From 1 January 2025, Section 292A of the Corporations Act, sustainability reporting will be mandated to increase corporate transparency around ESG practices. Reporting entities include:
Thresholds for Reporting
- Large Entities: Entities that meet at least two of the following thresholds:
- Consolidated revenue of between $50 million and $500 million or more.
- EOFY consolidated gross assets of between $25 million and $1 billion or more.
- EOFY employees of between 100 and 500 or more.
- National Greenhouse and Energy Reporting (NGER) Reporters: Entities with obligations under the NGER scheme, including those exceeding specific publication thresholds.
- Asset Owners: Registrable superannuation entities (RSEs), registered schemes, and retail corporate collective investment vehicles (CCIVs) managing assets of $5 billion or more.
Exemptions and Timeline
Ineligibility includes small or medium-sized enterprise organizations, those registered with ACNC, and organizations that don’t meet the threshold requirements in respect to size. Sustainability reporting starts with a gradual phasing:
- Group 1: Highest threshold, 2025
- Group 2: Mid-size entities, 2026
- Group 3: Smaller entities, 2027
What you are required to report
Sustainability reports, in the case of the GRI 302: Energy Standard, include disclosures on the following items:
- Energy Consumption Within the Organization (302-1): Total energy used; forms of energy; percentage and amount of nonrenewable sources.
- Energy Consumption Outside the Organization (302-2): Energy used in activities by predecessors and successors in the supply chain.
- Energy Intensity (302-3): Energy per unit of product or employee in comparison.
- Reduction of Energy Consumption (302-4): Energy conserved through the process of redesign or upgrade.
- Energy Efficiency of Products and Services (302-5): Reductions in energy needs of products and services provided.
How Our Switchboards with Monitoring and Data Access Can Help
Switchboards equipped with modern tools for energy monitoring and data access can greatly simplify the process of meeting the sustainability reporting requirements. Here’s how:
Comprehensive Data Collection
Switchboards can collect real-time data on energy use in all categories of the GRI 302 standard. This includes tracking:
- On-site and external energy use.
- Renewable vs. non-renewable sources.
- Energy efficiency trends over time.
Simplified Compliance
Automated data collection eliminates the burden of manual calculations, minimizes errors, and ensures consistent reporting. Key features include:
- Real-Time Monitoring: Instant access to energy usage data.
- Integration with Management Systems: Seamless compatibility with energy management and Building Management Systems (BMS).
- Customizable Reporting: Tailored dashboards for GRI 302 disclosures.
Enabling Sustainability Efforts
By using IoT-enabled systems, organizations can:
- Identify inefficiencies in energy use.
- Implement targeted reduction initiatives.
- Track the improvement in energy intensity and the savings realized.
Scalable and Secure Solutions
Switchboards can be scalable to meet the needs of any organization with:
- Wireless Connectivity: Easy installation and data transfer.
- High Accuracy: Class 1 calibrated monitors with precision measurements.
- Data Security: End-to-end sensor-to-server protection.
It will be a great step towards corporate transparency and accountability of ESG practices, as sustainability reporting will be mandated by Section 292A of the Corporations Act soon. This can be streamlined through advanced switchboards with energy monitoring and data access tools.
We design and manufacture high-quality switchboards. Contact us today to discuss your requirements and get started!