ABSTRACT

Corporate pledges to achieve net zero greenhouse gas emissions in line with the international Paris Agreement on climate change are proliferating around the world, including in Australia. Regulatory drivers include corporate law obligations to identify, disclose and manage climate-related financial risks, as well as a complex web of rapidly developing private regulatory initiatives. Non-state actors such as institutional investors, industry bodies and civil society, are increasingly involved in developing best practice standards for climate risk disclosure and management, engaging with companies to drive their uptake, and in some cases, litigating to embed best practice expectations and hold companies accountable for their climate commitments and performance. Although underlying corporate law obligations are climate-neutral and focus on transparency and process, the associated private climate regulation is increasingly organised around substantive Paris-aligned standards. Drawing on an empirical study of large Australian listed companies, this article explores whether private climate regulation is helping to drive robust corporate climate commitments, target-setting and associated activities, which have the potential to deliver real-world emissions reductions.

摘要

根据国际气候变化《巴黎协定》，实现温室气体净零排放的企业承诺正在世界各地激增，其中包括澳大利亚。监管驱动因素包括识别、披露和管理气候相关金融风险的公司法义务，以及快速发展的私人监管举措的复杂网络。机构投资者、行业机构和民间社会等非国家行为者越来越多地参与制定气候风险披露和管理的最佳实践标准，与公司合作以推动其采用，在某些情况下，还通过诉讼来嵌入最佳实践期望和标准。让公司对其气候承诺和绩效负责。尽管基本的公司法义务是气候中立的，并且注重透明度和流程，但相关的私人气候监管越来越多地围绕巴黎一致的实质性标准进行组织。本文借鉴对澳大利亚大型上市公司的实证研究，探讨了私营气候监管是否有助于推动强有力的企业气候承诺、目标设定和相关活动，从而有可能实现现实世界的减排。