diff --git a/Gems/Atom/RPI/Code/Include/Atom/RPI.Public/Shader/Shader.h b/Gems/Atom/RPI/Code/Include/Atom/RPI.Public/Shader/Shader.h
index e2568f3b61..bae9c4d8cc 100644
--- a/Gems/Atom/RPI/Code/Include/Atom/RPI.Public/Shader/Shader.h
+++ b/Gems/Atom/RPI/Code/Include/Atom/RPI.Public/Shader/Shader.h
@@ -154,6 +154,8 @@ namespace AZ
 
             ConstPtr<RHI::PipelineLibraryData> LoadPipelineLibrary() const;
             void SavePipelineLibrary() const;
+            
+            const ShaderVariant& GetVariantInternal(ShaderVariantStableId shaderVariantStableId);
 
             ///////////////////////////////////////////////////////////////////
             /// AssetBus overrides
diff --git a/Gems/Atom/RPI/Code/Include/Atom/RPI.Public/Shader/ShaderReloadDebugTracker.h b/Gems/Atom/RPI/Code/Include/Atom/RPI.Public/Shader/ShaderReloadDebugTracker.h
index 27c43afd12..dcbc4a5774 100644
--- a/Gems/Atom/RPI/Code/Include/Atom/RPI.Public/Shader/ShaderReloadDebugTracker.h
+++ b/Gems/Atom/RPI/Code/Include/Atom/RPI.Public/Shader/ShaderReloadDebugTracker.h
@@ -24,6 +24,9 @@ namespace AZ
         class ShaderReloadDebugTracker final
         {
         public:
+            static void Init();
+            static void Shutdown();
+
             static bool IsEnabled();
 
             //! Begin a code section. Will print a "[BEGIN] <sectionName>" header, and all subsequent calls will be indented.
@@ -34,8 +37,8 @@ namespace AZ
                 if (IsEnabled())
                 {
                     const AZStd::string sectionName = AZStd::string::format(sectionNameFormat, args...);
-                    AZ_TracePrintf("ShaderReloadDebug", "%*s [BEGIN] %s \n", s_indent, "", sectionName.c_str());
-                    s_indent += IndentSpaces;
+                    AZ_TracePrintf("ShaderReloadDebug", "%*s [BEGIN] %s \n", GetIndent(), "", sectionName.c_str());
+                    AddIndent();
                 }
 #endif
             }
@@ -48,8 +51,8 @@ namespace AZ
                 if (IsEnabled())
                 {
                     const AZStd::string sectionName = AZStd::string::format(sectionNameFormat, args...);
-                    s_indent -= IndentSpaces;
-                    AZ_TracePrintf("ShaderReloadDebug", "%*s [_END_] %s \n", s_indent, "", sectionName.c_str());
+                    RemoveIndent();
+                    AZ_TracePrintf("ShaderReloadDebug", "%*s [_END_] %s \n", GetIndent(), "", sectionName.c_str());
                 }
 #endif
             }
@@ -63,7 +66,7 @@ namespace AZ
                 {
                     const AZStd::string message = AZStd::string::format(format, args...);
 
-                    AZ_TracePrintf("ShaderReloadDebug", "%*s %s \n", s_indent, "", message.c_str());
+                    AZ_TracePrintf("ShaderReloadDebug", "%*s %s \n", GetIndent(), "", message.c_str());
                 }
 #endif
             }
@@ -86,9 +89,12 @@ namespace AZ
             };
 
         private:
-            static bool s_enabled;
-            static int s_indent;
             static constexpr int IndentSpaces = 4;
+
+            static void MakeReady();
+            static void AddIndent();
+            static void RemoveIndent();
+            static int GetIndent();
         };
 
