Reporting and Disclosure
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Notable News
Private Sector News
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NATURE COLLECTIVE IMPACT COALITION — This investor group, representing $1.4 trillion in assets under management, published a statement asking companies that are assessed under the World Benchmarking Alliance’s Nature Benchmark to “urgently assess and disclose their impacts and dependencies on nature,” both in their own operations and along their value chains. The coalition will use the Benchmark to track progress, “rewarding” those companies taking positive steps, and “pressuring the laggards to do more.” (Sept 2024)
320 companies and financial institutions have committed to start nature-related corporate reporting based on the Taskforce on Nature-related Financial Disclosures (TNFD) recommendations. The early adopters represent 58 sectors, $4 trillion in market capitalization, and over 100 financial institutions representing $14 trillion in Assets under Management. 43% come from Europe, 42% from Asia and the Pacific, 6% from North America, 6% from Latin America and the Caribbean, and 3% from Africa and the Middle East. (Jan 2024)
COSTCO WHOLESALE — Committed to increase plastic footprint disclosures and a new 5-year action plan (in December 2024), according to a press release from Green Century Funds. The disclosures are expected to be unveiled in July 2024, and include the total plastic footprint of Costco’s in-house brand, Kirkland Signature. Costco will also disclose the total percentage of recycled content in its plastic packaging.
SALESFORCE — Announced generative AI enhancements to its Net Zero Cloud platform to make ESG reporting easier for companies. This includes tools that will help: 1) generate sustainability reporting responses working from previous disclosures and uploaded information; 2) automate CSRD reports; and 3) assess the most material topics to their company. (Sept 2023)
The Global Steel Climate Council (GSCC) published a draft of “The Steel Climate Standard,” a single, technology-agnostic protocol for all steel producers to follow when measuring and reporting carbon emissions. The standard aligns with the Paris Climate Agreement goal of achieving a 1.5ºC scenario. It includes product certification criteria to inform customers if purchased steel is on the Paris Climate Agreement glide path. GSCC is accepting public comments until May 17, 2023. (May 2023)
APPLE — Released a new framework to share how its environmental efforts around renewable energy, efficiency, and materials innovation are reducing the climate impact of Apple products. To demonstrate this, the company released updated product environment reports for a number of products, and included analysis of the percentage of manufacturing powered by clean energy. Apple also announced new partnerships for innovating climate solutions and engaging communities in environmental solutions, including partnering with (April 2023):
- Conservation International to support leadership in Afro-descendant communities in Latin America, with economic opportunities that address the climate and biodiversity crises;
- WWF on a Nature-Based Solutions (NbS) Origination Platform, to showcase a new model to scale up investments in high-quality nature-based solutions; and
- Beyond Benign to bring green chemistry and sustainable science programming to minority-serving institutions in the U.S. and expand the talent pool of Black, Hispanic, and Native American scientists trained in sustainability.
Procter & Gamble agreed to disclose data on recruitment and retention rates by gender (globally) and by race or ethnicity (in the U.S.) by the end of 2024. This comes after a campaign by shareholder advocacy group As You Sow, which filed a proxy proposal and has now withdrawn it. (Sept 2022)
BLACKROCK / FORD / GOLDMAN SACHS / JPMORGAN CHASE / MORGAN STANLEY — Will disclose the race and gender of individual directors in deals reached with New York City (NYC) pension officials. The move is intended to demonstrate the companies’ alignment of hiring practices with their stated commitments on diversity and inclusion. Taking another view, NextEra Energy is urging its shareholders to vote against a resolution filed by the NYC pension funds for similar disclosures, noting by proxy statement that "The imposition of a prescriptive matrix by individual director can promote a check-the-box approach to refreshment, thus increasing the risk of bypassing a well-qualified candidate." The company already publishes details about the skills of individual directors, and infographics showing overall diversity statistics about the board. (May 2022)
Over 680 financial institutions managing over $130 trillion in assets are requesting that nearly
10,400 companies worldwide disclose data on their environmental impact through CDP this year,
including their biodiversity impacts. Nearly 100 more financial institutions put their name on the disclosure requests than in 2021, and 46% more companies are being requested for the first time. (March 2022)
Persefoni and Workiva announced a strategic partnership to provide “transparent, investor-grade carbon disclosures seamlessly to joint customers.” Customers will be able to integrate data between the companies’ existing platforms, compare data across various disclosure frameworks, and access carbon benchmarking and a carbon-offset marketplace. (Feb 2022)
NEW LOOK — The British fashion retailer committed to (Feb 2022):
- Reducing GHG emissions from its products by 50% by 2030.
- Using 100% recycled, organic, or Better Cotton Initiative-sourced cotton starting this year, and using 100% sustainable viscose by 2023.
- Setting specific science-based targets “and a roadmap” by 2023.
- Publishing full visibility of its Tier 1 and 2 suppliers through by FY23 and full visibility of its Tier 3 cotton, viscose, and polyester supply chains by FY23.
- Reporting on model and influencer diversity annually starting this year.
STATE STREET GLOBAL ADVISORS — Expects all of its portfolio companies worldwide to have at least one woman on their boards starting in the 2022 proxy season. It also expects the boards of portfolio companies in major US, UK, European, Canadian, and Australian indices to have at least 30% women directors by the 2023 proxy season, and to align their climate-related disclosures with TCFD recommendations. State Street is prepared to vote against board leaders at companies that fail to meet any of the expectations. The company also plans in the coming year to “launch a targeted engagement campaign with the most significant emitters in our portfolio to encourage disclosure aligned with our expectations for climate transition plans." (Jan 2022)
List of Private Sector News, 2021-2020 (PDF)
Standard Setters News & Frameworks
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Task Force for Corporate Action Transparency (TCAT) — This new initiative is dedicated to strengthening the credibility of corporate climate accounting by providing third-party assurable accounting and reporting guidance that complements existing reporting frameworks and addresses gaps in current guidance. TCAT plans to publish technical guidance and methodologies to help companies report emissions reductions and removal efforts more transparently. With its launch, TCAT has already launched two guidance documents: Mitigation Action Accounting and Reporting Guidance (MAARG) to measure and report impacts of climate actions; and Target Accounting and Reporting Guidance (TARG) to report progress toward climate targets. 13 companies are piloting these new guidances, including CEF members Netflix and PepsiCo. (Sept 2025)
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The International Organization for Standardization (ISO) and Greenhouse Gas Protocol (GHG Protocol) launched a strategic partnership to harmonize their existing portfolios of GHG standards and to co-develop new standards for GHG emissions accounting and reporting. ISO and GHG Protocol will combine their GHG standards into “harmonized co-branded international standards,” with an aim of simplifying processes for companies and increasing consistency for policymakers. This includes standards from the ISO 1406X family of standards, and the GHG Protocol Corporate Accounting and Reporting, Scope 2, and Corporate Value Chain (Scope 3) Standards. The organizations will also work on a joint product carbon footprint standard. (Sept 2025)
SCS Standards and Assurance Systems opened public comment for two additional decarbonization modules for the SCS-115 Certification Standard for Product Carbon Intensity and Reduction for Chemicals and Co-products. (SCS-115 provides a methodology for third-party certification of greenhouse gas intensity and reduction in CO2 equivalents of a chemical material.) The new modules cover Renewable Energy (Module D), and Asset Efficiency Improvement (Module E),adding to existing modules on renewable electricity (Module A); biofeedstock and recycled content (B); and carbon capture, utilization, and storage (C). Modules D and E are the last two planned modules. Comment is open until 5 September 2025 via email. (Aug 2025)
Global Reporting Initiative (GRI) published its Textiles and Apparel Sector Standard exposure draft. This separate explanatory memo summarizes the objectives of the standard and the proposals within the draft. This includes the 18 topics deemed likely to be material for most organizations in the sector, with 16 of these including additional sector reporting. Comments can be submitted in this online survey until 28 September 2025. The final standard is expected to be released in Q2 2026. (July 2025)
The International Sustainability Standards Board (ISSB) published two exposure drafts proposing amendments to the Sustainability Accounting Standards Board (SASB) Standards and to the Industry-based Guidance on Implementing IFRS S2. The amendments present a comprehensive review of nine prioritized industries (all eight extractives & minerals processing sectors and processed foods); align some metrics in a further 41 industries; and propose updates to IFRS S2 Industry-based Guidance to maintain alignment with climate-related content in the SASB Standards. Both exposure drafts are open for comment until 30 November 2025. The SASB Survey is here; the IFRS S2 Survey is here. (July 2025)
Global Reporting Initiative (GRI) published revised Climate Change and Energy Standards. GRI 102: Climate Change emphasizes that the primary mitigation step entities can take is “achieving substantial reductions” in greenhouse gas (GHG) emissions. It sets reporting expectations based on science-based targets and global climate goals, while also incorporating just transition metrics. GRI 103: Energy addresses energy-related impacts and activities, and includes disclosures on energy policies and commitments, energy consumption, energy intensity, and energy reductions. GRI also published a joint statement with the IFRS Foundation on how GRI 102 and IFRS S2 can be used together. Detailed Q&A guidance is available for GRI 102 and for GRI 103. (June 2025)
The IFRS Foundation published guidance on disclosing information about climate-related transitions in accordance with the International Sustainability Standards Board (ISSB) IFRS S2 standard. The guidance supports entities in providing high-quality information about their transitions, including both mitigation and adaptation efforts. The guidance does not add to or change any IFRS S2 requirements. (June 2025)
Global Reporting Initiative (GRI) launched its new GRI Sustainability Taxonomy, a machine-readable version of the GRI Standards (Universal, Sector, and Topic) to enable faster data collection and improved comparability of sustainability disclosures, including across different regions and countries. The new Taxonomy helps organizations share their data in a digital format, using XBRL (eXtensible Business Reporting Language), and will strengthen interoperability with other standards, according to GRI. GRI is also developing training to support reporting digitally. (June 2025)
The IFRS Foundation shared that 36 jurisdictions now use the ISSB Standards or are in the process of finalizing steps toward introducing them into their regulatory frameworks. It also published
17 jurisdictional profiles to provide transparency to capital markets about progress in achieving a global baseline of sustainability disclosures. The
profiles include information about stated targets for alignment with ISSB Standards and the current status of their sustainability-related disclosure requirements. The IFRS Foundation published
16 “jurisdictional snapshots” as well, for those jurisdictions’ whose regulatory status is still in progress, describing their proposed regulatory frameworks. (June 2025)
The IFRS Foundation published educational material about the requirements in IFRS S2 Climate-related Disclosures related to the measurement and disclosure of GHG emissions. The document, structured as a series of 13 questions and answers, focuses on the context and reasoning underlying emissions requirements and specific aspects of emissions-related requirements, including questions around Scope 3 measurement, the proportionality mechanism, financed emissions, emissions targets, and other topics. (June 2025)
The Basel Committee on Banking Supervision published a voluntary framework for disclosing climate-related financial risks. The framework includes both qualitative and quantitative information to help form a comprehensive understanding of banks’ exposure to climate-related risks (both physical and transition risks). The Committee removed facilitated emissions from this framework. (June 2025)
The International Sustainability Standards Board (ISSB) published an Exposure Draftproposing targeted amendments to IFRS S2 Climate-related Disclosures, aimed at easing some requirements related to the disclosure of greenhouse gas (GHG) emissions, particularly for the financial sector.Proposed amendments include: relief from measuring and disclosing Scope 3 Category 15 GHG emissions associated with derivatives and some financial activities; relief from using the Global Industry Classification Standard in disclosing disaggregated financial emissions information; clarification on the relief to use a measurement method other than theGreenhouse Gas Protocol for measuring GHG emissions; and permission to useGlobal Warming Potential values that are not from the latest IPCC assessment. The Draft isopen for comment until 27 June 2025. Comment here. (May 2025)
The Greenhouse Gas Protocol added five sustainability standard-setting organizations to its Independent Standards Board (ISB) in an effort to better harmonize global greenhouse gas accounting and reporting. The five — CDP, European Financial Reporting Advisory Group, Global Reporting Initiative, International Sustainability Standards Board, and Science Based Targets initiative — will be non-voting members in ISB meetings focused on standards development. (April 2025)
B Lab published its revised standards for B Corp certification. Included in this 7th edition are requirements for companies to take “meaningful action” across seven ESG topic areas beyond B Corp’s foundation requirements (which include being legally incorporated for at least 12 months and signing the B Corp Declaration of Interdependence). The seven areas consist of: purpose & stakeholder governance; fair work; justice, equity, diversity & inclusion; human rights; climate action;environmental stewardship & circularity; andgovernment affairs & collective action. The new standards also integratemandatory improvement actions, with companies expected to advance their actions over a five-year period (meeting Year 0, Year 3, and Year 5 requirements over the period), as well asadditional requirements for companies with over 1,000 workers and $350 million in sales. Along with the standards, B Lab publisheda FAQs here. (April 2025)
The IFRS Foundation and the Taskforce on Nature-related Financial Disclosures (TNFD) formalized their collaboration to provide capital markets with high-quality nature related information, including building upon the TNFD recommendations in the ongoing work of the International Sustainability Standard Board (ISSB) to enable nature-related financial disclosures for use by capital markets. The two organizations will share research, knowledge, and technical expertiseto inform both the ISSB’s Biodiversity, Ecosystems and Ecosystem Services (BEES) initiative and nature-related aspects of its SASB standards enhancement work. (April 2025)
The International Auditing and Assurance Standards Board(IAASB) and the International Ethics Standards Board for Accountants(IESBA) introduced interoperable standards to strengthen sustainability reporting and assurance practices (contained inIAASB’s International Standard on Sustainability Assurance 5000 (ISSA 5000) and IESBA’s International Ethics Standards for Sustainability Assurance (IESSA)). The standardsestablish clear expectations for ethical behavior in sustainability reporting and assurance andprovide more specific requirements for practitioners and organizations in relation to assurance engagements on sustainability information. In jurisdictions adopting the standards, theybecome effective for periods starting on or after 15 December 2026, with early adoption encouraged. (Feb 2025)
The international policy forum for securities regulators, IOSCO, launched a dedicated network to support the adoption and use of the ISSB Standards. This network will start with a group of 32 IOSCO members of its Growth and Emerging Markets Committee (GEMC), representing 31 jurisdictions from around the globe, and will provide a forum for sharing information and help GEMC members in building local capacity to implement requirements of the Standards. (Dec 2024)
