Asked Questions

Is climate risk reporting mandatory in Australia?

The Australian Treasury is leading climate disclosure legislation mandating reporting compulsory from 2024/5. It has proposed a phased approach starting with large corporations, including the banks. They’ll be using guidelines from the International Sustainability Standards Board (ISSB) (think of them as rule setters) that require financial services companies to report their financed emissions as well as climate-related physical risk and opportunities. In Australia, the combination of GHG emissions, physical risk and transition risk (risks associated with the transition to a low carbon economy) is often referred to as a climate vulnerability assessment (CVA).

Financed emissions refer to the greenhouse gas emissions produced by the companies or projects that financial institutions (like banks) support or invest in. They make up the largest portion of financial services companies’ carbon footprint. So, if a bank lends money to a farm, the emissions from that farm’s operations can be considered the bank's financed emissions.In short, financed emissions are the indirect emissions a company is responsible for because of their investments or financial support to other entities and make up the largest position of an institution’s carbon footprint.

Wollemi integrates private and public data sets, including available customer data, and applies its proprietary emissions factors to provide highly accurate and actionable emissions and physical risk metrics at a hyper local level. Where data is missing, we use machine learning to fill in data gaps intelligently, continually fine-tuning our models as new data becomes available.

Our model offers both prediction and forecasting capabilities. The prediction aspect involves extrapolating missing or ambiguous data through predictive methods, while the forecasting component accounts for variations in the future due to dynamic climate changes.

Financial Services
Wollemi is ready made for financial service companies with agricultural customers. Our platform seamlessly integrates and requires minimal customer data, whilst catering for privacy requirements, when calculating their financed emissions footprint. Our capabilities extend to assisting with climate reporting data set readiness, that is we assess reporting sets and can provide complete Agri customer geo-spatial data sets to climate reporting framework standards.

Asset Owners
Wollemi is also ready made for companies that owns agricultural assets or has exposure to agricultural assets or supply chains. This includes Corporate Farming, Asset Managers, Bulk Handlers, Commodity Traders, Food & Beverage. We provide GHG emissions footprint and forecasts and physical risk assessments and stress testing.

The Wollemi reporting methodology has been independently reviewed and validated to address all relevant climate risk frameworks and regulation including the ISSB. The platform is designed to comply with the highest standards of financial markets’ data compliance and security including ISO27001 and SOC2.