AASB S2 is Australia's mandatory climate reporting standard: Group 1 from January 2025, Group 2 from July 2026 and Group 3 from July 2027.
In short: AASB S2 is Australia's mandatory climate reporting standard: Group 1 entities report for financial years starting on or after 1 January 2025, Group 2 from 1 July 2026 and Group 3 from 1 July 2027, and every report must include Scope 1 and Scope 2 emissions from year one. Termina turns your electricity and gas bills into audit-ready emissions data for AASB S2 reporting, and your first 50 bills are free. The platform is $0 when we run your procurement, or talk to us about more options. Termina is an Australian and New Zealand business energy procurement company and energy data platform.
You're in a group if you meet at least two of its three size tests, or one of its other triggers. Entities report under Chapter 2M of the Corporations Act.
| Group 1 | Group 2 | Group 3 | |
|---|---|---|---|
| Consolidated revenue | $500 million or more | $200 million or more | $50 million or more |
| Gross assets | $1 billion or more | $500 million or more | $25 million or more |
| Employees | 500 or more | 250 or more | 100 or more |
| Size test | Two of three | Two of three | Two of three |
| Other ways in | Meets the NGER publication threshold | NGER reporter not in Group 1, or an asset owner with $5 billion or more under management | None. A materiality exemption is available |
| First reporting period | Financial years starting on or after 1 January 2025 | Financial years starting on or after 1 July 2026 | Financial years starting on or after 1 July 2027 |
| First report due | Within 3 or 4 months of year end, with the financial report | Within 3 or 4 months of year end, with the financial report | Within 3 or 4 months of year end, with the financial report |
| Scope 3 | From the second reporting year | From the second reporting year | From the second reporting year (if reporting in full) |
| Assurance | Limited from year one, reasonable from 1 July 2030 | Limited from year one, reasonable from 1 July 2030 | Limited from year one, reasonable from 1 July 2030 |
| Checklist | Group 1 checklist | Group 2 checklist | Group 3 checklist |
This page is general information, not legal or accounting advice. Check your position with your auditor or adviser.
Reporting now, for financial years starting on or after 1 January 2025.
Group 1 checklist →Reporting from financial years starting on or after 1 July 2026.
Group 2 checklist →Reporting from 1 July 2027, with a materiality exemption available.
Group 3 checklist →Scope 1 is what you burn, Scope 2 is the energy you buy, and Scope 3 is everything else in your value chain. AASB S2 requires Scope 1 and 2 from your first reporting year and Scope 3 from your second.
Direct emissions from sources you own or control. Examples: gas for heating, diesel in company vehicles, refrigerant leaks, on-site fuel. AASB S2: mandatory from year one, disaggregated by greenhouse gas.
Indirect emissions from the electricity, steam, heating or cooling you purchase. Examples: grid electricity for offices, stores and warehouses. AASB S2: mandatory from year one. The location-based method is required; market-based is optional.
All other indirect emissions across your value chain: purchased goods, travel, freight, use of sold products, waste. Typically 70 to 90% of a company's footprint. AASB S2: mandatory from year two, with all 15 GHG Protocol categories assessed for materiality.
From your electricity bills: kWh per meter (NMI), per site and per billing period, converted to CO₂-e with the state grid factor. The hard part for a multi-site business is getting every bill, from every retailer, into one validated dataset your auditor can trace.
A franchise network with 150 locations across NSW, VIC and QLD will have contracts with several retailers, and bills arriving in different formats, on different cycles, to different inboxes.
Common gaps: bills stuck in retailer portals, sites on different contract dates, no NMI-level export, inconsistent formats across retailers, and spreadsheets that break at audit.
A clear trail from kWh per NMI to CO₂-e per site, using the location-based method and the right National Greenhouse Accounts factor for each state grid, reconciled to the retailer invoices.
Required outputs: site-level kWh, state grid factors applied, CO₂-e by location, reconciliation to invoices, a documented method and a data trail that holds up to limited assurance in year one and reasonable assurance from 2030.
Termina builds this dataset from your bills. Your first 50 bills are free.
Follow the GHG Protocol: set your boundary, collect activity data, apply emission factors and convert to CO₂-e. For most organisations, Scope 2 electricity data is where data quality matters most.
Operational control, financial control or equity share. Keep it consistent with your NGER approach where that applies.
For Scope 2, electricity use (kWh) per NMI from every site and retailer. For Scope 1, fuel and refrigerants. For Scope 3, spend, travel and logistics.