SCS Standards released a new standard for carbon capture, utilization, and storage (CCUS) for public review. ThisModule C of SCS-115 Certification Standard for Product Carbon Intensity and Reduction for Chemicals and Co-products is thethird of five planned modules. It explores verification, CO2 reuse, carbon capture and storage (CCS) certificates and credits, CCS credit sales, and methodologies for calculating and allocating emissions savings. Comment here until 24 January 2025.Andregister here to join aninformational webinar on 10 December 2024. (Dec 2024)
The Partnership for Carbon Accounting Financials (PCAF) launched a public consultation seeking feedback from relevant stakeholders on its new methodologies for The Global GHG Accounting & Reporting Standard. This includes two documents: 1) New methods and guidance for measuring financed emissions and 2) Methods for two new lines of business: project insurance and treaty reinsurance. The consultation isopen until 28 February 2025. Comment here for the first document, and here for the second. (Dec 2024)
The International Auditing and Assurance Standards Board (IAASB) published its finalized International Standard on Sustainability Assurance 5000 (ISSA 5000). As noted in a presentation by the IAASB Chair, the standard addresses both limited and reasonable assurance engagements and works with both traditional materiality and double materiality (used in several sustainability reporting frameworks). The Chair also noted that IAASBwill release guidance, support videos and outreach to support implementation beginning in January 2025. (Nov 2024)
Thirty jurisdictions are making progress towards introducing the International Sustainability Standards Board (ISSB) Standards in their legal or regulatory frameworks, according to a new report presented to the Financial Stability Board (FSB) by the IFRS Foundation. Together, these jurisdictions make up over 40% of global market capitalization and 57% of global GDP. (A separate analysis by the IFRS Foundation provides further details on specific jurisdictional progress.) The report also found that
over 1,000 companies have referenced the ISSB standards in their reports between October 2023 and March 2024, revealing that companies are making the transition from disclosures under the Task Force on Climate-related Financial Disclosures (TCFD) to the two ISSB Standards.FSB also published
a summary report of IFRS’s findings and found that 19 of 24 FSB member jurisdictions have regulations, guidelines or strategic roadmaps in place for climate-related disclosures. And 17 have set or proposed voluntary or mandatory disclosure requirements based on the ISSB standards and the recommendations by the TCFD. (Nov 2024)
The International Public Sector Accounting Standards Board (IPSASB), with support from The World Bank,published an exposure draft of the world’s first climate-related disclosure standard for public sector entities (including national, state, and local governments; ministries; public sector security funds; and international governmental organizations).It aims to provide principles, targets and metrics for government entities to disclose information about climate-related risks and opportunities for their own operations, as well as outcomes of their climate-related public policy programs.The draft is open for public comment until 28 February 2025. There will be an informational webinar on 13 November. Register here. (Nov 2024)
The Transition Plan Taskforce (TPT) announced it has officially concluded its work on creating a “gold standard” for private sector transition plans. In conjunction, it has released the final report of the taskforce, offering reflections on its work and what’s ahead for transition plans. The report identifieskey opportunities and challenges for the global adoption of transition plans, including: building market capabilities; sharing best practices; developing tools for decision-makers; ensuring transition plans are integrated into decision-making; and fostering global consistency in transition planning norms. (Nov 2024)
The IFRS Foundation published Voluntarily applying ISSB Standards—A guide for preparers to support companies as they start applying International Sustainability Standards Board (ISSB) standards on general sustainability (IFRS S1) and on climate (IFRS S2), particularly in jurisdictions without regulatory requirements to apply ISSB standards. (Sept 2024)
The Global Reporting Initiative (GRI) and the International Foundation for Valuing Impacts (IFVI) signed a Memorandum of Understanding to collaborate to build market uptake of each organization’s methodologies and standards and promote each other’s research, thought leadership events, and activities. (Sept 2024)
The International Accounting Standards Board (IASB) published a consultation document to improve reporting of climate-related and other uncertainties in financial statements, including eight illustrative examples. The examples focus on materiality judgments, disclosures about assumptions and estimation uncertainties, disaggregation of information, and others, and aim to improve transparency and connections between financial statements and other parts of companies’ reporting. The IASB also collaborated with the International Sustainability Standards Board (ISSB) to ensure that the examples work with the ISSB’s sustainability-related disclosure requirements. The IASB invites all stakeholders to provide feedback by 28 November 2024, which will help IASB to decide whether the proposed examples should accompany IFRS Accounting Standards. (Aug 2024)
Multiple Guidances (Taskforce on Nature-related Financial Disclosures (TNFD)) — Published new guidances and updates, including (July 2024):
- Final guidance for eight economy sectors, including: Aquaculture; Biotechnology & pharmaceuticals; Chemicals; Electric utilities & power generators; Food & agriculture; Forestry & paper; Metals & mining; and Oil & gas.
- Updates to additional guidance for financial institutions, supporting banks, re-insurance companies, asset managers and other financial institutions to apply TNFD recommendations.
- Guidance on value chains, providing additional support to companies on identifying and assessing dependencies, impacts, risks and opportunities in their upstream and downstream value chains.
The International Sustainability Standards Board (ISSB) announced a series of new strategic relationships in order to further harmonize sustainability reporting. ISSB will assume responsibility for the disclosure-specific materials developed by the Transition Plan Taskforce, housing it on theIFRS Sustainability Knowledge Hub. It has also signed a Memorandum of Understanding with theGHG Protocol so that the ISSB is actively engaged in updates and decisions made in relation to the GHG Protocol standards and guidance. This comes on top of earlier alignment between ISSB and CDP, the Global Reporting Initiative (GRI), and the Taskforce on Nature-related Financial Disclosures (TNFD). (July 2024)
The International Organization for Standardization (ISO) began work to develop its first international standard on net zero — an evolution of its Net Zero Guidelines launched at COP27. The standard will provide clarity on the net zero transition, robust requirements, and enable independently verified climate action.It is expected to launch at COP30 in November 2025. Development will involve collaboration between thousands of experts from national standards bodies, with the British Standards Institution (BSI) convening the process. A public consultation is expected in 2025. (July 2024)
The Global Reporting Initiative (GRI) is recruiting for a specialized working group to help develop new reporting standards focused on pollution, including air, water, and soil pollution, as well as critical incident management.GRI is inviting experts from business, investors, labor, mediating institutions and civil societyto apply by 18 August. (July 2024)
The Taskforce on Nature-related Financial Disclosures(TNFD) and the European Financial Reporting Advisory Group(EFRAG) jointly published a mapping of the correspondence between the European Sustainability Reporting Standards (ESRS) and the TNFD’s recommended disclosures and metrics.The assessment shows that all 14 TNFD recommended disclosures are reflected in the ESRS, and that there isstrong consistency between reporting areas and metrics. (June 2024)
The Global Reporting Initiative is seeking feedback on a major review of its 11 labor-related standards. Aglobal public comment period is underway until 4 October 2024 on redrafted versions of the first three standards: GRI 402 (Labor/Management Relations), GRI 401 (Employment) and GRI 202 (Market Presence). Proposed changes address policies on employment relationships, pay and working hours, and how businesses handle significant changes for workers. There is a webinar 20 June at 11am ET on the three drafts.Register here. (June 2024)
CDP launched its new platform, open to 75,000 companies, as well as cities, states and regions,to streamline reporting on climate and nature. CDP’s new questionnaire is aligned with the International Sustainability Standard Board’s IFRS S2 standard, as well as the Taskforce on Nature-related Financial Disclosures (TNFD), and the European Sustainability Reporting Standards (ESRS). It also brings climate, forests, water, biodiversity, and plastics issues together,harmonizing the various standards and issues all in one questionnaire and dataset. (June 2024)
The IFRS Foundation and the Global Reporting Initiative (GRI) announced they are deepening their collaboration in order to optimize how GRI Standards and IFRS’s ISSB Standards can be used together. An initial outcome will involve a methodology pilot building on GRI’s biodiversity standard and ISSB’s upcoming project on Biodiversity, Ecosystems, and Ecosystem Services. (May 2024)
SCS Standards published the latest version of SCS-103, Certification Standard for Recycled Content (Version 8.0). Updates include:a minimum threshold of 5% recycled content for a product to be eligible for certification; the option to operate a mass balance chain-of-custody system;inclusion of chemically recycled content; and recognition of external certification programs. (May 2024)
CDP expanded its Accredited Solutions Providers (ASPs) to include 14 new software providers to offer a Disclosure API (Application Programming Interface) for the 2024 disclosure cycle (enabling the direct transfer of environmental data collected from the ASPs to the CDP Portal).CDP has also expanded the API to make it available for the full questionnaire and to reporting cities, states, and regions. (May 2024)
The International Accounting Standards Board(IASB) published an Exposure Draft proposing narrow-scope amendments to ensure that financial statements more accurately reflect the effects that renewable electricity contracts have on a company. The proposals address the variable nature of renewable electricity generation and the accounting challenges these create. Feedback to the proposals can be made here until 7 August 2024. (May 2024)
The IFRS Foundation and EFRAG havepublished guidance material to illustrate the high degree of alignment between the IFRS Sustainability Disclosure Standards and the European Sustainability Reporting Standards (ESRS). The guidance provides practical support explaining how companies can efficiently comply with both sets of standards. There will be a joint event discussing the guidance on 23 May 2024 from 14.00 to 16.00 CET. Register here. (May 2024)
SCS Standards published SCS-115, Certification Standard for Product Carbon Intensity and Reduction for Chemicals and Co-products. It provides a methodology for third-party certification of the greenhouse gas intensity and reduction in CO2 equivalents of a chemical material. Module A, on Renewable Electricity, has been published, with Modules B (on Biofeedstock and Recycled Content) under development, and Modules C-E (on Carbon Capture, Utilization and Storage; Renewable Energy; and Asset Efficiency Improvement) to be developed. (April 2024)
The International Sustainability Standards Board (ISSB) announcedit will begin projects to research disclosure about risks and opportunities associated with biodiversity, ecosystems, and ecosystems services, and with human capital. The research willassess limitations with current disclosure in these areas, identify possible solutions, and determine whether standard setting is required. (April 2024)
The 21 members of the multi-stakeholder working group that will lead the development process of GRI’s Textiles and Apparel Standard have been confirmed, with representatives from the business, labor, investment, and civil society sectors. (Feb 2024)
The International Ethics Standards Board for Accountants (IESBA) published two Exposure Drafts (EDs) that propose the first comprehensive standards on ethical considerations in sustainability reporting and assurance. The first, International Ethics Standards for Sustainability Assurance ED, proposes a clear framework of expected behaviors and ethics provisions for use by all sustainability assurance practitioners to mitigate greenwashing and increase trust in reporting. The second,Using the Work of an External Expert, proposes an ethical framework to guide accountants or sustainability assurance practitioners in evaluating whether an external expert has the necessary competence to use that expert’s work for the intended purposes. Comment here by 30 April 2024 for the first ED, and by 10 May 2024 for the second. (Feb 2024)
Draft Sector Guidance (Taskforce on Nature-related Financial Disclosures (TNFD)) — TNFD releaseddraft sector guidance for eight priority sectors, including: 1) Aquaculture; 2) Biotechnology and pharmaceuticals; 3) Chemicals; 4) Electric utilities and power generators; 5) Food and agriculture; 6) Forestry and paper; 7) Metals and mining; and 8) Oil and gas. The guidance supplements the final TNFD Recommendations, its disclosure metrics outlined in Annexes 1 and 2, and the guidance on assessing nature-related issues.Feedback is due for all sector guidance by 29 March 2024. (Feb 2024)
The Global Reporting Initiative (GRI) launched its new GRI Biodiversity Standard (replacing its 2016 standard) to support companies disclose their most significant impacts on biodiversity, through their operations and value chains. Updates include: full transparency through the supply chain; location-specific reporting on impacts; new disclosures on the direct drivers of biodiversity loss; and requirements for reporting impacts on society. The standard will formally be in effect for reporting 1 January 2026. Webinars on the standard are 31 January (09:00 CET) and 1 February (16:00 CET). (Jan 2024)
The Global Reporting Initiative and the IFRS Foundation jointly published a new analysis and mapping resource, illustrating the areas of interoperability a company should consider when measuring and disclosing Scope 1, Scope 2 and Scope 3 greenhouse gas emissions in accordance with bothGRI 305: Emissions and IFRS S2 Climate-related Disclosures. The analysis maps out how requirements of the two align, as well as describing specific requirements of each not explicitly required by the other. (Jan 2024)
List of Standard Setters News & Frameworks, 2023-2020 (PDF)
US Regulations & News
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The California Air Resources Board (CARB) released a preliminary list of over 4,100 companies that will be required to report under California’s new climate laws (SB 253, covering greenhouse gas (GHG) emissions, starting in 2026, and SB 261, covering climate–related financial risks, starting in 2027). About 60% of the companies are based outside of California and about 64% will be required to report on both rules, while the remainder will be required to report only on SB 261. (Sept 2025)
The California Air Resources Board (CARB) published a FAQs for California’s Corporate Greenhouse Gas (GHG) Reporting and Climate-related Financial Risk Disclosure programs. It aims to assist companies with initial planning, including for submitting climate-related financial risk reports by 1 January 2026. Questions address the filing process; to what companies this applies; when different Scope data should be submitted; and details about initial reports, including the option to initially utilize already collected data and a timeline for obtaining third-party assurance. (July 2025)
The California Air Resources Board (CARB) announced that companies required to report in 2026 under the Climate Corporate Data Accountability Act (SB 253) will be allowed to report information the company already possesses or is already collecting. CARB said that it will not take enforcement action for incomplete reporting for the first report due in 2026, as long as companies make a good faith effort to comply with the requirements of the law and retain all data relevant to emissions reporting for the prior fiscal year. (Dec 2024)
The Securities and Exchange Commission (SEC) paused the implementation of its new climate disclosure rule as it waits for a court review following legal challenges of the rule. The SEC said it will “continue vigorously defending” the new rules in court, according to reporting. (April 2024)
A U.S. appeals court temporarily halted the U.S. Securities and Exchange Commission’s (SEC) new climate-related disclosure rule, in response to a petition by two oil field services companies. This prohibits the SEC from enforcing the rule while the court considers arguments. (March 2024)
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The U.S. Securities and Exchange Commission (SEC) adopted final rules to “enhance and standardize climate-related disclosures” by public companies (SEC Factsheet). Notable requirements include:
- Disclosing Scope 1 and 2 emissions for companies with publicly traded shares worth $75 million or more, defined by SEC as "accelerated filers,” beginning in 2026.
