Salmon farming disclosures
Client and funder
-
Australian Marine Conservation Society
Year
-
2026
- Posted on 14 Oct 2026
Swimming Against the Tide: Climate-Related Risks and Disclosure Gaps in Tasmania's Salmon Farming Industry
We examined climate-related disclosures for Tassal, Huon and Petuna and identified four key gaps between disclosures and existing climate science and other evidence.
Tasmanian salmon farming is Australia's most valuable aquaculture industry at over $1.36 billion for FY2022-23.
As a ‘global ocean hotspot’ where marine waters are warming nearly four times faster than the global average, the salmon industry in Tasmania is increasingly exposed to climate change. This includes climate-related physical and transition risks, which increasingly affect business performance, asset values and long-term viability.
Climate-related risks are already affecting the industry:
- in the warmer months of the year, water temperatures can reach or exceed Atlantic salmon’s ceiling thermal stress tolerance
- marine heatwaves are increasing in duration and becoming more frequent and intense
- rising water temperatures are contributing to lower dissolved oxygen levels, increased disease outbreaks, storm intensity and frequency.
All of these risks are compounding in nature, and can result in salmon mortality events.
These impacts have contributed to declining production, rising operational costs and increased uncertainty regarding the future suitability of some inshore farming locations.
The mandatory climate-related financial disclosure (CRFD) regime commenced in January 2025 and requires entities of a certain size to report climate-related risks and opportunities to their business.
We examined key climate-related disclosures for Tassal, Huon and Petuna, their respective parent companies and respective reporting entities and found four gaps between disclosures and available evidence:
- companies fail to clearly translate the impacts of climate-related physical risks on their business models and strategies
- continued inshore salmon farming in Tasmania is misaligned with reduced production in the last five years and growing physical and transition risks
- climate adaptation will be necessary and interventions will be costly, however this detail and impact on future business strategy is not disclosed
- climate-related transition risk is considerable, though the risks and their impacts are not disclosed in detail.
"The new mandatory Sustainability Reports under the climate-related financial disclosures regime are a start," said ISF Senior Research Consultant Hollie Cheung.
"Going forward, clear disclosures with greater detail and transparency are urgently needed so that all stakeholders involved in the salmon farming industry – the companies, their investors and local communities – can build resilience into the future."
Research output
Researcher team
Senior Research Consultant, DVC (Research)
Senior Research Consultant, DVC (Research)
Program Lead - Business, Economy And Governance, DVC (Research)
Professor, Faculty of Science
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