Read the full story at the Climate Law Blog.
In the global effort to protect the earth’s climate, the pace of regulation is rivaled only by the speed of technological innovation.
What seemed improbable just a few years ago – requiring large companies to measure and report annual greenhouse gas emissions generated by their operations and “value chains”– is becoming reality in several countries.
While the SEC’s climate disclosure rules are pending, and will probably face litigation when final, regulations from other agencies and jurisdictions are likely to affect U.S. companies soon:
- The European Union’s “Corporate Sustainability Reporting Directive” (CSRD), which goes into effect in January,
- the Federal Acquisition Regulatory (FAR) Council’s November 2022 proposal on “Disclosure of Greenhouse Gas Emissions and Climate-Related Financial Risk”,
- California’s new “Climate Corporate Data Accountability Act” (SB 253) and “Climate-Related Financial Risk” statute (SB 261), as well as its “Voluntary Carbon Markets Disclosures” bill (AB 1305), all signed into law in October, and
- New York State’s twin bills for a “Climate Corporate Accountability Act” (S897-A) and a “Climate-related financial risk and required disclosures” statute (S5437), which may be approved in the coming months.
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