- Reporting expenses and losses resulting from severe weather events and other natural disasters.
- Disclosing how companies identify, manage, and oversee climate-related risks that they deem material to their business.
- Mandatory reporting assurance for large companies, which will be phased in.
Missing from the final rules is a requirement to disclose Scope 3 emissions. Ten Republican-led states immediately filed suit to challenge the new rules. (March 2024)
The U.S. Securities and Exchange Commission (SEC) plans to remove its requirement for U.S.-listed companies to disclose Scope 3 emissions from the upcoming corporate climate risk rules the SEC is preparing, according to reporting from Reuters. Further revisions may be made to the draft rules, and the timing of the final iteration is not clear. (Feb 2024)
The U.S. Securities and Exchange Commission has delayed completion of its climate disclosure rules until October 2023. (June 2023)
The U.S. Federal Reserve Board proposed new guidance for the safe and sound management of exposures to climate-related financial risks for large banking organizations. These principles would apply to banks with more than $100 billion in total assets and address both the physical risks and transition risks associated with climate change. The public can comment for 60 days. (Dec 2022)
Ceres analyzed the comment letters of 320 institutional investors in response to the U.S. Securities and Exchange Commission’s proposed rule to require companies to disclose climate risk information, both physical and transitional. The vast majority of these investors, which manage more than $50 trillion in assets, are strongly in favor of the rule, and offered strong support of key provisions including, among others: requiring disclosure in form 10-K; aligning disclosures with the Task Force on Climate-related Financial Disclosures; requiring disclosure of Scope 1 and 2 emissions; and requiring disclosure of Scope 3 emissions if there is a target. (Oct 2022)
The U.S. Securities and Exchange Commission (SEC) announced it has extended the public comment period on a proposed rule designed to enhance and standardize climate-related disclosures for investors. "The Enhancement and Standardization of Climate-Related Disclosures for Investors," Release Nos. 33-11042, 34-94478 (March 21, 2022) will now end on June 17, 2022. (May 2022)
The U.S. Securities and Exchange Commission (SEC) has issued a landmark proposal for new climate-related disclosure rules for all registrants. Building on current voluntary reporting frameworks such as the Task Force on Climate-Related Financial Disclosures (TCFD) and the Greenhouse Gas Protocol, the new rules would provide
a more thorough and consistent means for investors to evaluate a company’s climate-related risk profiles and management plans for those risks.
Key elements of the proposal include, but are not limited to, disclosure requirements for (March 2022):
- Climate-related risks and their likely impacts to business in the short-, medium-, and long-term.
- Oversight and governance, by board and management, for climate-related risks.
- Scope 1, Scope 2, and, if applicable, Scope 3 greenhouse gas emissions. Scope 3 disclosures are required only if they are material, or if the company has set a GHG target or goal that includes Scope 3 emissions. Proposed rules would provide a safe harbor for liability from Scope 3 emissions disclosure and an exemption from the Scope 3 emissions disclosure requirement for smaller reporting companies.
- Certain climate-related financial statement metrics and related disclosures in a note to its audited financial statements.
- Information about climate-related targets and goals, and transition plan, if any.
The comment period for the proposal is open through Friday, May 20. Information on phase-in periods, accommodations, and planned compliance dates can be found in the fact sheet. (March 2022)
Press Release | Full Proposal | Reuters | Axios | Bloomberg | WSJ
The US Office of the Comptroller of the Currency (OCC) opened a public consultation seeking feedback on
draft principles for climate-related financial risk management for large banks
with assets over $100 billion. The current draft would require banks to integrate climate financial risk assessments into all aspects of work. The OCC is accepting feedback and questions until February 14, 2022. (Dec 2021)
The US Financial Stability Oversight Council (FSOC) declared that it sees climate change as an “emerging threat” to US financial stability and released recommendations for financial agencies to integrate climate risk management into the financial regulatory system. Notably, it recommends implementing standard climate-disclosure requirements for public companies, building forecasting tools, and creating an FSOC advisory committee of private-sector, nonprofit, and academic experts. (Oct 2021)
The U.S. Securities and Exchange Commission (SEC) sent
letters
to dozens of public companies requesting additional information about how climate change could affect their business operations or financial earnings. (Sept 2021)
SEC Chair Gary Gensler ordered a review on whether fund managers should be required to disclose the data and criteria they use to give funds labels such as “green,” “low-carbon,” or “sustainable.” (Sept 2021)
Securities and Exchange Commission Chair Gary Gensler says mandatory climate-risk disclosure rules will be proposed for the commission’s consideration by year-end. (Aug 2021)
Securities and Exchange Commission Chair Gary Gensler asked the agency to consider whether publicly traded companies should be required, as part of the draft climate risk-disclosure regulation expected by year-end, to file climate-related disclosures in their annual Form 10-K reports and/or disclose Scope 3 emissions. (Aug 2021)
The Financial Stability Oversight Council—composed of U.S. regulators from the Federal Reserve System, SEC, and others—will conduct a review, led by U.S. Treasury Secretary Janet Yellen, to assess and improve regulations for banks’ and lending institutions’ climate-related financial disclosures. (July 2021)
The U.S. Securities and Exchange Commission will consider rules that would require sustainable-fund managers to disclose the data and criteria used to support their “sustainable” label, aim to curb mis-selling of products, and aim to standardize language about sustainable investing. An SEC panel advocating on behalf of investors voted last week to adopt a call for mutual fund boards to share details about their members’ gender and race, and for the SEC to encourage companies to provide useful ESG information. (July 2021)
The Commodity Futures Trading Commission (CFTC) created a “Climate Risk Unit” (CRU) division to better understand, price, and address climate-related risks in the derivatives markets. The CRU plans to support industry-led and market-driven processes critical to ensuring new products and markets fairly facilitate hedging, price discovery, market transparency, and capital allocation. (March 2021)
The U.S. Federal Reserve privately requested lenders to provide information on measures they’re taking to mitigate climate change-related risks to loan portfolios. (May 2021)
The SEC announced plans to propose a rule requiring public companies to disclose a range of workforce data. No timeline was provided. (May 2021)
John Coates, acting director of the SEC’s Division of Corporation Finance, issued a statement highlighting key issues that “policymakers should consider as the debate over ESG disclosures continues.” (March 2021)
EU/UK
Regulations & News
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The European Financial Reporting Advisory Group (EFRAG) published its revised and simplified Exposure Drafts of the European Sustainability Reporting Standards (ESRS) (including the two cross-cutting standards (ESRS 1 and 2), and the five environmental, four social, and one governance standards). The new draft drew on over 800 survey responses and stakeholder engagements to simplify the Standards. Simplifications include: streamlining the double materiality assessment; reducing overlaps across standards; clarifying language and structure; and removing all voluntary disclosures.Total mandatory data points have been cut by 57% and the full set of disclosures by 68%. Public consultation will be open until 29 September 2025. Comment here. (Aug 2025)
The UK announced that it will not proceed with developing a UK Taxonomy, as it “would not be the most effective tool to deliver the green transition.” This comes after responses to its early 2025 consultation, in which respondents offered alternative policies that could be more effective in channeling investment and addressing greenwashing (two core objectives of the Taxonomy). (July 2025)
The European Commission adopted a set of measures to simplify the application of the EU Taxonomy (the EU’s classification system of sustainable economic activities and investments). Among the simplifications are: companies are exempt from having to assess or align activities that are not financially material for their business; key performance indicators for financial companies are simplified; and reporting templates are streamlined by cutting the total number of reported data points. The changes, in the form of a Delegated Act, will now go to the European Parliament and Council for scrutiny, and will then apply as of 1 January 2026, covering the 2025 financial year. (July 2025)
The European Commission
extended the time for the European Financial Reporting Advisory Group(EFRAG) to finish its technical advice for the revision and simplification of the European Sustainability Reporting Standards (ESRS) by one month (to 30 November 2025).
As noted in this letter, the Commission also listed several points EFRAG should take into account, including that no additional data points should be added or converted from voluntary to mandatory.
EFRAG also announced it will
extend its public consultation period to 60 days, running from the end of July to the end of September. (July 2025)
EFRAG released unapproved ESRS exposure drafts for the group’s upcoming discussions, along with
a cover note explaining its changes. The note outlines details of proposed amendments grouped into
six
levers of simplification, including Double Materiality Assessment; better readability; Minimum Disclosure Requirements; accessibility of the standards; enhanced operability; and other reliefs.
It also notes that this version has reduced overall data points by approximately 66%, including
the elimination of all voluntary disclosure data points. (July 2025)
The UK government launched three consultations to support companies in developing transition plans. These include:
- An exposure draft of UK Sustainability Reporting Standards (UK SRS), based on IFRS S1 and S2. The UK SRS proposes six amendments for the UK context, including allowing companies to focus first on climate-related reporting before reporting on broader sustainability-related risks. The consultation also seeks evidence on the costs and benefits of using the UK SRS, which will inform its reporting requirements for companies. Comment here.
- A consultation seeking views on transition plan requirements for financial institutions and FTSE 100 companies in ways that support companies in achieving their climate goals and the economic opportunities of the transition. Comment here.
- A consultation seeking views on a proposal for a voluntary registration regime for entities that offer-third party assurance services for sustainability-related disclosures. Comment here.
