AASB S2 Gap Analysis and Climate Risk and Opportunity Assessment for OneSteel Manufacturing
Insights
Situation
OneSteel is a mining and steel manufacturing business in Australia, including iron ore mining facilities in the Middleback Ranges and a major steelworks in Whyalla. These sites run complex, emissions‑intensive processes.
With OneSteel falling into Group 1 reporting under the Australian Sustainability Reporting Standards (ASRS) AASB S2, the business needed clarity on its climate-related disclosure obligations and a practical path to prepare for reporting.
OneSteel also needed help with identifying, assessing and prioritising its relevant climate-related risks and opportunities – work that would underpin much of its AASB S2 reporting.
Solution
Anthesis conducted a current-state assessment and a gap analysis against the AASB S2 disclosure requirements. From this, we developed a high-level roadmap outlining recommended actions and staged timing to address the identified gaps. We also completed a qualitative Climate-Related Risk and Opportunities (CRRO) assessment, including developing a CRRO register and applying climate scenario analysis.
Impact
The outcomes of this project have provided OneSteel with a clear pathway for its AASB S2 preparations and enhanced its confidence in understanding the requirements. The results of the qualitative CRRO assessment provided insight into risks that may require further mitigation and opportunities that may significantly benefit OneSteel if exploited.
Anthesis was able to ground advice in operational reality following more than three years of providing technical support to OneSteel, resulting in guidance that was tailored, actionable and aligned to OneSteel’s regulatory requirements.
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