The business of climate changeBusinesses are facing a challenging timeline in which to develop and implement their response to climate change regulation – one of the biggest economic reforms of the last 30 years. If your business is impacted, you will need a comprehensive strategy that identifies opportunities and reduces risks in the new business environment. To date, many businesses have hesitated to develop such a strategy, citing uncertainty as the main hurdle. The Government's White Paper, released in December 2008, and the subsequent exposure draft legislation, clarifies many important details of the proposed national emissions trading scheme. You are now in a position to make informed investment and strategic decisions about a carbon constrained future and implement appropriate strategic and tactical responses to deal with the implications. It is critical to act now. Given the expected impact of the cost of carbon across the economy, your business may have considerable value at stake. Climate Change is a business issue with a wide range of inter-related financial, economic, strategic and risk management consequences. To help you identify and understand the range of issues to be considered, Ernst & Young has prepared a series of informative papers, titled The Business of Climate Change. | Non-financial reporting Over recent years, the level of interest from stakeholders in corporate environmental, social and ethical performance has risen significantly. This summary of non-financial reporting (pdf, 195kb), often referred to as sustainability reporting, helps enable businesses to be transparent in communicating non-financial aspects of their management and performance. Developing your carbon strategy: Key issues from the White Paper The third paper (pdf, 295kb) provides an overview of the business implications of the final Scheme design and the medium-term target range for reducing carbon emissions. It also provides a Liable entities road map to chart progress in preparing for the new legislation and an Implementation Readiness Checklist appropriate for any impacted organisation. Understanding the argument for our 2020 emission reduction levels The Garnaut Climate Change Review’s Targets and Trajectories, Supplementary Draft Report, released 5 September 2008, addresses the key questions on which Australia must now take a position. As part of The Business of Climate Change Series, this paper (pdf, 232kb) is designed to help you understand how Garnaut reached his conclusions and summaries the key findings of the report. Developing your carbon strategy: How to respond to the Green Paper The second paper (pdf, 1238kb) in our business of climate change series summarises the Government's proposed Carbon Pollution Reduction Scheme framework and helps you to assess your position in terms of liability, compliance and the steps needed for immediate action. To help plan for the changes the scheme will bring, business needs to understand the different impacts of the design options under consideration by the Australian government. Explaining emissions trading scheme design features (pdf, 398kb) does just that. Green paper lifts haze on tax issues The Australian Government’s Green Paper on the Carbon Pollution Reduction Scheme outlines the scope of the proposed emissions trading scheme, including detailed consideration of the taxation implications. This Tax insight (pdf, 215kb) focuses specifically on the tax issues listed for consultation to assist businesses to understand the potential implications. Climate change and its potential tax implications Ernst & Young and the Institute of Chartered Accountants in Australia have called on Government to address the tax implications of Australia’s Emissions Trading Scheme to give business certainty. A new report (pdf, 994kb) also highlights the potential for tax incentives to help drive behavioural change on carbon emissions. Our Executive Summary (pdf, 300kb) provides an overview of the key recommendations on tax policy, and actions required by the Government. |
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Contacts Jon Dobell
Oceania Climate Change and Sustainability Services Leader
Climate Change & Sustainability Services
Tel: +61 2 8295 6949
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