All three consultations are open until 17 September 2025. (June 2025)
The European Financial Reporting Advisory Group (EFRAG) released a draft status report on its efforts to simplify the European Sustainability Reporting Standards (ESRS), according to reporting from ESG Today. EFRAG shared that it expects to reduce the number of data points required for Corporate Sustainability Reporting Directive (CSRD) reporting by more than half, while still preserving the CSRD’s integrity. EFRAG is focusing on reducing granularity, improving understanding and readability, and simplifying the process of double materiality assessment. EFRAG was tasked to provide advice on ESRS revisions by 31 October 2025. It expects to publish Exposure Drafts for its technical ESRS advice in July for feedback in August and September. (June 2025)
The European Securities and Markets Authority (ESMA) published a Consultation Paper on draft regulatory technical standards under the ESG rating regulation. The draft standards cover issues that apply to ESG ratings providers, including: the information that should be provided in applications for authorization and recognition; the safeguards needed to mitigate risks of conflict by ESG rating providers that carry out activities other than providing ratings; the information that providers should disclose to the public, issuers, and users of ESG ratings to ensure comparability and consistency. Feedback is being received here until 20 June 2025, with a final report and submission of the draft standards to the European Commission for adoption expected in October 2025. (May 2025)
Germany’s conservative parties, CDU and CSU, along with the center-left Social Democrats (SPD) announced a deal to form a new government. As part of that agreement, the coalition agreed to immediately eliminate Germany’s human rights and environmental supply chain due diligence law, the Supply Chain Act (LkSG), according to reporting from ESG Today. The LkSG will be replaced with the EU’s Corporate Sustainability Due Diligence Directive (CSDDD). The CSDDD, however, will most likely not apply until mid-2028 and will require less frequent monitoring than the LkSG (possibly every 5 years instead of annually). Existing obligations under the LkSG will not be sanctioned until the CSDDD comes into effect, other than in the case of serious human rights violations. (April 2025)
The UK government introduced a new green finance standard to increase investment in collective nature markets and help reduce greenwashing. The standard, the Overarching Principles and Framework for UK nature markets, was launched by British Standards Institution (BSI), and is a first-of-its-kind in the UK. Projects that can be supported include restoring wetlands, improving water quality, building flood resilience, and creating new habitats. It is immediately available for use by market participants. (March 2025)
The UK’s Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) decided to not proceed with planned Diversity & Inclusion (D&I) reporting requirements, which would have imposed stricter D&I rules within the financial services sector. This comes after a 2023 consultation on proposed rules, which included requiring firms to develop a D&I strategy containing goals and a plan for meeting them. The FCA and PRA said they will not proceed in light of the feedback to the consultation received, expected legislative developments, and to avoid additional burdens on firms. (March 2025)
The British Standards Institution (BSI) launched a public consultation for an update to its BS EN ISO 14001 standard, Environmental Management Systems (this standard was adopted internationally as ISO 14001 in 1996). The standard is being updated to ensure interoperability with other standards and reduce reporting burdens. Stakeholders can read the draft and comment here until 29 March 2025. (March 2025)
The European Commission has adopted its new Omnibus package of proposals to simplify EU sustainability reporting and due diligence rules. Key changes include:
- Removing about 80% of companies from the scope of the Corporate Sustainability Reporting Directive (CSRD), focusing instead on only the largest companies (those with over 1,000 employees and either annual turnover of over €50 million or a balance sheet total above €25 million).
- Postponing reporting requirements by two years, with those having to report in 2026 now having to report in 2028.
- Deletion of the sector-specific standards requirement under the CSRD.
- Removing the reasonable assurance standard, instead staying with a limited assurance requirement.
- Introducing simplifications to the most complex “Do no significant harm” criteria for pollution prevention and control.
- Reducing the burden on smaller companies by limiting the amount of information that can be requested as part of value chain mapping by large companies.
The proposals will now be submitted to the European Parliament and Council for their consideration and adoption. More information on the simplifications and their impact can be found in this Q&A. (March 2025)
The UK government delayed net-zero reporting requirements under its mandatory Energy Savings Opportunity Scheme (ESOS) until 2027. These “Phase 4” requirements will be postposed until Phase 5, running from 2027 to 2031, due to delays in Phase 3 legislation and guidance. Businesses will still be encouraged and supported to include net-zero considerations in Phase 4 reporting, as reported by Edie. (Feb 2025)
162 investors representing €6.6 trillion ($6.9 trillion) in assets under management, along with 49 other service providers and organizations, published an investor joint statement calling on the European Commission to “preserve the integrity and ambition of the EU’s sustainable finance framework” during the omnibus legislation to amend key regulations. The letter supports simplifying the framework (including the EU Taxonomy, the Corporate Sustainability Reporting Directive (CSRD), and the Corporate Sustainability Due Diligence Directive (CSDDD)), particularly through streamlining technical standards and providing clear implementation guidance; it also calls on the Commission to preserve the principles, aims and “core substance” of the framework so it can support its intended objectives and maintain regulatory stability. In a related open letter organized by the Business & Human Rights Resource Centre, over 150 civil society organizations requested that the European Commission does not re-open agreed legislation, including the CSDDD. (Feb 2025)
The Platform on Sustainable Finance (an advisory body to the European Commission) published a report presenting evidence-based recommendations to simplify taxonomy reporting and enhance its effectiveness. The report identifies key areas for improvement around simplification, data access, and regulatory coherence that could lead to a reduction of over a third in reporting burdens for companies. Core proposals include: 1) simplifying reporting templates, introducing materiality thresholds, and enhancing alignment with financial reporting; 2) a simplified green asset ratio (GAR) to encourage green and transition lending; 3) a lighter compliance assessment process for DNSH (do no significant harm) criteria; and 4) helping small and medium enterprises (SMEs) access sustainable finance. (Feb 2025)
The European Banking Authority (EBA) published its final Guidelines on the management of ESG risks. This sets requirements for institutions for the identification, measurement, management, and monitoring of ESG risks, including in net-zero transition planning over the short-, medium-, and long-term time horizons. The Guidelines will apply from 11 January 2026, except for small institutions for which they will apply at the latest from 11 January 2027. (Jan 2025)
The Platform on Sustainable Finance (PSF), a body that advises the European Commission on the implementation of the EU taxonomy, published a draft report on preliminary recommendations for the review of technical screening criteria of activities included in the Taxonomy Climate Delegated Act, and the addition of activities to the EU Taxonomy. The report contains recommendations on simplifying certain criteria (including the application of Do-No-Significant-Harm (DNSH)) and expanding the scope of included activities (such as refining, mining, and digital solutions and services). Stakeholders can provide feedback on the draft report until 5 February 2025. (Jan 2025)
The European Financial Reporting Advisory Group (EFRAG) released the Voluntary Sustainability Reporting Standard for non-listed SMEs (VSME) to support micro-, small-, and medium-sized enterprises (SMEs) in reporting on ESG issues in a standardized way. The VSME includes a Basic Module (for micro-enterprises and as a minimum requirement for other enterprises) and a Comprehensive Module. EFRAG also published three educational videos to introduce the Standard and provide a deeper exploration of the Basic Module and the Comprehensive Module. (Dec 2024)
CDP and the European Financial Reporting Advisory Group (EFRAG) confirmed a high degree of commonality and interoperability between CDP’s questionnaire and the European Sustainability Reporting Standards (ESRS) developed by EFRAG. The organizations plan to publish a comprehensive mapping of the commonalities in 2025. CDP also plans to explore strengthening the alignment of its questionnaire with the ESRS climate standard (E1) in 2025. (Nov 2024)
The European Commission published a set of Frequently Asked Questions clarifying certain provisions on sustainability reporting under the Corporate Sustainability Reporting Directive (CSRD) to facilitate implementation. The 52-page packet includes an overview, and responses to FAQs on: scope and application dates, sustainability information to be reported, reporting assurance, “key intangible resources,” third-country undertakings, and other issues. (Aug 2024)
The European Securities and Markets Authority (ESMA) published a Final Report on the Guidelines on Enforcement of Sustainability Information (GLESI), which summarizes the feedback to the consultation paper on the GLESI and ESMA’s consideration of the feedback. It also published a Public Statement on the first application of the European Sustainability Reporting Standards (ESRS) to support large listed issuers as they implement these new reporting requirements. (July 2024)
The European Securities and Markets Authority (ESMA) published an “Opinion on the Sustainable Finance Regulatory Framework,” making recommendations for the European Commission to facilitate investors’ access to sustainable investments and support the effective functioning of the sustainable investment value chain. Recommendations included: completing the EU Taxonomy and making it the sole, common reference point for assessing sustainability; incorporating a definition of transition investments into the Framework; having all financial products disclose some minimum basic sustainability information; introducing an investment product categorization system; and continuing to improve ESG metrics and increase oversight of ESG data products. (July 2024)
The European Financial Reporting Advisory Group (EFRAG) launched a public consultation on two new Exposure Drafts for European Sustainability Reporting Standards (ESRS) for listed small and medium-enterprises (SMEs) and for the voluntary reporting standard for non-listed SMEs. The consultation, which is open until 21 May 2024, is seeking feedback on the proposed architecture, the implementation of requirements, the relevance of proposed disclosures, and other questions. Comment here for Listed and here for Voluntary. (Jan 2024)
The Global Reporting Initiative and the IFRS Foundation jointly published a new analysis and mapping resource, illustrating the areas of interoperability a company should consider when measuring and disclosing Scope 1, Scope 2 and Scope 3 greenhouse gas emissions in accordance with both GRI 305: Emissions and IFRS S2 Climate-related Disclosures. The analysis maps out how requirements of the two align, as well as describing specific requirements of each not explicitly required by the other. (Jan 2024)
The European Financial Reporting Advisory Group (EFRAG) and the Global Reporting Initiative (GRI) have agreed on a high level of interoperability between the EU’s European Sustainability Reporting Standards (ESRS) and the GRI Standards. The ESRS will require about 50,000 companies to disclose how they affect, and are affected by, climate change, a reporting practice known as double materiality. Entities reporting under ESRS are considered to be reporting under the GRI Standards and will therefore avoid the burden of multiple reporting. (Sept 2023)
The UK’s Department for Business and Trade (DBT) has announced plans to create UK Sustainability Disclosure Standards (SDS) for corporate disclosures on sustainability-risks and opportunities companies face. It will be based on the IFRS Sustainability Standards (S1 and S2) in order to make it globally comparable and useful for investors. The DBT aims to publish these by July 2024 and has established two committees to facilitate this (a technical committee and a policy implementation committee). (Aug 2023)
The European Commission adopted the new European Sustainability Reporting Standards (ESRS). These standards provide more detail on the Corporate Sustainability Reporting Directive adopted in 2022 and aim to ensure that companies across the EU report comparable and reliable sustainability information (while reducing reporting costs and replication). There are 12 ESRS standards, covering a range of environmental and social issues, however, the majority of standards are subject to a materiality assessment, with companies having to report only relevant information. The standards have been modified from draft form, with three main categories of changes:
- Companies with fewer than 750 have additional phase-in provisions providing more time to prepare.
- Companies have more flexibility to decide what information is “subject to materiality” and thus should be reported. However, some standards are mandatory, including general disclosures (ESRS 2), and climate (ESRS E1), and even in the case that a company concludes climate is not material, the company is required to provide a “detailed explanation of the conclusions of its materiality assessment with regard to climate change.”
- More disclosures would now be voluntary, such as a biodiversity transition plan and certain workforce indicators.
