ASFI January Update
Although we are only one month in, 2023 is already shaping up to be a busy and productive year for ASFI.
Our second taxonomy paper recommending key design elements for an Australian sustainable finance taxonomy and a timeline for immediate development is currently open for public comment until 17 February 2023 via our website. In the lead up, we are holding a public webinar on February 3 at 10am to unpack the key design elements and recommendations. You can register for the webinar here.
Late last year, ASFI CEO Kristy Graham was featured in The Australian highlighting the significance of the Australian Treasurer's announcement that the Government will strengthen climate risk reporting and develop a sustainable finance strategy and the important role that the finance sector can play in achieving Australia’s climate goals. In case you missed it, you can read the full article here.
We are pleased to announce an update of our website has now gone live. The improved website provides centralised access to Australian sustainable finance resources and information through new features such as our sustainable finance events calendar and jobs board. Please get in touch if you wish to advertise any roles via our jobs board, or if there is an event you would like to highlight through our calendar.
ASFI also has several exciting events planned for 2023, including our second annual Australian Sustainable Finance Summit. The date for our 2023 Summit will be announced shortly, so make sure to keep an eye out and save the date!
ASFI 2023 Work Program
ASFI's work for 2023 will be focused under five pillars, which are set out below. Much of this work will be a continuation and evolution of work that we started in 2022, while also starting programs of work on further critical areas of the Roadmap, particularly how to better integrate First Nations people, perspectives, and outcomes into finance. If you are interested in getting involved in any area of our work program for 2023, please get in touch.
Enabling Sustainable Finance
Australian Sustainable Finance Taxonomy
As outlined above, during January and February 2023, we are facilitating a series of workshops, public webinars, and briefings on the recommendations paper for the design of an Australian Taxonomy and encouraging stakeholders to provide feedback via the survey on our website, which will be open until 17 February 2023.
All stakeholder input we receive will be incorporated in the Final Recommendations Paper, which will be released in the first quarter of 2023.
In parallel to our consultation process, we are continuing to engage with government on the next steps for the development of an Australian Taxonomy, in line with the implementation roadmap set out in our report.
TNFD and Natural Capital
This year ASFI will continue to work in partnership across the finance sector to enable the integration of natural capital considerations into financial decision making and unlock the implementation challenges of nature-related disclosure and reporting under the TNFD. Information on our specific workplan activities will be forthcoming.
ASFI will be providing key input on the Australian Government’s nature positive policy agenda including on the proposed Nature Repair Market, EPBC Act and other environmental reforms.
Sustainable Finance Policy
2023 is set to be a big year for Sustainable Finance policy and regulation. As discussed above, the Australia Treasurer announced the Government would develop a whole of Government sustainable finance strategy at ASFI’s CEO event in December 2022. Key pillars of this include the Australian sustainable finance taxonomy which ASFI is leading, and the Government’s climate-related disclosure regime which is being consulted on now.
ASFI is engaging actively with our members, the Government and other stakeholders in these processes but we recognise that sustainable finance goes beyond finance sector regulation – real economy policy and Government’s own activities are critical to channelling more finance and investment into sustainable activities. So, we are also closely engaging on the Government’s proposed Safeguard Mechanism reforms, with the aim of ensuring a robust and credible Safeguard Mechanism that can enable Australia’s largest emitters to attract and make the investment and finance they need to decarbonise their operations. We are also following the Governmet’s National Reconstruction Fund closely to help ensure this can crowd in institutional capital to support new industries that are aligned with a sustainable, zero carbon future.
Finance Sector Leadership
Sustainable Finance Sector Leadership
Following a successful first meeting in October last year, ASFI’s Leadership Working Group will hold its second meeting this March, focusing on overcoming the capability gap. Other sessions this year will focus on building a culture of sustainability and leading the sector.
Closing the Sustainable Finance Skills Gap
As identified in our 2022 Progress Tracker report, there is a capability gap on climate and sustainability within the finance sector which presents a significant challenge to system wide change. As part of our work in 2023, we are currently scoping and assessing what more is needed to support the capability uplift in the sector.
Connecting, Convening, Leading
Following our highly successful inaugural Summit in 2022, this year ASFI will hold our second annual Australian Sustainable Finance Summit, which will see the launch of our 2023 Progress Tracker report. Keep an eye on your inbox, as we will be announcing the date for our 2023 Summit shortly. In the meantime, you can revisit last year's Summit via our website. If you are interested in sponsorship opportunities, please also get in touch.
First Nations Perspectives in Finance
A core focus of our work in 2023 will be to ensure greater inclusion of First Nations people and perspectives in finance. This will see the establishment of our First Nations Reference Group, which will work towards delivering on the recommendations in the Roadmap relating to self-determination and reshaping the financial system to better serve First Nations clients and communities. If you are interested in getting in involved with this work, please contact us.
Sustainable Finance Solutions
In February, ASFI is holding an invite-only industry workshop 'Finance for Home Retrofits'. We will bring together key stakeholders from the policy community, government, and finance sector to explore opportunities to unlock finance for home energy efficiency and electrification.
Events
There are a range of upcoming events which we welcome your participation in.
February 3: ASFI Public Webinar. This webinar will cover the key design elements for an Australian sustainable finance taxonomy. Register here.
March 22: Climate Investor Forum, Melbourne. ASFI is proud to support the inaugural Climate Investor Forum, on 22 March at the MCG in Melbourne. The event will showcase world class investment ready companies covering eight key decarbonisation sectors.