When it comes to small listed issuers with a market capitalisation below $60 million, and entities listed on growth markets such as those of Catalist, they will be exempted from the mandatory climate disclosure regime. However, such entities may still choose to make climate-related disclosures. Catalist is a new public market licensed under the Financial Markets Conduct Act, and is targeted as a stepping-stone market for small issuers to access growth capital. Growth markets and small issuers will be exempted from the regime due to the risk that requiring all listed issuers to be climate-reporting entities will put up barriers to entry for such entities to access capital. We want entities to still be able to access capital, without disproportionate compliance cost barriers.