The final rules will now go to the Parliament and Council for a 2-month “scrutiny period” (which could be extended another two months). The rules can be rejected, but not amended, during that time. If adopted, large companies will have to publish their first sustainability statements in 2025 with 2024 financial year data. (Aug 2023)
Transition Plan Taskforce (TPT) — Published a status update, Building Momentum for Transition Plans. This includes an update on the UK and global regulatory picture, a publication timeline, and an announcement of which sectors will be included in its “deep dive” guidance. These sectors include: asset management; asset owners; banking; electric utilities and power generators; food and agriculture; metals and mining; and oil and gas. The final TPT Disclosure Framework is scheduled for October 2023. Implementation guidance is scheduled for October 2023 (draft) and Q1 2024 (final). And sector guidance is scheduled for November 2023 (draft) and Q1 2024 (final). (Aug 2023)
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has issued a Public Statement on the sustainability disclosures expected to be included in prospectuses. This addresses both equity prospectuses and non-equity prospectuses, such as sustainability-linked bonds. The statement notes that when sustainability-related disclosures are material, these should be included in the issuer’s prospectus. It also notes that when sustainability-related disclosures are included in non-financial reporting or in advertisements (when material), they too should also be included in prospectuses. (July 2023)
The ESG Data and Ratings Working Group (DRWG) announced the launch of a consultation period for a draft voluntary Code of Conduct for ESG Ratings and Data Content Providers. DRWG is an industry group formed at the request of the Financial Conduct Authority (FCA), a UK regulator, with a Secretariat provided by the International Capital Market Association (ICMA) and the International Regulatory Strategy Group (IRSG). The proposed code of conduct is built around six key principles: good governance, securing quality, conflicts of interest, transparency, confidentiality, and engagement. The consultation period will run to 5 October 2023. Interested stakeholders can submit comments via email to drwgsecretariat@icmagroup.org. (July 2023)
The UK Committee of Advertising Practice (CAP) and The Broadcast Committee of Advertising Practice (BCAP) published an updated version of their 2021 guidance, with a new section entitled “Claims about initiatives designed to reduce environmental impact” (see section 3.1). This draws on the principles established by recent Advertising Standards Authority (ASA) rulings (e.g. against energy companies’ ads) and principles from the Competition and Markets Authority’s earlier guidance on making environmental claims on goods and services. The new guidance addresses: limiting claims to products rather than the entire business; including balancing information about environmental impacts if describing environmental benefits; substantiating environmental claims; and providing specifics around goals and timeframes around net zero claims. (July 2023)
Disability Hub Europe published a new version of the Disability in Sustainability Reporting guide, which takes account of recent changes in sustainability reporting, including the 2021 update to the GRI Universal Standards. The guide seeks to help companies fully incorporate disability issues in their reporting and highlight practices to include persons with disabilities throughout the value chain. (June 2023)
The European Supervisory Authorities (ESAs) published a Joint Consultation Paper proposing amendments to the Sustainable Finance Disclosure Regulation (SFDR). These include: extending the list of universal social indicators for disclosure; refining other indicators; and adding product disclosures regarding decarbonization targets. Also proposed are technical revisions including: improving disclosures on how sustainable investments “do not significantly harm” the environment and society; simplifying disclosure templates; and other adjustments, such as treatment of derivatives. The ESAs are accepting comments on the paper until 4 July 2023 here. (April 2023)
The release of sector specific European Sustainability Reporting Standards (ESRS) will be delayed, according to European Financial Reporting Advisory Group (EFRAG). This comes as Mairead McGuinness, the EU Commissioner for Financial services, financial stability and Capital Markets Union, has called on EFRAG to prioritize its work on helping companies implement its first set of ESRS standards. (April 2023)
The UK Financial Conduct Authority (FCA) announced it will delay its sustainability disclosure requirements for asset managers and ESG labelling rules for investment products until Q3 of 2023. This will enable the FCA to consider the roughly 240 responses it received during the consultation that closed 25 January. Among other adjustments, the final statement will refine some specific criteria for the labels and clarify how different products, asset classes, and strategies can qualify. (April 2023)
The European Banking Authority published its “Roadmap on Sustainable Finance,” which provides a comprehensive approach over the next three years to integrate ESG risks considerations in the banking framework and support the EU’s effort to achieve a transition to a more sustainable economy. The roadmap includes eight objectives, from embedding ESG into stress testing and supervisory reporting, to increasing ESG transparency and addressing greenwashing risks. (Dec 2022)
The EU Council announced its final approval of the Corporate Sustainability Reporting Directive, which means this legislation is now adopted. The rules will apply from the beginning of 2024 for companies over 500 employees, expanding to companies of over 250 employees or €40 million ($42 million) in 2025 and listed SMEs in 2026. This will expand total reporting corporations from the current 12,000 to more than 50,000 and introduce more detailed reporting requirements. In a separate announcement, the European Supervisory Authorities have announced a delay of key rules for financial products under the Sustainable Finance Disclosure Regulation, pushing back its response by up to 6 months from the original April 28, 2023 deadline, due to a need for more time to consult with stakeholders and experts, and due to technical demands. (Dec 2022)
The UK Transition Plan Taskforce (TPT), launched at COP26 to develop a gold standard for private sector climate transition plans, published its Disclosure Framework and accompanying Implementation Guidance. The framework makes recommendations on developing transition plans and the guidance offers steps to do so and disclosure recommendations. The framework and guidance are open for public consultation until February 28, 2023. (Nov 2022)
The European Central Bank (ECB) released a series of deadlines for banks to manage climate and environmental risks, with banks expected to be able to fully address these risks by the end of 2024. The ECB also published the results of its thematic review of climate and environmental risks. The report, assessing 186 banks holding total assets of €25 trillion ($24.4 trillion), found three major shortcomings (Nov 2022):
- Blind spots at 96% of banks in their identification of climate and environmental risks in terms of key sectors, regions, and risk drivers;
- While most banks have climate strategies, many lack specifics, targets, or clarity on how current actions being taken will shelter their banks from future risks;
- While banks have green commitments, they often exempt their clients, even those engaged in risky activities, from these policies.
The Financial Conduct Authority in the UK is proposing new measures to reduce greenwashing in financial markets. These include investment product sustainability labels and restrictions on how terms like “ESG,” “green,” and “sustainable” can be used in investment product names. (Oct 2022)
Beginning in 2024, the new Corporate Sustainability Reporting Directive (CSRD), set out by the Members of European Parliament (MEPs) and EU governments in a provisional agreement, will require large companies (defined as over 250 employees and a 40 million euro turnover), as well as non-EU companies with “substantial activity in the EU market”, to report their impact on the environment, human rights, social standards and work ethics, based on common standards that aim to put financial and sustainability reporting “on an equal footing.” The directive aims to “end greenwashing and lay the groundwork for sustainability reporting standards at global level.” Information provided will be independently audited and certified. (June 2022)
French President
Emmanuel Macron and U.N. Special Climate Envoy
Michael Bloomberg announced the creation of a new Climate Data Steering Committee. The Committee, comprised of international organizations, regulators, policy makers and data service providers,
will design an open-data public platform to collect and standardize net-zero transition data. Bloomberg said the new platform
aims to make it "much harder for companies to 'greenwash' …
by forcing them to back up words with action." The Committee will share a roadmap for the platform during the UN General Assembly in New York this September. (June 2022)
The European Financial Reporting Advisory Group (EFRAG) has released its initial
draft of a new, comprehensive set of EU Sustainable Reporting Standards (ESRS) for a comment period ending August 8, 2022. The standards, once finalized, will require large companies and listed companies in the EU to furnish
more stringent and easily comparable ESG disclosures under the new Corporate Sustainability Reporting Directive (CSRD) of the EU’s recently adopted Sustainability Finance Package. The CSRD will replace a patchwork of previous, mostly voluntary reporting norms that have only yielded strong environmental target reporting from about 5% of listed EU companies, according to CDP. It is
intended to improve money flow towards sustainable business activities
by helping investors, consumers, policymakers, and other stakeholders evaluate large companies’ non-financial performance. Companies' first report submission under CSRD, covering fiscal year 2023, will be due on January 1, 2024. (May 2022)
Banque de France announced it would join non-profit CDP as a capital market signatory, becoming the first central bank in the world to request environmental disclosure by companies through CDP. The bank will use the disclosures to help align its investment activities with the Paris agreement as part of its 2030 carbon neutrality commitment. (May 2022)
The UK National Standards Body (BSI) announced the formation of a
new Net Zero Strategic Advisory Group (SAG), which will provide guidance to BSI
regarding net zero-related industry requirements and policy ambitions in
an effort to ensure international standards for net zero are poised to support meaningful action. (April 2022)
The European Securities and Markets Authority (ESMA)
is calling on credit rating agencies (CRAs)
to improve their ESG ratings disclosures in press releases to investors per ESMA’s March 2020 guidelines. In an analysis of over 64,000 CRA press releases from January-December 2020, ESMA found that the overall level of ESG disclosures increased after the guidelines were introduced but
a "high level of divergence" existed among disclosures,even for rated entities highly exposed to ESG factors. (Feb 2022)
The European Securities and Markets Authority (ESMA) published its Sustainable Finance Roadmap 2022-2024 identifying three priorities: 1) tackling greenwashing and promoting transparency, 2) building national competent authorities’ and ESMA’s sustainable finance capacities, and 3) monitoring, assessing, and analyzing ESG markets and risks. It will develop a legal definition of "greenwashing." (Feb 2022)
The European Securities and Markets Authority (ESMA) published a Call for Evidence (open until March 11) to review and “develop a picture of the size, structure, resourcing, revenues and product offerings of the different ESG rating providers operating in the EU." The call is mainly addressed to ESG rating providers, entities subject to rating providers’ assessment, and rating users. Information gathered will be used alongside a public consultation by the European Commission to execute an impact assessment of a possible EU intervention. (Feb 2022)
The European Banking Authority unveiled its final draft of technical standards for banks’ ESG disclosures, including comparable KPIs to show how institutions are embedding sustainability considerations in their business. If approved by the European Commission, banks would have to utilize certain templates, tables, and instructions, and provide quantitative information on their exposures to carbon-related assets and risk-mitigation plans. (Jan 2022)
List of EU/UK Regulations & News, 2021 (PDF)
Canada
Regulations & News
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The Canadian Securities Administrators (CSA) announced it is pausing its work on the development of a new mandatory climate-related disclosure rule, as well as amendments to the existing diversity-related disclosure requirements. The CSA said this is being done to support Canadian markets and issuers “as they adapt to recent developments in the U.S. and globally.” Companies listed on Canadian securities exchanges will continue to be required to provide disclosure regarding the representation of women on their boards and in executive officer positions. (April 2025)
Canada’s Office of the Superintendent of Financial Institution (OSFI) announced plans to delay reporting requirements for the Scope 3 GHG emissions of federally regulated financial institutions until 2028. The reporting was originally set to begin with the 2025 financial year. The OSFI also set the implementation date to disclose Scope 3 greenhouse gas emissions for the off-balance sheet component of assets under management to fiscal year 2029. (Feb 2025)
The Canadian government
proposed new rules requiring federally regulated financial institutions (FRFIs) to disclose information on the diversity of their boards of directors and senior management. The new rules specify the class of FRFIs that must disclose, define designated groups and senior management positions to be included in the reporting, and specify the types of information to be reported. (Feb 2025)
The Canadian Sustainability Standards Board (CSSB) launched its finalized Canadian Sustainability Disclosure Standards (CSDSs). Included are CSDS 1 and CSDS2 (which align with IFRS S1 and IFRS S2, though with extended transition reliefs for certain elements like Scope 3 emissions reporting) and a Bases for Conclusions, explaining the rationale behind the standard. There will be a webinar about the standards, including changes from the Exposure Drafts, on 14 January 2025. Register here. (Dec 2024)
The Canadian Sustainability Standards Board released its first proposed Canadian Sustainability Disclosure Standards (CSDS). The CSDS align with the International Sustainability Standards Board’s IFRS S1 and S2, but with “Canadian-specific modifications,” including a delayed effective date, and extensions before certain aspects are required, including Scope 3 emissions and disclosures beyond climate-related risks. The CSDS is open for comment here. (March 2024)
Asia Pacific Regulations & News
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The Hong Kong Monetary Authority published the Prototype of Hong Kong Taxonomy for Sustainable Finance (Phase 2A), its framework for classifying environmentally sustainable economic activities. This updated version has expanded beyond the initial focus on green activities and climate change mitigation to also include transition activities and climate change adaptation (specifically within the water sector). Phase 2A adds two new sectors, Manufacturing and Information Communications and Technology (ICT) to the initial four (Energy, Transportation, Construction, and Waste) that were initially covered. It also expands the scopes of Energy, Transportation, and Construction to include additional activities (e.g. transmission and storage of electricity; low-carbon transport infrastructure; and installation, maintenance, and repair of building equipment). Feedback on the Taxonomy is open until 8 October 2025 via email. (Sept 2025)
The Australian Securities & Investments Commission (ASIC) published Regulatory Guide 280 (RG 280), its new guide for companies and other entities required to prepare a sustainability report under the Corporations Act (currently companies with over 500 employees, revenues over $500 million or assets over $1 billion, and asset owners with over $5 billion in assets). RG 280 provides practical guidance on how to comply with sustainability reporting obligations, including details on sustainability reporting thresholds, required content, ASIC’s approach to supervision and enforcement, and how to engage with those within reporting entities’ value chains, including small businesses and farmers. (April 2025)