     } // namespace RPI
diff --git a/Gems/Atom/RPI/Code/Include/Atom/RPI.Reflect/Shader/ShaderAsset.h b/Gems/Atom/RPI/Code/Include/Atom/RPI.Reflect/Shader/ShaderAsset.h
index 2c24d6052a..5da990eedb 100644
--- a/Gems/Atom/RPI/Code/Include/Atom/RPI.Reflect/Shader/ShaderAsset.h
+++ b/Gems/Atom/RPI/Code/Include/Atom/RPI.Reflect/Shader/ShaderAsset.h
@@ -96,7 +96,7 @@ namespace AZ
 
             //! Return the timestamp when the shader asset was built.
             //! This is used to synchronize versions of the ShaderAsset and ShaderVariantTreeAsset, especially during hot-reload.
-            AZStd::sys_time_t GetShaderAssetBuildTimestamp() const;
+            AZStd::sys_time_t GetBuildTimestamp() const;
 
             //! Returns the shader option group layout.
             const ShaderOptionGroupLayout* GetShaderOptionGroupLayout() const;
@@ -297,7 +297,7 @@ namespace AZ
             Name m_drawListName;
 
             //! Use to synchronize versions of the ShaderAsset and ShaderVariantTreeAsset, especially during hot-reload.
-            AZStd::sys_time_t m_shaderAssetBuildTimestamp = 0; 
+            AZStd::sys_time_t m_buildTimestamp = 0; 
 
 
             ///////////////////////////////////////////////////////////////////
diff --git a/Gems/Atom/RPI/Code/Source/RPI.Public/Pass/FullscreenTrianglePass.cpp b/Gems/Atom/RPI/Code/Source/RPI.Public/Pass/FullscreenTrianglePass.cpp
index 40dce7d138..0bd32344d6 100644
--- a/Gems/Atom/RPI/Code/Source/RPI.Public/Pass/FullscreenTrianglePass.cpp
+++ b/Gems/Atom/RPI/Code/Source/RPI.Public/Pass/FullscreenTrianglePass.cpp
@@ -9,6 +9,7 @@
 #include <Atom/RPI.Public/Pass/FullscreenTrianglePass.h>
 #include <Atom/RPI.Public/Pass/PassUtils.h>
 #include <Atom/RPI.Public/RPIUtils.h>
+#include <Atom/RPI.Public/Shader/ShaderReloadDebugTracker.h>
 
 #include <Atom/RPI.Reflect/Pass/FullscreenTrianglePassData.h>
 #include <Atom/RPI.Reflect/Pass/PassTemplate.h>
@@ -46,16 +47,19 @@ namespace AZ
 
         void FullscreenTrianglePass::OnShaderReinitialized(const Shader&)
         {
+            ShaderReloadDebugTracker::ScopedSection reloadSection("{%p}->FullscreenTrianglePass::OnShaderReinitialized", this);
             LoadShader();
         }
 
         void FullscreenTrianglePass::OnShaderAssetReinitialized(const Data::Asset<ShaderAsset>&)
         {
+            ShaderReloadDebugTracker::ScopedSection reloadSection("{%p}->FullscreenTrianglePass::OnShaderAssetReinitialized", this);
             LoadShader();
         }
 
         void FullscreenTrianglePass::OnShaderVariantReinitialized(const ShaderVariant&)
         {
+            ShaderReloadDebugTracker::ScopedSection reloadSection("{%p}->FullscreenTrianglePass::OnShaderVariantReinitialized", this);
             LoadShader();
         }
 
@@ -129,6 +133,8 @@ namespace AZ
         void FullscreenTrianglePass::InitializeInternal()
         {
             RenderPass::InitializeInternal();
+            
+            ShaderReloadDebugTracker::ScopedSection reloadSection("{%p}->FullscreenTrianglePass::InitializeInternal", this);
 
