The Group of Seven (G7) Finance Ministers and Central Bank Governors have issued a communiqué calling for the introduction of mandatory climate-related disclosures and endorsing international initiatives, among other concrete actions to address today’s historic challenges.
A recent post from the International Monetary Fund (IMF), on ‘How strengthening standards for data and disclosure can make for a greener future,’ lends its support to harmonised and consistent climate disclosures.
On 20 May 2021 US President Joe Biden signed a sweeping Executive Order on Climate-Related Financial Risk. It mandates greater disclosures to provide the information needed to understand climate risks and enable action to mitigate them.
Janine Guillot, CEO of the Sustainability Accounting Standards Board (SASB), has published a piece discussing the Board’s response to the US Securities and Exchange Commission (SEC) consultation on climate change disclosure, and welcoming SEC’s commitment to addressing the needs of 21st century investors in this arena.
In remarks to the Institute of International Finance on 21 April, US Secretary of the Treasury Janet Yellen laid out the Treasury’s ‘whole-of-government’ approach to climate change, and emphasised the importance of disclosure.
If you’re following developments in the international efforts to develop global environmental, social and governance (ESG) reporting standards and a Sustainability Standards Board (SSB), you may be interested in a recent interview in ESG Investor on ‘Making Climate Data Comparable’ with Ashley Alder, Chair of the International Organization of Securities Commissions (IOSCO).
The UK’s Department for Business, Energy & Industrial Strategy (BEIS) has published a consultation on mandatory disclosures in line with the recommendations of the Task Force on Climate-related Financial Disclosure (TCFD).
Continuing its recent focus on climate, the US Securities and Exchange Commission (SEC) is seeking comments from the public on its climate change disclosure rules and related guidance, and whether and how they should be modified.
In further Environmental, Social and Governance (ESG) news from the US Securities and Exchange Commission (SEC), the agency has announced the creation of a Climate and ESG Task Force in its Division of Enforcement.
On 24 February, SEC Acting Chair Allison Herren Lee released a ‘Statement on the Review of Climate-Related Disclosure’ in which she directed the Division of Corporation Finance to “enhance its focus on climate-related disclosure in public company filings.”
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