Market Update | 28 March

• 3 months on the clock for Climate Related Financial Disclosure
• Insights from the Victorian Energy Market Report

Climate Related Financial Disclosure

Mandatory Climate Related Financial Disclosure (CRFD) will be implemented (now scheduled for Jan 1, 2025) and active for those organisations with over $500m in revenue. Ecovantage is aiding businesses in preparing for the CRFD’s with year one focusing on Scope 1 and 2, covering operational emissions like direct energy usage and fleet emissions.

Scope 3, which usually covers significantly greater emissions, will require reporting as early as  July 1, 2025 or more likely Jan 2026. Supply chain partners will need to be informed and start preparing to report on their operational emissions (Scopes 1 & 2) to enable the Scope 3 values.
Incorporating the CRFD into the Australian Accounting Standards creates a responsibility for directors to provide formal annual reporting. The timely consideration of emission calculations and opportunities will be important for companies to consider and make progress on.  The Ecovantage offer includes a pragmatic Opportunities Assessment report highlighting the return on investment of actions to reduce emissions. For further details, contact us.

Key Insights from the Victorian Energy Market Report (VEMR)

The Victorian Essential Services Commission (ESC) has just released its anticipated quarterly Victorian Energy Market Report (VEMR), covering the period from October to December 2023.

A standout from the latest VEMR is that customers receiving payment difficulty support from their energy retailer often face higher energy bills, despite being charged lower prices. Largely attributed to general higher energy use, the report acknowledges that a better understanding of how energy is being used in this segment whilst levering the benefits of the Victorian Energy Upgrades program will help close the divide between energy efficiency and pricing structures.

Read the report here.

Angus Taylor | Business Development Manager, Energy & Carbon Services
Angus specialises in ESS activities including Heat Pumps, Air Conditioning, and Commercial Lighting.