             // This draw item purposefully does not reference any geometry buffers.
             // Instead it's expected that the extended class uses a vertex shader 
diff --git a/Gems/Atom/RPI/Code/Source/RPI.Public/Shader/Shader.cpp b/Gems/Atom/RPI/Code/Source/RPI.Public/Shader/Shader.cpp
index 51dd9c36d3..bee9200c07 100644
--- a/Gems/Atom/RPI/Code/Source/RPI.Public/Shader/Shader.cpp
+++ b/Gems/Atom/RPI/Code/Source/RPI.Public/Shader/Shader.cpp
@@ -320,6 +320,30 @@ namespace AZ
         }
 
         const ShaderVariant& Shader::GetVariant(ShaderVariantStableId shaderVariantStableId)
+        {
+            const ShaderVariant& variant = GetVariantInternal(shaderVariantStableId);
+            
+            if (ShaderReloadDebugTracker::IsEnabled())
+            {
+                auto makeTimeString = [](AZStd::sys_time_t timestamp, AZStd::sys_time_t now)
+                {
+                    AZStd::sys_time_t elapsedMicroseconds = now - timestamp;
+                    double elapsedSeconds = aznumeric_cast<double>(elapsedMicroseconds / 1'000'000);
+                    AZStd::string timeString = AZStd::string::format("%lld (%f seconds ago)", timestamp, elapsedSeconds);
+                    return timeString;
+                };
+
+                AZStd::sys_time_t now = AZStd::GetTimeNowMicroSecond();
+
+                ShaderReloadDebugTracker::Printf("{%p}->Shader::GetVariant for shader '%s' [build time %s] found variant '%s' [build time %s]", this,
+                    m_asset.GetHint().c_str(), makeTimeString(m_asset->GetBuildTimestamp(), now).c_str(),
+                    variant.GetShaderVariantAsset().GetHint().c_str(), makeTimeString(variant.GetShaderVariantAsset()->GetBuildTimestamp(), now).c_str());
+            }
+
+            return variant;
+        }
+
+        const ShaderVariant& Shader::GetVariantInternal(ShaderVariantStableId shaderVariantStableId)
         {
             if (!shaderVariantStableId.IsValid() || shaderVariantStableId == ShaderAsset::RootShaderVariantStableId)
             {
@@ -336,7 +360,7 @@ namespace AZ
                     // reloaded, but some (or all) shader variants haven't been built yet. Since we want to use the latest version of the
                     // shader code, ignore the old variants and fall back to the newer root variant instead. There's no need to report a
                     // warning here because m_asset->GetVariant below will report one.
-                    if (findIt->second.GetBuildTimestamp() >= m_asset->GetShaderAssetBuildTimestamp())
+                    if (findIt->second.GetBuildTimestamp() >= m_asset->GetBuildTimestamp())
                     {
                         return findIt->second;
                     }
@@ -359,7 +383,7 @@ namespace AZ
             auto findIt = m_shaderVariants.find(shaderVariantStableId);
             if (findIt != m_shaderVariants.end())
             {
-                if (findIt->second.GetBuildTimestamp() >= m_asset->GetShaderAssetBuildTimestamp())
+                if (findIt->second.GetBuildTimestamp() >= m_asset->GetBuildTimestamp())
                 {
                     return findIt->second;
                 }
diff --git a/Gems/Atom/RPI/Code/Source/RPI.Public/Shader/ShaderReloadDebugTracker.cpp b/Gems/Atom/RPI/Code/Source/RPI.Public/Shader/ShaderReloadDebugTracker.cpp
index 6b97e43cbd..3e7ff826cf 100644
--- a/Gems/Atom/RPI/Code/Source/RPI.Public/Shader/ShaderReloadDebugTracker.cpp
+++ b/Gems/Atom/RPI/Code/Source/RPI.Public/Shader/ShaderReloadDebugTracker.cpp
@@ -7,24 +7,75 @@
  */
 
