Legal tech business Verimus has created Australia’s first locally made broad range ESG (Environment, Social, Governance) tech solution by re-packaging its Modern Slavery and ESG Portals to create Verimus ClearESG.
Verimus ClearESG, is one of few such software solutions completely developed in Australia to meet Australian regulation as well as complying with international requirements. It also offers a unique combination of cutting edge legal insights – developed with legal partner Cowell Clarke – regulatory compliance, access to world’s best global databases and financial system integration.
Verimus general manager, Kate Lawson said the new package is not only user-friendly, but also new-legislation and audit ready.
“While there is undoubtedly a lot of noise around ESG at the moment, amendments to the Corporations Act have been introduced to make climate related financial disclosures mandatory, phased in from this year,” she said. “Verimus ClearESG is designed to ensure all types of business can meet the compliance requirements of the Government as well as their customers and manage climate risk.”
To mark the launch of ClearESG, legal tech business Verimus has undertaken new research into the sector which has identified compliance and legal risk for Australian businesses created by a worldwide boom in technology to assist businesses meet new climate compliance requirements being introduced in Australia and across the world.
Since 2020, the global market has witnessed a remarkable surge in the development of ESG (Environmental, Social, and Governance) focused software packages. Over 188 new software packages have been launched in the past four years, representing more than 73% of the total market offerings in this space.
An impressive 83% of these new software products are specifically targeted at carbon accounting, reflecting an increasing emphasis on mandatory climate reporting being required throughout many developed economies.
In Australia amendments to the Corporations Act have been introduced to make climate related financial disclosures mandatory, phased in from this year.
Verimus general manager, Kate Lawson said that despite this global momentum, relevance to Australian business for these cutting-edge ESG software solutions remains limited.
“Less than 37% of the newly launched products are accessible in Australia, and a mere 5% have been created in or specifically tailored for the Australian market,” she said. “This raises the possibility that Australian or global businesses might use foreign calculations that inadvertently provide misleading data that could lead to accusations of greenwashing and even litigation.”
The rise in ESG software development is a clear indicator of the growing importance placed on sustainability and responsible business practices. As companies strive to meet regulatory requirements and stakeholder expectations, the demand for robust carbon accounting tools is expected to continue its upward trajectory.
For more information or media enquiries, contact katel@verimus.com.au.