The Sustainability Standards Board of Japan (SSBJ) issued the finalized set of its inaugural sustainability disclosure standards. These SSBJ Standards comprise of three components: 1) Universal Sustainability Disclosure Standard; 2) General Disclosures; and 3) Climate-related Disclosures, and were designed to align closely with ISSB’s IFRS Sustainability Disclosure Standards (although IFRS S1 is divided into two standards in the SSBJ Standards). The SSBJ Standards are only available in Japanese but an overview in English is available here. (March 2025)
The Australian Securities & Investments Commission (ASIC) released a draft regulatory guide on the sustainability reporting regime beginning in 2025. The guide includes details on who must prepare a report, how the regime will interact with existing legal obligations and how ASIC will administer the reporting requirements. ASIC also released a consultation paper with further details, specific comment requests (e.g. the likely effect on compliance costs), and instructions on how to comment. The consultation period is open until 19 December 2024. (Nov 2024)
The Securities and Exchange Board of India (SEBI) published a consultation paper on expanding the scope of sustainable finance in the securities market. Specifically it is considering introducing social bonds, sustainable bonds, and sustainability-linked bonds to its current suite of ESG debt securities. Comments can be submitted here by 6 September 2024. (Aug 2024)
The Sustainability Standards Board of Japan (SSBJ) issued Exposure Drafts of its Sustainability Disclosure Standards to be applied in Japan. These include three drafts, including Application of the Sustainability Disclosure Standards, General Disclosures, and Climate-related Disclosures. The exposure drafts are available here (in Japanese) and a summary of differences between the IFRS sustainability standards and the SSBJ drafts is available here in English. The deadline to comment is 31 July 2024. (April 2024)
Singapore will require all listed firms to make climate-related disclosures from financial year 2025. The requirement will also apply to non-listed companies with annual revenues of at least S$1 billion ($740 million) and assets of at least S$500 million from FY2027. Disclosures will have to align with the International Sustainability Standards Board standards. Requirements to obtain external limited assurance and report on Scope 3 emissions will be phased in over time. (March 2024)
Three Chinese stock exchanges — the Shanghai Stock Exchange (SSE), the Shenzhen Stock Exchange (SZSE), and the Beijing Stock Exchange (BSE) — introduced new reporting guidelines for listed companies to disclose sustainability-related information. Reporting requirements will focus on four “core content” topics, including governance, strategy, risk and opportunity management, and indicators and goals, according to ESG Today. Reporting will be compulsory for larger companies and for those with securities listed on both domestic and foreign markets starting in April 2026. (Feb 2024)
ESG TODAY » SOUTH CHINA MORNING POST »
The Australian Competition & Consumer Commission (ACCC) published draft guidance explaining the obligations under the Australian Consumer Law which businesses must comply with when making environmental and sustainability claims. The rules focus on eight key principles for making trustworthy claims, including: making truthful and accurate claims; supporting with evidence; not hiding important information; explaining any claim conditions; using clear language; ensuring visual elements do not give the wrong impression; and being direct about future environmental objectives. Interested parties can provide feedback here until 15 September 2023. (July 2023)
Singapore’s Accounting and Corporate Regulatory Authority and the Singapore Exchange Regulation have launched a public consultation on requiring companies to report ISSB-aligned climate-related disclosures. All listed issuers (including those incorporated overseas) would be required to start reporting disclosures in FY2025, and non-listed companies with annual revenue of at least $1 billion in FY2027. The recommendations also propose requiring external assurance on Scope 1 and 2 emissions. The public consultation will run from 6 July to 30 September 2023. Public comments can be submitted here. (July 2023)
The Stock Exchange of Hong Kong published a consultation paper with proposals to enhance climate-related disclosures under the ESG framework. The Exchange proposes to mandate all issuers to make climate-related disclosures in their ESG reports, and introduce new climate-related disclosures aligned with the ISSB’s Climate Standard. Disclosures would include: climate-related risks and opportunities; transition plans; climate resilience; financial effects of climate-related risks and opportunities; and risk management. Acknowledging issuer readiness, the Exchange proposes starting with interim provisions for certain disclosures for the first two reporting years following the effective date of 1 January 2024. Responses to the consultation paper can be made here until 14 July 2023. (April 2023)
In a new consultation paper, the Securities and Exchange Board of India (SEBI) proposed new ESG rules. Currently, the top 1,000 listed companies have to make ESG disclosures. Proposed changes include: increasing quantifiable key indicators for these 1,000 companies (phased-in over three years); adding ESG disclosures for supply chains for the top 250 companies; setting 15 ESG parameters for ESG rating providers; and enhancing stewardship reporting and classification for ESG funds. The recommendations are based on consultations with an ESG Advisory Committee (made up of a variety of stakeholders) in May 2022. SEBI is seeking comments on the proposals until March 6, 2023. (Feb 2023)
Japanese regulators plan to establish a framework that verifies the legitimacy of financial products claiming to be environmentally friendly, says Financial Services Agency commissioner Junichi Nakajima. (Aug 2021)
Russia's central bank advised domestic companies to evaluate their ESG-related risks and
disclose their ESG agenda and compliance once a year. (July 2021)
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The Inter-American Development Bank (IDB), IDB Invest (IDB’s private sector arm), and the IFRS Foundation have formalized a strategic partnership to promote the adoption and implementation of the IFRS Sustainability Disclosure Standards across Latin America and the Caribbean. The agreement aims to accelerate the adoption of these standards in the region and guide private sector implementation. The partnership focuses on three areas: knowledge sharing, including piloting a self-assessment tool for private banks and providing a regional case study; capacity building, including supporting regulators through IDB; and advocacy, including providing targeted technical assistance and policy dialogue. (May 2025)
World Economic Forum (WEF)— Started a new initiative in three Central American countries (Guatemala, Honduras, and El Salvador) to help the private sector “apply WEF’s Stakeholder Capitalism Metrics” and implement “better environmental, social and governance (ESG) reporting to improve local socioeconomic conditions and environmental resilience.” (Aug 2022)
Brazil's central bank announced new rules saying that banks must include climate change-related risks in their stress tests and disclose climate-related information—in accordance with TCFD recommendations—in their financial reporting, starting in July 2022.It also announced that rural loans are forbidden for projects on indigenous lands or in parts of the Amazon biome. (Sept 2021)
Brazil's central bank plans to require banks account for climate change-related risks in their stress tests. It also plans to demand more banking disclosures on ESG risks, such as harassment, prejudice, and deforestation. (Aug 2021)
Research
Corporate Reporting and Disclosure Trends
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More than half of companies feel more internal (53%) or external (56%) pressure to provide sustainability reporting, according to a PwC survey of 496 companies across 40 countries that are or will be reporting under the EU’s Corporate Sustainability Reporting Directive (CSRD) or International Sustainability Standards Board (ISSB) frameworks. Only 7% said they feel decreased pressure to report. 66% have increased investment in sustainability reporting over the last year and 70% say they have obtained either moderate (42%) or significant (28%) value from reporting, such as for informing business strategy. Of those planning to report under the CSRD (41%), 40% said they will postpone statutory reporting in line with the EU’s new timeline, while another 40% said they will report on the original timeline. (Oct 2025)
620 corporations from over 50 countries and $20 trillion in assets under management have publicly committed to nature-related reporting aligned to the Taskforce on Nature-related Financial Disclosures (TNFD), according to the TNFD 2025 Status Report. Since the publication of the TNFD recommendations in 2023, over 500 first- and second-generation TNFD reports have been published, with 78% of companies that have published nature-related disclosures integrating them with their climate-related reporting. (Sept 2025)
While 93% of companies mention nature in their corporate reporting, only 26% disclose their nature impacts in line with the TNFD framework, according to
an EY analysis of 435 companies with combined market capitalization of over $50 trillion.
Just 13% publish dedicated TNFD-aligned reports or indexes, and 3% have published goals that are “nature positive.” (Sept 2025)
82% of surveyed companies say they have captured economic benefits from decarbonization, with 6% reporting a value that exceeds 10% of annual revenue, according to a survey of 1,924 sustainability executives by BCG and CO2 AI. 70% also said they have maintained or increased their overall investments in sustainability. However, only 7% comprehensively report their GHG emissions(down from 9% in 2024), 12% measure their climate risks, and 13% have set targets to cover all emissions (Scopes 1, 2, and 3). (Sept 2025)
KPMG ESG Assurance Maturity Index 2025 (KPMG) — Assesses the development of ESG reporting and assurance through a survey of 1,320 companies with a mean revenue of $16.8 billion. Key highlights (Sept 2025):
- 76% of businesses remain in an early or mid-stage of ESG assurance maturity.
- The average ESG maturity index score dropped from 47.7 (out of 100) last year to 46.9 this year.
- Larger companies scored higher on average (52.8 for companies with over $10 billion in revenue vs. 40.44 for those with revenue of less than $1 billion).
- 314 companies reported and obtained assurance over their sustainability disclosures in accordance with the Corporate Sustainability Reporting Directive (CSRD) (Wave 1).
- Wave 1 filers expect significant benefits from ESG assurance, including greater market share or expanded client base (60%); improved profitability (54%); and stronger reputation (52%).
- 74% say their reporting plans under the CSRD remain unchanged, “despite regulatory ambiguity.”
The impact of sustainability disclosure on financial statement value relevance: evidence from Europe (International Journal of Business and Emerging Markets) — Investigates the extent to which a company's sustainability efforts and disclosure materially affect its financial statements. The study focused on the ESG criteria of firms listed in European stock exchanges for a period of ten consecutive years. It found that corporations voluntarily disclosing sustainability performance show greater financial statement value relevance compared to those that do not disclose such information. The better a company’s sustainability performance is rated, the stronger the correlations between its financial disclosures and market value. (Sept 2025)
The 2025 Disclosure Dividend (CDP) — Analyzes disclosures of nearly 25,000 companies in 2024, finding that companies who measure and manage environmental risks could realize 7-fold returns on investments in physical climate risk mitigation. It reports that Japanese firms identified $73 million in potential gains per company from disclosures, followed closely by Canadian firms at $72 million, U.S. firms at $15 million, and Chinese firms at $10 million. (Aug 2025)
432 large U.S. companies filed sustainability reports in the first half of 2025, down 48% from the 831 that filed in the first half of 2024, according to a Conference Board survey of the 3,000 largest U.S. companies. The report suggests this reflects a “strategic recalibration in response to shifting regulatory, political, and investor dynamics,” rather than a retreat from ESG. Companies are also delaying voluntary reports as they prepare for mandatory ESG disclosures under the EU’s Corporate Sustainability Reporting Directive and California’s climate disclosure laws. (July 2025)
While 99% of insurers reported on climate risk management processes, 97% on strategy, and 87% on governance, only 29% disclosed metrics and targets related to climate risks, according to an analysis of disclosure reports from 526 U.S. insurance groups made up of 1,723 companies by Ceres. And just 28% provided disclosures across all four pillars of the Task Force on Climate-related Financial Disclosures (TCFD) framework (governance, strategy, risk management, and metrics and targets). (June 2025)
73% of large companies from G20 countries obtained some level of assurance on their sustainability disclosures in 2023, up from 69% from 2022, according to a new report from the AICPA & CIMA and the International Federation of Accountants (IFAC). 97% of companies that obtain assurance included GHG emissions, while 85% obtained assurance for environmental metrics, 78% for social metrics, and 58% for governance metrics. In 2023, audit firms provided 55% of assurance, as opposed to consultants or other service providers, falling from 58% in 2022. Over 75% of companies reviewed now report sustainability information with financial disclosures in annual or integrated reports as opposed to standalone reports. (May 2025)
51% of professionals believe major changes are required of the EU Omnibus proposal (aimed at simplifying the Corporate Sustainability Reporting Directive (CSRD)), according to
this survey of 1,062 employees working in companies concerned by the CSRD by #WeAreEurope. Of respondents,
only 17% expressed dissatisfaction with the CSRD and most recognized its value in improving ESG transparency and compatibility (89%); strengthening companies’ ESG strategy, risk assessment and impact management (89%); and providing an effective tool to help Europe achieve its sustainability ambitions (79%). (May 2025)
The share of S&P 100 companies using ESG in their annual sustainability report titles dropped from 40% in 2023 to 25% in 2024, according to new research by The Conference Board. Of the nearly half that have so far reported in 2025, just 6% have used the term. However, the research found that this does not mean companies are backing away from their strategies or commitments. For example, 87% of S&P 500 firms disclosed climate-related targets in their 2024 public statements, the same percentage as 2023. (May 2025)
2025 Executive Benchmark on Integrated Reporting (Workiva) — Surveys 1,601 executives across the Americas, Europe, and Asia and 222 institutional investors across North America, the UK, and Ireland about integrated reporting of financial and sustainability data. Key findings (Feb 2025):
- 97% of surveyed executives agree strong sustainability reporting will give businesses a competitive advantage in the next two years.
- 85% who were intending to disclose emissions say they will move forward regardless of political developments.
- 92% of surveyed investors rank data accuracy as very important, yet 23% of executives do not fully trust their financial data, and 29% do not fully trust their ESG/sustainability data.
- 96% of investors agree that integrated reporting enables better decision-making that can improve a company’s financial performance, up from 91% the previous year.
About 67% of companies publicly disclose their process for determining materiality, while 48% say their approach is based on double materiality (assessing internal value creation and external impacts), according to data from the S&P Global Corporate Sustainability Assessment. However, of the companies that identify issues that are material to external stakeholders, only 46% have developed metrics for tracking how their business activity materially impacts the environment and society. (Feb 2025)
The move to mandatory reporting: Survey of Sustainability Reporting 2024 (KPMG International) — Surveys the largest 100 companies from 58 countries, territories, and jurisdictions around the world on sustainability reporting practices (5,800 in total), with a special focus on the world’s largest 250 companies. Key findings (Dec 2024):
- 79% of all 5,800 companies examined report on sustainability, and 96% of the world’s largest 250 companies do.