 #include <Atom/RPI.Public/Shader/ShaderReloadDebugTracker.h>
+#include <AzCore/Module/Environment.h>
 
 namespace AZ
 {
     namespace RPI
     {
-        bool ShaderReloadDebugTracker::s_enabled = false;
-        int ShaderReloadDebugTracker::s_indent = 0;
+        namespace ShaderReloadDebugTrackerInternal
+        {
+            static const char EnabledVariableName[] = "ShaderReloadDebugTracker enabled";
+            static const char IndentVariableName[] = "ShaderReloadDebugTracker indent";
+
+            static EnvironmentVariable<bool> s_enabled;
+            static EnvironmentVariable<int> s_indent;
+        }
+
+        void ShaderReloadDebugTracker::Init()
+        {
+            ShaderReloadDebugTrackerInternal::s_enabled = AZ::Environment::CreateVariable<bool>(ShaderReloadDebugTrackerInternal::EnabledVariableName);
+            ShaderReloadDebugTrackerInternal::s_indent = AZ::Environment::CreateVariable<int>(ShaderReloadDebugTrackerInternal::IndentVariableName);
+
+            ShaderReloadDebugTrackerInternal::s_enabled.Get() = false;
+            ShaderReloadDebugTrackerInternal::s_indent.Get() = 0;
+        }
+
+        void ShaderReloadDebugTracker::Shutdown()
+        {
+            ShaderReloadDebugTrackerInternal::s_enabled.Reset();
+            ShaderReloadDebugTrackerInternal::s_indent.Reset();
+        }
+        
+        void ShaderReloadDebugTracker::MakeReady()
+        {
+            if (!ShaderReloadDebugTrackerInternal::s_enabled.IsValid())
+            {
+                ShaderReloadDebugTrackerInternal::s_enabled = AZ::Environment::FindVariable<bool>(ShaderReloadDebugTrackerInternal::EnabledVariableName);
+                ShaderReloadDebugTrackerInternal::s_indent = AZ::Environment::FindVariable<int>(ShaderReloadDebugTrackerInternal::IndentVariableName);
+            }
+        }
 
         bool ShaderReloadDebugTracker::IsEnabled()
         {
 #ifdef AZ_ENABLE_SHADER_RELOAD_DEBUG_TRACKER
+            MakeReady();
+
             // Set this to true in the debugger to turn on hot reload tracing.
             // If needed, we could hook this up to a CVar.
-            return s_enabled;
+            return ShaderReloadDebugTrackerInternal::s_enabled.Get();
 #else
             return false;
 #endif
         }
+        
+        void ShaderReloadDebugTracker::AddIndent()
+        {
+            MakeReady();
+            ShaderReloadDebugTrackerInternal::s_indent.Get() += IndentSpaces;
+        }
+
+        void ShaderReloadDebugTracker::RemoveIndent()
+        {
+            MakeReady();
+            ShaderReloadDebugTrackerInternal::s_indent.Get() -= IndentSpaces;
+        }
+        
+        int ShaderReloadDebugTracker::GetIndent()
+        {
+            MakeReady();
+            return ShaderReloadDebugTrackerInternal::s_indent.Get();
+        }
 
         ShaderReloadDebugTracker::ScopedSection::~ScopedSection()
         {
diff --git a/Gems/Atom/RPI/Code/Source/RPI.Public/Shader/ShaderSystem.cpp b/Gems/Atom/RPI/Code/Source/RPI.Public/Shader/ShaderSystem.cpp
index ec6aeb3771..2e66aaca99 100644
--- a/Gems/Atom/RPI/Code/Source/RPI.Public/Shader/ShaderSystem.cpp
+++ b/Gems/Atom/RPI/Code/Source/RPI.Public/Shader/ShaderSystem.cpp
@@ -10,6 +10,7 @@
 #include <Atom/RPI.Public/Shader/Shader.h>
 #include <Atom/RPI.Public/Shader/ShaderResourceGroup.h>
 #include <Atom/RPI.Public/Shader/ShaderResourceGroupPool.h>
+#include <Atom/RPI.Public/Shader/ShaderReloadDebugTracker.h>
 