For Scope 2, the state grid factors from the National Greenhouse Accounts (NGA) Factors, which differ for NSW, VIC, QLD, SA and WA. For Scope 1, the NGA fuel factors.
Aggregate every greenhouse gas into CO₂ equivalent using global warming potential values consistent with AASB S2.
Four pillars, aligned with the TCFD framework, in an annual sustainability report lodged with ASIC alongside your financial report.
Board and management oversight of climate-related risks and opportunities: directors' duties, controls, skills and how often the board is told.
Material climate risks and opportunities, scenario analysis under 1.5°C and above 2°C pathways, the expected financial effects, and any transition plan.
How climate-related risks are identified, assessed, prioritised and built into your enterprise risk management.
Scope 1 and Scope 2 greenhouse gas emissions from year one, material Scope 3 from year two, your methodology and emission factors, climate targets and capital deployed.
Have the bills come to one place automatically, and validate each one before it counts. That is what the Termina energy data platform does, and your first 50 bills are free.
Most of the Scope 2 effort isn't the maths. It's finding every bill: a dozen retailers, a dozen formats, half of them behind a portal login someone else has.
Termina turns those bills into audit-ready emissions data for AASB S2 reporting. Upload your first bills to see the data today. Authorise us once and we update the billing contact with each retailer, so every bill after that comes straight to us. Nothing to install, and nothing about your supply or retailer changes.
Each bill is re-added against its own totals, tested against your contract where we hold it, and flagged where it needs review. Then it's structured by meter (NMI, MIRN or ICP), site and period, with the right factor applied to each fuel and the source bill behind every figure.
Your first 50 bills on the platform are free.
Roughly a year of monthly bills across four sites. Enough to see whether your data comes back clean before you commit to anything.
Or talk to us about more options. Nothing is charged without you agreeing to it first.
Building your own pipeline? POST a bill PDF and get raw extracted data back as JSON, not validated. 50 API credits free, separate from the 50 platform bills. Docs at docs.termina.com.
See how it works on the free energy data platform, or read how to extract usage and rates from an electricity bill.
AASB S2 Climate-related Disclosures is Australia's mandatory standard for climate-related financial disclosures, part of the Australian Sustainability Reporting Standards (ASRS). It is aligned with IFRS S2 and built on the TCFD framework. Reporting began for Group 1 entities with financial years starting on or after 1 January 2025, Group 2 follows from 1 July 2026 and Group 3 from 1 July 2027.
Collect activity data (fuel used, electricity used), apply the right emission factors, such as the Australian National Greenhouse Accounts factors, and calculate emissions in CO2-equivalent using global warming potential values. The GHG Protocol Corporate Standard is the accepted method. AASB S2 requires the location-based method for Scope 2 as a minimum.
Emission factors convert activity data, such as litres of fuel or kWh of electricity, into greenhouse gas emissions. In Australia the standard reference is the National Greenhouse Accounts (NGA) Factors, published by the Australian Government each year and used for both NGER and AASB S2. IPCC factors can be used where no NGA factor exists.
The GHG Protocol is the most widely used greenhouse gas accounting framework. It defines the Scope 1, 2 and 3 categories AASB S2 uses, and AASB S2 requires entities to consider the 15 Scope 3 categories in its Corporate Value Chain Standard when deciding which emissions are material.
Closely aligned, with Australian changes. AASB S2 works as a standalone standard (it brings in the relevant AASB S1 provisions), scenario analysis must include 1.5°C and above 2°C pathways, and the phase-in timeline is set by the Corporations Act rather than the ISSB.
Non-compliance carries civil penalties that mirror financial reporting breaches under the Corporations Act, including director liability for misleading disclosures. For the first 3 years, private enforcement for Scope 3, scenario analysis and transition plan disclosures is limited to action by ASIC. Scope 1 and 2, governance and risk management disclosures have no such protection.
No. Termina supplies the validated energy data underneath it: Scope 1 and 2 by site and period from your electricity, gas and LPG bills, with the source bill behind every figure. You keep your carbon accounting platform and your auditor. Your first 50 bills on the platform are free.
Free to start with your first 50 bills, or $0 when we run your procurement. Talk to us about more options. Building your own pipeline instead? The bill extraction API is a separate offer for developers: raw extracted data, not validated, with 50 API credits free at docs.termina.com.
This page is general information, not legal or accounting advice. Check your position with your auditor or adviser.
Upload a handful of bills and look at what comes out. Your first 50 bills are free.