- 80% of all companies examined, and 95% of the 250 largest, publish a carbon target.
- 46% of all companies, and 56% of the largest, have a sustainability leader.
- 30% of all companies, and 41% of the largest, consider sustainability in leadership pay.
- 49% of all companies report on the loss of biodiversity and nature as a business risk, up from 23% four years ago.
- Double materiality is now used by 42% of all companies, and 79% carry out some kind of materiality assessment.
- Of those companies that reported, 6% of all companies and 2% of the largest 250 made reference to the European Sustainability Reporting Standards (ESRS).
2024 Sustainability Reporting in Focus (Governance & Accountability Institute (G&A)) — Analyzes sustainability reporting trends in Russell 1000 companies. Findings include (Nov 2024):
- 93% of Russell 1000 companies published a sustainability report in 2023, up from 90% in 2022.
- 98.6% of the larger half of companies (i.e. the S&P 500) published a sustainability report in 2023, up from 98.2% in 2022.
- 87% of the smaller 500 companies published a report in 2023, up from 82% in 2022.
- Of the 74 non-reporters, 16 were in the Financials sector (the largest sector total).
- Sustainability Accounting Standards Board (SASB) Standards continued to be the most widely used standard, with 81% of Russell 1000 reporters aligning with SASB in 2023. 60% of reporters also aligned with the Task Force on Climate-Related Financial Disclosures (TCFD) recommendations, 56% with the Sustainable Development Goals (SDGs), and 55% with the Global Reporting Initiative (GRI) Standards.
- 48% utilized external assurance, up from 40% in 2022.
2024 EY Global Climate Action Barometer (EY) — Analyzes the extent companies around the world are reporting and mitigating risks posed by climate change, based on transition plans and disclosures of over 1,400 businesses in 51 countries. Insights include (Nov 2024):
- Climate-related reporting reached 94% in 2024, up from 90% in 2023, with companies disclosing at least some information based on the 11 TCFD recommendations.
- The quality of disclosures also increased from 50% in 2023 to 54% in 2024.
- 41% report they have a transition plan in place to manage climate risks. 21% report they intend to in the future, while 38% do not have any intention of doing so.
- Only 4% have disclosed operational expenditure to prepare for net zero and 17% have disclosed capital expenditure.
- 67% of companies (up from 58% in 2023) are using scenario analysis to assess the scale and timings of possible climate risks, but only 36% are carrying these findings through to financial reports.
Reporting Matters 2024 (World Business Council for Sustainable Development (WBCSD) and Radley Yeldar) — Analyzes corporate sustainability reporting trends and data, provides an in-depth review of 181 reports, and shares 35 examples of good reporting practices from diverse sectors and geographies. Key findings (Nov 2024):
- 77% of reviewed reports disclosed a double materiality process in 2024, up from 55% in 2023.
- 90% of reports included external assurance in 2024, with an increase in reasonable assurance of key sustainability performance indicators.
- 73% of reports disclosed relevant metrics on executive compensation linked to sustainability performance.
- Reports referencing nature-related frameworks more than doubled, with those referencing the Taskforce on Nature-related Financial Disclosures (TNFD) growing from 22% in 2023 to 52% and the Science Based Targets Network (SBTN) growing from 14% to 30%.
- In 2024, 32% reported on the sustainability responsibilities of individuals from the board or executive committees, up from 20% in 2023.
- In 2024, 41% of reports were published within 3 months of the close of the reporting period, and 37% within 6 months, up from 39% and 33% respectively in 2023.
In 2023, the year after the Global Biodiversity Framework was adopted, nature–related disclosures to CDP grew, according to CDP data. There was a 43% increase in companies disclosing biodiversity data; a 23% increase on water disclosures; and a 10% increase on forests. There was also a 20% increase in the number of companies assessing the impact their value chains have on biodiversity. However, overall, in 2023, just 7% of companies and financial institutions disclosed their dependencies on biodiversity. (Oct 2024)
502 companies and financial institutions have committed to reporting their nature-related issues in line with recommendations from the Taskforce on Nature-related Financial Disclosures (TNFD),
up 57% from first adoptions in January 2024. The publicly listed companies represent over $6.5 trillion in market capitalization (up 63%), and the 129 financial institutions represent $17.7 t trillion in assets under management (up 26%). (Oct 2024)
A record 93% of Russell 1000 companies published a sustainability report in 2023 (up from 90% in 2022), according to a new report by Governance & Accountability Institute. 98.6% of the larger half (the S&P 500) published a report in 2023, up from 98.2% in 2022, while 87% of the smaller half published a report, up from 82% in 2022.
93% of U.S. companies now have dedicated sustainability reporting and compliance budgets, according to a survey of 95 companies with annual revenues of over $500 million by EcoOnline. 30% said they would increase spending on sustainability over the next year while 55% said over the next 2-3 years. And 74% believe sustainability will have a positive impact on their company’s revenue growth and 95% on their brand value. (Aug 2024)
Benchmarking Sustainability Reporting 2024 (Financial Education & Research Foundation (FERF) and Persefoni) — Surveys 50 chief accounting officers and ESG controllers, in order to help finance teams benchmark their sustainability efforts to those of their peers. Highlights include (July 2024):
- 87% of companies plan to increase their internal reporting efforts.
- 59% plan to increase the integration of carbon within risk management reporting.
- 53% plan to expand their Scope 3 reporting to include new categories.
- 48% reported various challenges, including obtaining Scope 3 data, a lack of clear reporting mandate, and a lack of budget.
- Over 90% plan to increase reporting emphasis under the U.S. Securities and Exchange Commission’s final climate rule.
- Nearly 90% intend to enhance reporting efforts under the EU's Corporate Sustainability Reporting Directive and California's climate legislation.
CDP’s annual Non-Disclosure Campaign saw a 122% increase in the number of high-impact companies (to a record 1,029) requested to disclose water data this year, with 276 global investors, banks and insurers (representing over $21 trillion in assets), urging disclosure. (July 2024)
The State of Play: 2023 Climate Transition Plan Disclosure (CDP) — Examines how far along companies are on in their efforts to develop credible climate transition plans, based on 23,200 company disclosures. Findings include (June 2024):
- Over 25% of companies (5,906) said they had a 1.5°C aligned climate transition plan in place, a 44% increase since last year.
- Nearly 40% are already disclosing data against at least two thirds of the indicators needed to judge a credible plan.
- 36% disclosed that they plan to set a climate transition plan within two years.
- Just 2% of companies with a transition plan are currently disclosing to all 21 indicators to judge credibility.
- The pace of climate transition plan uptake is too slow to reduce emissions in line with the 1.5°C pathway.
Around three-quarters of companies preparing to report under the EU’s Corporate Sustainability Reporting Directive (CSRD) say they are factoring sustainability into decision-making to a greater extent or plan to do so, according to PwC’s inaugural Global CSRD Survey. The survey finds that companies are seeing increased benefits flowing from CSRD implementation in FY2025, including better environmental and social performance, engagement with stakeholders, risk mitigation, and competitive advantage. However, companies acknowledge facing obstacles, including data availability/quality (59% to a large or very large extent), value chain complexity (57%), and staff capacity (50%). (June 2024)
KPMG ESG Assurance Maturity Index (KPMG) — Reports that most large companies are not well prepared to meet upcoming assurance requirements on their reported ESG data, despite looming ESG reporting requirements for nearly all firms. The Index surveyed senior executives and board members at 1,000 companies to assess company readiness for audits of their ESG reporting, rating firms as Leaders, Advancing, or Beginners. It found that (June 2024):
- 71% of all companies are in early stages of ESG maturity, and therefore less ready for assurance.
- 29% of companies have the ESG policies, skills and systems in place to be ready for ESG assurance.
- 29% of companies have a clear audit trail to support their non-financial information.
- 44% lack skills internally for improving ESG assurance preparedness.
- 77% of respondents report publicly on their ESG performance, up from only 56% in October 2023.
- 93% of Leaders reported setting broad or robust ESG requirements on their suppliers (up from 83% in the prior survey), and compared to only 14% of Beginners.
- On average, Leaders cited 7.9 benefits from advanced ESG assurance maturity including decreased costs, better product and service quality, and reduced business risk, while Beginners reported only 5.6 benefits.
2,962 companies, with $25 trillion in market capitalization value, disclosed their plastic-related activities, impacts, risks, and opportunities through CDP for the first time in 2023. 60% disclosed on plastics publicly. 42% reported mapping where plastics are produced and used within their value chains. 30% have assessed the impact of plastics on the environment and health, and 21% reported plastic-related risks within their value chains. 36% have plastic-related targets in place while another 25% plan to within the next two years. 37 companies, with $270 billion in market capitalization value, also signed CDP’s corporate open letter calling for mandatory plastics disclosures. (April 2024)
Stewardship at the Source: Driving water action across supply chains (CDP) — Analyzes CDP disclosures around water security, based on 3,163 companies with annual revenue of over $250 million that responded to CDP. Key findings (March 2024):
- 50% of companies (1,542) said they are engaging their supply chain on water risks, including inserting water requirements into contracts, collecting data, and collaborating on innovation.
- 1 in 5 companies report supply chain water risks estimated to total $77 billion (across 623 responding companies).
- $7 billion was deemed to be at immediate risk due to urgent water scarcity, flood, regulatory and reputational issues (across 79 companies).
- Those companies that assess risks in their supply chain are seven times more likely to report water-related supply chain risks and take measures to mitigate them.
- 4% of companies are setting global water-related targets for their supply chain.
- 14% of companies offer their senior leaders incentives to improve water management across the supply chain, and 4% provide direct financial incentives to their chief procurement officers.
2024 Executive Benchmark on Integrated Reporting (Workiva) — Surveys 894 executives and 103 institutional investors in North America about integrated reporting of financial and non-financial data. Highlights include (March 2024):
- 91% of executives agree integrated reporting provides a more holistic view of performance.
- 88% of investors are more likely to invest in companies that integrate financial and ESG data.
- 82% of investors say they have not changed how they make investment decisions despite recent criticism of ESG.
- More than 89% of investors agree ESG reporting regulations will help them do their job more effectively.
- 83% of executives believe generative AI will help companies comply with regulation, while more than half of investors use generative AI to evaluate financial and ESG performance.
- 74% of executives believe complying with regulatory reporting requirements will become significantly more challenging in the next year.
- Executives whose companies integrate financial and ESG reporting feel nearly twice as confident in complying with the SEC’s climate disclosure rules as those who do not (68% versus 37%).
Companies may be underestimating the risks and impacts associated with their activities, according to new analysis on Principle Adverse Impacts by CDP. Of the 23,200 companies that reported to CDP, only 140 reported on all the adverse impact metrics. In the case of water, 1,300 companies reported this was not relevant to them and 1,140 reported not monitoring this. However, 35% of these companies have main activities flagged as having a direct critical impact on water pollution. (March 2024)
State of Play: Sustainability Disclosure and Assurance 2019-2022, Trends & Analysis (International Federation of Accountants (IFAC) and AICPA & CIMA) — This updated annual benchmark of sustainability disclosures of 1,400 companies now incorporates 2022 data. Highlights include (Feb 2024):
- 98% of companies reported some information on sustainability in 2022, up from 91% in 2019.
- Only 30% of companies used a standalone sustainability report in 2022, down from 57% in 2019, reflecting the growing use of integrated reports.
- 69% obtained assurance on at least some of their sustainability disclosures, up 5% from 2021 and 18% from 2019.
- 60% of companies that obtained assurance over their greenhouse gas emissions did so over all three Scopes (and 67% in the EU).
- Accountancy firms handled 58% of assurance engagements related to sustainability in 2022, up from 57% in 2021.
Flying Blind: In a Holding Pattern (Carbon Tracker) — Climate-related disclosures continue to lack the detail investors need to assess and engage, according to this third annual report, examining 140 companies that are a focus for the Climate Action 100+ investor initiative. Significant findings include (Feb 2024):
- 60% of companies failed to provide meaningful information about whether, and how, climate risk and the energy transition impact their financial statements.
- A majority of companies did not explain how climate matters would impact the carbon-exposed items in their balance sheets.
- 81% of companies continue to omit the relevant quantitative assumptions and estimates used in financial reporting.
- And no company provided a fully consistent climate narrative across its financial statements and other reporting (with auditors rarely calling this out).
- Auditors also struggled with transparency, with 80% providing little or no evidence of consideration of climate matters in their audits.
Addressing the Strategy Execution Gap in Sustainability Reporting (KPMG) — Investigates large companies’ ESG data and reporting capabilities, surveying 550 board members, executives and managers at public and private corporations with annual revenues above $500 million (and 66% above $1 billion in revenues). Key findings (Feb 2024):
- 90% of companies surveyed will increase ESG investment in the next three years, with top areas of investment including: dedicated ESG personnel (43%); ESG-specific software (40%); and employee training (38%).
