Climate Reporting Updates 2025

Here’s a snapshot of key developments in climate reporting around that globe that are shaping the landscape in late 2024 and into 2025.

Australia

From January 2025, Australia has introduced mandatory climate reporting. Under the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024, large companies and financial institutions are now required to prepare annual sustainability reports with detailed climate-related financial disclosures. ASIC (the Australian Securities and Investments Commission) has advised businesses to strengthen their governance and record-keeping to meet these new obligations.

For example: Australian banks will need to report data on its climate-related financial risks — such as loans to carbon-intensive industries — and disclose how its board is overseeing these risks.

Singapore

In February 2024, Singapore announced that mandatory climate reporting will apply to listed companies from 2025, following the International Sustainability Standards Board (ISSB) guidelines. Larger non-listed companies will follow later, with phased requirements covering Scope 1 and 2 emissions first, and Scope 3 from 2029.

For example: A listed manufacturing company must report Scope 1 and 2 emissions from 2025, and Scope 3 from 2029.

European Union

The EU is adjusting its timeline for sustainability reporting. In April 2025, the European Parliament extended deadlines to give small and medium-sized enterprises more time. Companies with fewer than 500 employees will now start reporting in 2027, with first reports due in 2028. The EU’s new supply chain law has also been pushed back to start in 2028.

Example: A medium-sized apparel brand exporting to Europe will need to report on its supply — including overseas garment factories — chain by 2028.

New Zealand’s Climate Reporting

New Zealand has already introduced mandatory climate-related disclosures for around 200 large financial institutions and listed companies, making it, at the time, one of the first countries to do. 

Entities report in line with the Aotearoa New Zealand Climate Standards (NZ CS), which are based on the Task Force on Climate-related Financial Disclosures (TCFD) framework. Many other companies are voluntarily adopting these standards to improve transparency, support investor understanding, and stay aligned with global expectations.

Example: A large KiwiSaver provider must disclose climate risks to its portfolio.

Green Star Upgrades

The Green Star rating system in New Zealand is being upgraded. The new version — Green Star Buildings NZ — will replace the previous Green Star Design & As Built v1.1, with registrations for the old version closing in May 2025. The new tool sets higher benchmarks for energy efficiency, carbon reduction, and environmental performance. It applies to both new buildings and major retrofits, broadening its reach across projects.Developers and property owners are already engaging with the new standards, seeing them as a way to reduce environmental impacts, increase property value, and enhance community wellbeing.

Example: A commercial property developer will need to meet stricter standards for insulation, renewable energy use, and low-carbon materials to achieve a top-tier Green Star rating under the new system.