Potential changes to Environmental, Social and Governance reporting

Environmental, Social and Governance (ESG) isn’t new to Australia, but it’s expected to become a more important aspect of business in the coming years. With shareholders and institutional investors paying close attention to business activities with an ESG lens we can expect more focus on this area. A recent example is the HESTA superannuation fund choosing to very publicly vote against the AGL demerger proposal on ESG grounds.

ARELJ Article- Decommissioning Liabilities - For whom the bell tolls?

What to expect from the new Australian government?

In May, the Australian Labor Party (ALP) achieved a majority government while the Greens and independents hold the balance of power in the Senate. This signals a new era for Australia, with voters clearly putting climate change high on the agenda for the next three years.

ARELJ Recent Development- Transitioning Section 18 Aboriginal Heritage Act 1972 Consents Under the Aboriginal Cultural Heritage Act 2021 of Western Australia

Victorian and Western Australian State Budgets

In recent weeks we’ve seen both the Victorian and Western Australian Governments deliver budgets for their State. Both have included significant investments in the energy and resources sector. 

In Victoria, the budget has signalled the importance of the mineral industry to regional development. Victorian mines directly contribute $510 million into the state economy in 2020-21.

What the Federal budget and election mean for the sector

The Federal election has now been set for May 21st and follows the recent 2022/23 Federal Budget announcement and Opposition’s reply. 

The Liberal party’s budget positions the energy and resources sector for growth with $2.4 billion  allocated to the industry, energy and emissions reduction portfolio. 

The budget included an investment of $1.3 billion to maintain energy security and reduce the pressure on prices while encouraging emissions reduction.
 

The impact of Russia/Ukraine conflict on the sector

The impact of the Russia/Ukraine conflict on the sector

On February 24, Russia invaded Ukraine. Alongside the destruction and terror that’s been inflicted on the Ukrainian people, the conflict has also created great uncertainty in the global economy with flow on effects expected to be felt for years to come. Most western countries have imposed significant sanctions on trade with Russia, which includes a US ban on importing Russian oil. In addition, many Russian banks have been removed from the SWIFT global payment system which will impact the ability to make financial payments both within and out of Russia. This has a significant impact on the resources sector that is likely to continue in the short to medium term.

What to expect in 2022

Despite an unpredictable two years, the energy and resources sector has weathered tumultuous conditions and come through stronger. All signs indicate that 2022 and beyond will see strong growth in demand and exciting new developments. 

Notice to Members - Resignation of Deloitte as ER Law's Auditors

Want to win $500 and help shape the future of ER Law

The Energy and Resources Law Association (ER Law) wants to know what matters to its members. We want to understand why you engage with ER Law, what is most important to you and what we can do to enhance your experience as a member.
We also want to know what it is we aren’t giving you.  What isn’t being provided to members.
 
This short survey (4 minutes) is the first step and we are very keen to have your feed back.
 
We have more planned. Our next step is to conduct qualitative interviews and we’d like identify people who would be willing to participate in a further interview – members, non-members, former and potential members.

And there’s a prize pool as a way of thanking you for your time.
 
Please click on the link to participate and to be eligible for one of the prizes.
 
Many thanks for participating.
 
Gordon Bunyan, Executive Director,
Energy and Resources Law Association