ASFI Newsletter – April
Progress on ASFI’s 2024 work program continued to gain momentum throughout the month of April. Notable developments include ASFI’s public consultation on Australia’s first Sustainable Finance Capability Framework, a busy schedule of events, and accelerated policy engagement.
Image: William McDonnell, CFO at IAG, is the newest appointment to the ASFI board.
In mid-April we held our AGM, where we were pleased to welcome the newest addition to our Board, William McDonnell. As CFO at IAG, William has more than 25 years’ global experience across insurance, finance, capital markets, risk, governance, and regulation. We are delighted to have William’s skills and expertise join the Board and thank Michelle McPherson, ASFI’s outgoing Board member, for the contribution and support she has provided since ASFI’s inception.
Read on to learn more about the latest developments and upcoming opportunities for involvement.
2024 Work Program
Enabling Sustainable Finance
Sustainable finance taxonomy
Public consultation on the draft taxonomy criteria for the first three priority sectors (electricity; minerals, mining, and metals; and the built environment) will commence on 28 May and run until 30 June. The ASFI Taxonomy Team will host a webinar to launch the public consultation process. Details will be provided shortly.
ASFI has reopened the expression of interest (EOI) process for the following Taxonomy Advisory Groups (TAGs): manufacturing/industry; transport; and agriculture. Individuals with technical expertise in any of these sectors who have not already submitted an EOI are encouraged to do so. All EOIs, including those submitted last year, will be assessed together in May and the TAGs will be constituted in June.
If you’d like to learn more about the development of the Australian taxonomy, you can visit our website and select from the 'Taxonomy’ drop-down tab.
Policy Engagement
On 23 April, our CEO, Kristy Graham appeared before a Senate Committee Inquiry on the Government’s proposed legislation to establish mandatory climate-related reporting for corporates. Kristy reiterated ASFI’s strong support for the legislation, which we see as being a key pillar of the sustainable finance architecture required to provide markets with clear and comparable information on climate-related risks and opportunities. This followed the joint industry statement that ASFI released on 22 April, together with 14 other peak business and finance bodies, in support of the legislation.
Earlier this month, ASFI hosted a roundtable for members in Canberra with senior Government officials and Principles for Responsible Investment’s Chief Sustainable Systems Officer Nathan Fabian. Participants discussed how to build on current momentum for the sustainable finance agenda in Australia, lessons from other jurisdictions, and the importance of focusing not just on climate mitigation but also related issues including climate adaptation and nature.
ASFI engaged on a number of sustainable finance policy reforms over the past month, including the Government’s consultation on options to reform the Your Future Your Super Performance Test. We were pleased to host a Lunch and Learn on 27 March for members to explore the impact of the proposed reform options on sustainable investment. Read ASFI’s final submission.
We also made a submission to the National Adaptation Plan Issues Paper in April. Our submission focused on pathways to empower First Nations communities in Australia’s adaptation and resilience efforts, and spoke to the role of private capital in supporting these efforts across the economy. Read more
Finance Sector Leadership
ASFI was excited to announce the 2024 cohort of our member Leadership Working Group earlier this week, bringing together 18 finance leaders to share and learn best practice strategies to transform sustainability leadership. We look forward to the first meeting in late May, which will focus on the challenges financial institutions are facing to scale sustainability and strategies to overcome this. Read more
As part of our work to support the growth of a sustainable finance workforce in Australia, ASFI hosted a member Lunch and Learn exploring ESG, environment and sustainability remuneration trends. We were joined by Talent Nation CEO Richard Evans, who shared key findings of their 2023 ESG, Environment and Sustainability Remuneration Report.
ASFI is pleased to be leading the development of Australia’s first Sustainable Finance Capability Framework, identifying the key capabilities required to develop sustainable finance workforce and leadership. On April 2, ASFI invited public feedback on the draft Framework. Thank you to those who provided feedback, the public consultation process has now closed. This feedback will inform the final version, which we aim to release in mid-2024. Read more
Natural Capital
On March 28, ASFI and the Australian Council of Superannuation Investors (ACSI) provided feedback to the Taskforce for Nature-related Financial Disclosures (TNFD) on their additional guidance for financial institutions. Read more
First Nations and Finance
In February, ASFI’s Tiarne Shutt and Kristy Graham attended the 2024 First Nations Super Summit – a community-led discussion to support positive outcomes for First Nations Australians in superannuation. First Nations Foundation has now shared the 2024 Summit report, which underscores the need for a culturally informed superannuation system and identifies 6 critical areas to address over the next year. Read more
To learn more about our work program to elevate First Nations people, perspectives, and outcomes into finance, including our recent policy submissions, please visit our website.
Events and Opportunities
Events
There are a range of upcoming sustainable finance events below which we welcome your participation in. You can also learn about other industry events through our Sustainable Finance Events Calendar.
31 October, Sydney: Australian Sustainable Finance Summit 2024. Save the date for our 2024 Summit. This year, the agenda will support the transition from ambition to action, catalysing real change and driving tangible results towards a more sustainable financial future. We have a limited number of tailored sponsor and exhibitor opportunities available – please get in touch with Natalie to learn more.
Opportunities
Visit our Jobs Board to learn about the latest opportunities in sustainable finance. If you would like to advertise any job opportunities to ASFI’s network of sustainable finance and responsible investment professionals, please click here.