Accurate measurement and interpretation of pollution emissions and reduction in these emissions is a crucial part of reporting to enhance environmental management and improve the sustainability of both business and the environment. This study uses industrial chemical release, as listed in Pollutant Release and Transfer Registers (PRTRs) as a proxy for environmental performance and presents toxicity weightings for over 90 chemicals in the Australian PRTR. It incorporates three different dimensions: human health, the environment, and exposure. The use of toxicity weighted emission indicators has far‐reaching advantages for corporate managers and policy‐makers, and external analysts. In contrast to mass‐based emission indicators, it provides robust guidance for risk amelioration. Copyright © 2014 John Wiley & Sons, Ltd and ERP Environment