 #include <Atom/RPI.Reflect/Asset/AssetHandler.h>
 #include <Atom/RPI.Reflect/Asset/AssetUtils.h>
@@ -86,10 +87,13 @@ namespace AZ
                 };
                 Data::InstanceDatabase<ShaderResourceGroupPool>::Create(azrtti_typeid<ShaderResourceGroupPool>(), handler, false);
             }
+
+            ShaderReloadDebugTracker::Init();
         }
 
         void ShaderSystem::Shutdown()
         {
+            ShaderReloadDebugTracker::Shutdown();
             Data::InstanceDatabase<Shader>::Destroy();
             Data::InstanceDatabase<ShaderResourceGroup>::Destroy();
             Data::InstanceDatabase<ShaderResourceGroupPool>::Destroy();
diff --git a/Gems/Atom/RPI/Code/Source/RPI.Reflect/Shader/ShaderAsset.cpp b/Gems/Atom/RPI/Code/Source/RPI.Reflect/Shader/ShaderAsset.cpp
index 84757d58ab..9fa76ac5ee 100644
--- a/Gems/Atom/RPI/Code/Source/RPI.Reflect/Shader/ShaderAsset.cpp
+++ b/Gems/Atom/RPI/Code/Source/RPI.Reflect/Shader/ShaderAsset.cpp
@@ -100,7 +100,7 @@ namespace AZ
                     ->Field("pipelineStateType", &ShaderAsset::m_pipelineStateType)
                     ->Field("shaderOptionGroupLayout", &ShaderAsset::m_shaderOptionGroupLayout)
                     ->Field("drawListName", &ShaderAsset::m_drawListName)
-                    ->Field("shaderAssetBuildTimestamp", &ShaderAsset::m_shaderAssetBuildTimestamp)
+                    ->Field("shaderAssetBuildTimestamp", &ShaderAsset::m_buildTimestamp)
                     ->Field("perAPIShaderData", &ShaderAsset::m_perAPIShaderData)
                     ;
             }
@@ -134,11 +134,11 @@ namespace AZ
             return m_drawListName;
         }
 
-        AZStd::sys_time_t ShaderAsset::GetShaderAssetBuildTimestamp() const
+        AZStd::sys_time_t ShaderAsset::GetBuildTimestamp() const
         {
-            return m_shaderAssetBuildTimestamp;
+            return m_buildTimestamp;
         }
-
+        
         void ShaderAsset::SetReady()
         {
             m_status = AssetStatus::Ready;
@@ -256,7 +256,7 @@ namespace AZ
                 }
                 return GetRootVariant(supervariantIndex);
             }
-            else if (variant->GetBuildTimestamp() >= m_shaderAssetBuildTimestamp)
+            else if (variant->GetBuildTimestamp() >= m_buildTimestamp)
             {
                 return variant;
             }
diff --git a/Gems/Atom/RPI/Code/Source/RPI.Reflect/Shader/ShaderAssetCreator.cpp b/Gems/Atom/RPI/Code/Source/RPI.Reflect/Shader/ShaderAssetCreator.cpp
index 87338f2185..5df37aa211 100644
--- a/Gems/Atom/RPI/Code/Source/RPI.Reflect/Shader/ShaderAssetCreator.cpp
+++ b/Gems/Atom/RPI/Code/Source/RPI.Reflect/Shader/ShaderAssetCreator.cpp
@@ -21,7 +21,7 @@ namespace AZ
         {
             if (ValidateIsReady())
             {
-                m_asset->m_shaderAssetBuildTimestamp = shaderAssetBuildTimestamp;
+                m_asset->m_buildTimestamp = shaderAssetBuildTimestamp;
             }
         }
 
@@ -390,7 +390,7 @@ namespace AZ
             m_asset->m_pipelineStateType = sourceShaderAsset.m_pipelineStateType;
             m_asset->m_drawListName = sourceShaderAsset.m_drawListName;
             m_asset->m_shaderOptionGroupLayout = sourceShaderAsset.m_shaderOptionGroupLayout;
-            m_asset->m_shaderAssetBuildTimestamp = sourceShaderAsset.m_shaderAssetBuildTimestamp;
+            m_asset->m_buildTimestamp = sourceShaderAsset.m_buildTimestamp;
 
             // copy root variant assets
             for (auto& perAPIShaderData : sourceShaderAsset.m_perAPIShaderData)