Countering climate change, of course, is a global priority, and this legislation is in tune with a number of international developments in the short to medium term. Other countries are on record stating their ambition to have mandatory disclosure regimes. The UK wants to have this in place by 2025. Australia, Canada, France, Japan, and the European Union are also working towards some form of climate risk reporting for companies. Globally, financial market regulators have increased their focus on climate risks too. The UK's Financial Conduct Authority requires UK-listed commercial companies with a premium listing to disclose against the TCFD recommendations for accounting periods beginning at the start of this year. The Australian Securities and Investments Commission has highlighted climate-related risks as a systemic problem in the Australian market and recommended the same TCFD framework be used by listed companies.