In an unfolding development, the Australian Competition and Consumer Commission (ACCC) has released its highly anticipated guidance on the formulation of environmental and sustainability claims as reported by law firm K&L Gates. Highlighting an increased focus on ESG (Environmental, Social and Governance) policies in Australia, the guidance seeks to establish a framework for businesses to make compliant claims in line with Australian Consumer Law.
As previously detailed by K&L Gates, the ACCC’s guidance outlines eight key principles that businesses should adhere to when formulating these claims. Although the specifics of these principles are not presently accessible, their formulation signifies the ACCC’s commitment to encouraging business transparency regarding environmental impact and promoting fair competition in light of growing sustainability concerns.More details here.
These new guidelines signify a crucial shift in how corporations are held accountable towards their sustainability claims, with an anticipated impact on a wide range of sectors. Businesses and law firms alike must pay careful attention to these updates, ensuring their practices align with the new instructions laid out by the ACCC.
The ESG sphere continues to dynamically evolve worldwide, and Australia’s latest policy update is a part of this global shift. Legal professionals globally, especially those with multi-jurisdictional practices, would do well to stay informed and prepared for the ripple effects of such policy changes across the globe.