markets.
The TCFD was created in 2015 by the international Financial Stability Board to develop voluntary, consistent climate-related financial disclosures for use by companies, banks, and investors to understand material climate-related risks and opportunities.
2022 Disclosure
The Disclosure demonstrates that:
- The Victorian Government has strong governance and legislative frameworks, which support the effective management of climate-related risks.
- The Government has a broad qualitative understanding of the physical and transition risks of climate change.
- The Climate Change Strategy is the Victorian Government’s roadmap to maximise social and economic opportunities that arise from the net zero transition.
- The Government is managing climate change risks by making significant investments in the clean energy transition, taking critical steps to build climate resilience, and continuously improving risk management practices.
- The Government is committed to working with partners and communities, to draw on their expertise and knowledge, and enable the sharing of benefits of climate action.
- The Government has robust metrics and greenhouse gas emissions reduction targets that underpin Victoria’s transition to a net-zero future.
This first Disclosure establishes a baseline for the Victorian Government to build from over time in future disclosures. The Government is committed to ongoing improvements and welcomes feedback on the Disclosure to inform future focus areas. To provide feedback, please contact us at information@dtf.vic.gov.au.
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