Business View Oceania - Oct 2023

34 BUSINESS VIEW OCEANIA VOLUME 5, ISSUE 10 related Financial Disclosures (TFCD). all registered banks, credit unions, building societies, licensed insurers, and investment schemes with assets of more than $1 billion, quoted equity securities with a combined market price exceeding $60 million and quoted debt securities with a combined face value of quoted debt exceeding $60 million. For the first time, companies must consider how their governance, strategy, risk management, and metrics and targets relate to climate change. Climate change, resilience, and the realities of a zero carbon future are being embedded into board room decisions. Considering risk, and meeting Environmental, Social, and Governance (ESG) principles are becoming the new norm. Green credentials and benchmarking provide ready-made ways of reporting environmental progress and impact. Economic benefits. Not only does building with a green mindset satisfy consumers and help mitigate climate change – it is good for business. There are very clear and growing demands from consumers, investors, and regulators to reduce and report on emission which impact a multitude of sectors. We see reduced operating costs, happier and more productive occupants, higher occupancy rates, and enhanced asset value and profitability associated with green buildings. People want to work in an intentional, innovative environment, so it makes sense that green buildings foster community, industry and collaboration. Green buildings have a pivotal part to play in a post- Covid remote work era where businesses are struggling to get employees back in the office. The market is pivoting to realize that building with intention is the way to go. “Businesses have an opportunity to show leadership and demonstrate their environmental credentials. We can do better. It is what consumers want, it is what investors want and what regulators are increasingly requiring of us, and most importantly, the future of our planet demands we act.”