Among the notable decisions emerging from the COP 26 UN Climate Change Conference, and likely to exert an important influence on corporate reporting, was a final agreement on the Paris Rulebook.
With COP26 upon us, it is no surprise that climate and sustainability have been at the forefront of our minds around the world in recent days and weeks. In the UK, a number of announcements are set to have important impacts for reporting into the future.
A new post from Workiva’s Steve Soter offers his take on forthcoming enhanced climate disclosure rules, expected from the US Securities and Exchange Commission (SEC).
On 14 October, the White House published ‘A Roadmap to Build a Climate-Resilient Economy’ for the US. It outlines both a climate risk accountability framework and, based on these guiding principles, a whole-of-government implementation strategy to address climate-related financial risk.
The Task Force on Climate-related Financial Disclosures (TCFD) has published its 2021 Status Report. It finds that disclosure in line with the TCFD’s recommendations has accelerated significantly, growing by 9% in 2019–20.
Japan’s Financial Services Agency (FSA) is likely to require mandatory climate disclosures as early as April next year, covering carbon emissions as well as other climate-related risks.
The European Financial Reporting Advisory Group (EFRAG) recently published its ‘Climate standard prototype’ working paper, setting out its current thinking on climate-related reporting standards. It has now released its accompanying ‘Basis for Conclusions,’ discussing the rationale behind the draft standards in substantial detail, from objectives and scope to specific climate policies, targets and metrics.
The US Securities and Exchange Commission (SEC) has taken the interesting step of publishing a sample letter, illustrating comments that the Division of Corporation Finance might make on a company’s disclosures as they relate to climate change.
François Villeroy de Galhau, Governor of the Banque de France, spoke recently at the International Conference on Statistics for Sustainable Finance, emphasising the need for good data.
It is still relatively early days, but do you want to know more about the thinking thus far as the European Financial Reporting Advisory Group (EFRAG) works toward shared sustainability standards?
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