- 83% believe they are ahead of peers regarding ESG reporting, but 47% still use spreadsheets to manage ESG data.
- 76% are planning to restructure teams to better align ESG goals with business strategy.
- 71% of core ESG reporting activities are currently or planned to be outsourced in the next three years.
- 58% plan to improve ESG data collection with AI.
- 83% anticipate an increase in ESG integration across company roles.
317 companies disclosed to CDP after its 2023 Non-Disclosure Campaign, according to CDP’s results report. 70% disclosed on climate change, 18% on forests, and 21% on water security. A record 288 financial institutions (FIs), with nearly $29 trillion in assets, participated, engaging with 1,590 non-disclosing companies. These companies were twice as likely to disclose after being targeted by FIs. (Feb 2024)
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There is a strong positive correlation between companies publishing a GRI context index and their scores in the World Benchmarking Alliance’s (WBA) Social Benchmark, according to a new report by GRI and WBA. These companies typically achieve core social indicator scores that are at least 47% higher than those that do not publish a GRI content index. (Sept 2024)
ESG and Global Investor Returns Study (Kroll) — Analyzes the historical returns of more than 13,000 publicly traded companies and their ESG ratings to determine the correlation. The study looked at companies in four geographic regions, 12 countries/markets, and 11 industries. It found that companies with better ESG ratings had annual returns 50% higher than those with lower ratings over the 2013−2021 period. (Sept 2023)
90% of ESG practitioners agree that in the next two years having a strong ESG reporting program will give their organization a competitive advantage, according to this survey of over 900 ESG professionals by Workiva. 71% of respondents said three or more internal teams are involved in their company’s ESG reporting process and 74% say they expect their organizations will be required to comply with two or more global regulations. 97% agree that access to technology and data will play an essential role in making decisions to advance their ESG strategies in the future. However, while 87% of executives say their organizations have dedicated staff to oversee ESG reporting, only 68% of managers agree. And while 62% of executives strongly agree their company applies the same diligence to ESG reporting as it does to financial reporting, just 32% of managers do. (Aug 2023)
Morningstar Sustainalytics launched its Low Carbon Transition Ratings to help investors identify and manage transition risks, respond to regulatory requirements and build climate investment strategies. The ratings provide “a forward-looking science-based assessment” of a company’s alignment with a net-zero pathway in line with a 1.5°C target, evaluating companies’ strategies and actions towards meeting net-zero commitments. The ratings currently cover about 4,000 of the largest public companies, and Morningstar Sustainalytics plans to expand this to over 12,500 by 2024. (April 2023)
Rate the Raters 2023: ESG Ratings at a Crossroads (The SustainAbility Institute by ERM) — Finds that, while demand is surging, raters face rising concerns from corporates and investors around data accuracy and the overall quality and usefulness of ESG ratings, based on survey responses from 104 corporate and 33 investor respondents. Findings include (April 2023):
- More than half of companies reported engaging with at least six ESG ratings providers;
- Investor demand is the primary driver of engagement with ESG raters, with 57% of companies citing it as their top motivation;
- 43% of investor respondents ranked requirements by their firms to integrate ESG ratings and data into their investment practices as a top reason for using ESG ratings providers (compared with just 12% in 2018/19);
- 29% of corporates have low to very low trust that ESG ratings accurately reflect ESG performance, and 52% have only moderate trust; 38% of investors, on the other hand, report high to very high trust, and 59% report moderate trust;
- Around half of both corporate and investor respondents see “greater consistency and comparability across ratings methodologies” and “improved quality and disclosure of methodology” as key issues for ESG raters to fix in order to maintain trust.
Sustainability reporting by the largest U.S. public companies reached an all-time high in 2021, according to a new G&A Institute report. Of Russell 1000 companies, 81% published sustainability reports in 2021, up from 70% in 2020. The larger half of the index reached 96% reporting, up from 92%, and the smaller half reached 68%, up substantially from 49% in 2020, reflecting that sustainability reporting is increasingly being adopted as a best practice in mid-cap companies. (Nov 2022)
99% of investors utilize companies’ ESG disclosures as part of their investment decision-making, including 74% of investors who conducted a rigorous evaluation of nonfinancial disclosures — up from 32% in 2018 — according to the EY Global Corporate Reporting and Institutional Investor Survey. However, 73% of investors said that companies have failed to create enhanced reporting, and 76% said “companies are highly selective in what information they provide to investors, raising concerns about greenwashing.” 88% of investors also responded that companies only provide “limited decision-useful ESG disclosures” unless forced to by regulatory requirements. (Nov 2022)
ESG Book (Global alliance of companies, financial stakeholders, and standards organizations) — A new digital platform to make ESG data accessible, comparable, and transparent for all stakeholders. The free, public platform was developed according to the Ten Principles of the UN Global Compact, provides framework-neutral information in real-time, and allows users to keep ownership of their data. (Dec 2021)
Environmental, Social and Governance (ESG) Ratings and Data Products Providers (IOSCO) — Breaks down the implications of ESG rating providers’ and data providers’ activities to help IOSCO members establish frameworks for mitigating risks from these activities. Proposes recommendations to mitigate risks and address challenges faced by companies subject to ESG ratings and data products, as well as users of ESG rating and data providers’ products and services. (Aug 2021)
S&P Global publicly released 400 additional ESG data points on company’s scores, offering investors deeper insight into companies' environmental dimensions (biodiversity commitments, direct and indirect CO2 emissions, waste/hazardous disposal, energy consumption, water usage) social dimensions (safety policies, human rights commitments, code of ethics, independent auditing), and governance dimensions (anti-crime, corruption & bribery, board governance and executive compensation, ownership, diversity, materiality disclosures, risk and supply chain management, and tax strategy and reporting). (February 2021)
“OECD Business and Finance Outlook 2020” (OECD, October 2020) finds that investors do not have
the “relevant, comparable, and verifiable ESG data they need to properly conduct due diligence, manage risks, measure outcomes, and
align investments with sustainable, long-term value.” The report calls for increased collaboration toward a
common set of global principles and guidelines that provide investors with the ESG data they need to properly assess companies’ performance on ESG-related investment goals.
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“Rate the Raters 2020” (SustainAbility, March 2020) offers insight into how investors are using corporate ESG data to inform their decision-making and which ratings investors find most useful when gathering ESG data. Key findings included the following:
- The ratings most favored by investors were MSCI and Sustainalytics, primarily because of their broad coverage. CDP and ISS were also frequently mentioned for quality and usefulness.
- Nearly all investors interviewed described sophisticated approaches to ESG analysis, where ratings inform rather than drive investment decision-making. Several have developed their own KPIs, tools, processes, and scores to fully evaluate corporate ESG performance.
- The top four most useful sources of corporate ESG information were: corporate ESG ratings, direct engagement with companies, corporate sustainability reports, and in-house research.
"The Devil is in the Details: The Divergence in ESG Data and Implications for Sustainable Investing" - Concludes there is "less risk among companies that scored higher on ESG metrics" but urges investors interested in sustainable data "to educate themselves on the vast amount of data available, the varying methodologies and nuanced processes used by ratings agencies, as well as on the best way of embedding these considerations within the investment process." (QS Investors, Sep 2019)
CEF Private Meeting Notes: Not-for-attribution CEF member discussions on ESG Disclosure and Ratings & Rankings (Do not cite or circulate - June 2019 Leadership Retreat)
“The Blind Spot in Corporate Sustainability Rankings: Climate Policy Leadership” (Environmental Defense Fund, 2019) examines eight popular sustainability rankings to assess whether companies’ policy engagement activities were considered in the methodologies. The report finds that only one—InfluenceMap’s Climate Policy Engagement A-List—recognizes companies for lobbying or other activities in favor of public policies that protect the climate. The report also finds that only two rankings—InfuenceMap’s Climate Policy Engagement A-List and Corporate Knights Global 100—penalize or disqualify companies for lobbying or activities against public policies to protect the climate.
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“Insights from the Reporting Exchange: Corporate Governance and Harmonization” (WBCSD and Climate Disclosure Standards Board, March 2018) examines corporate governance requirements across 60 countries to identify opportunities for further alignment in sustainability reporting. The report finds that the strongest aligned subject areas within the examined corporate governance codes were risk management and internal control, corporate leadership and remuneration, and dialogue with shareholders. However, the most inconsistently applied subject areas were those associated with accountability.
Regulatory Landscape
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More than 20 jurisdictions representing over half the global economy (55% of global GDP) plan to use or fully align their sustainability disclosure standards the International Sustainability Standards Board’s (ISSB) standards, according to the IFRS Foundation. These jurisdictions account for over 40% of global market capitalization and more than half of GHG emissions. (June 2024)
Most G20 members still have few or no policies on nature-related corporate disclosure, according to new research by CDP. This is in spite of the commitment made at the UN Biodiversity Conference (COP15) by 19 of the 20 members to require companies and financial institutions to disclose their risks, dependencies and impacts on biodiversity by 2030. CDP found that only Brazil, the EU, and Indonesia have implemented or are in the process of implementing any biodiversity-related disclosure requirements. (Sept 2023)
ESG regulations have increased 155% in the past decade, according to ESG Book analysis of more than 2,400 ESG regulations in more than 80 jurisdictions. 1,255 ESG policy interventions have been introduced worldwide since 2011, compared to 493 between 2001 and 2010. (June 2023)
ESG Regulations and Reporting Standards Tracker (Sustainable Fitch) — This Excel database tracks significant global ESG regulatory developments, focused on sustainable taxonomies, ESG and climate disclosure regulations, and ESG fund requirements. It also tracks the most followed reporting frameworks and standards and aims to provide a concise summary and guidance on the new and upcoming regulatory issues that could affect issuers and investors in those ESG areas. The database is updated quarterly. (June 2023)
Additional regulation tracking sites
- ESG Regulatory Tracker (S&P Global)
- ESG Regulatory Hub (ESG Book)
Sustainable Finance in Europe: Regulatory State of Play (Association for Financial Markets in Europe (AFME)) — Provides a practical roadmap to the main sustainable finance-related regulatory developments within the European Union, the United Kingdom and Switzerland, including the direct and indirect impacts on banks, businesses, and capital markets. It also includes a timeline highlighting a number of key milestones to assist firms with their planning. First published in November 2021, the guide has now been updated to reflect the developments that have occurred since then. (March 2023)
Resources & Tools
Climate Transition Plans
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State of the Corporate Transition 2025 (TPI Global Climate Transition Centre) — 98% of companies have not disclosed plans to shift capital away from carbon-intensive assets or align spending with their long-term decarbonization goals, based on analysis of over 2,000 publicly listed companies with $87 trillion in market capitalization. The assessment rates the quality of the companies’ carbon management and governance practices and finds the average score is a 3.0 out of 5 (representing integration into operational decision-making). This is down from 3.1 in 2023. However, the scores of 172 companies did move up at least one level last year. And disclosure of material Scope 3 emissions grew from 36% of companies in 2023 to 49% in 2024, while climate scenario planning grew from 52% of companies to 64%. The report also assesses the Carbon Performance of 554 companies in 12 high-emitting sectors and finds that 30% are now aligned with a 1.5°C benchmark, more than three times the amount in 2020 (9%). However, the companies are collectively set to overshoot their 1.5°C emissions intensity budget by 61% and their 2°C budget by 13% between 2020 and 2050. (Sept 2025)
Aligning Transition Planning and Financial Planning (Accounting for Sustainability (A4S)) — This guidance provides a seven-step process to align financial planning with transition planning. The steps focus on preparation; analysis; prioritizing action based on feasibility, risk, costs and benefits, and emissions reductions; embedding transition planning into the 3-5 year financial planning process and supporting business units’ transition planning alignment; financing the transition; improving decision making to support net zero and climate resilience; and managing information to support decision making. The guidance also includes several case studies and links to supporting tools, and also provides two additional new tools: A Financial Planning Checklist and guidance for Liasing with Business Units. (June 2025)
Nature in Net-zero Transition Plans (Glasgow Financial Alliance for Net Zero (GFANZ)) — This consultation paper provides voluntary, supplemental guidance for how financial institutions can integrate nature considerations in support of net-zero transition planning, building on GFANZ’s existing Net-Zero Transition Plan Framework. It focuses on three main actions: 1) the reduction of nature-related greenhouse gas (GHG) emissions; 2) the protection and increase of nature-related GHG sinks; and 3) embedding nature-related considerations into approach and planning. This was launched in conjunction with TNFD’s nature transition plan discussion paper (see above) and the two are complementary. Consultation is open until 27 January 2025, with the final paper to be released in Q1 2025. Provide feedback here. (Nov 2024)
TNFD (Taskforce on Nature-related Financial Disclosures) released Discussion paper on nature transition plans at COP16. This paper sets draft guidance on nature transition planning for corporates and financial institutions developing and disclosing a transition plan in line with TNFD recommended disclosures. The guidance covers all aspects of nature apart from climate-related ones. Provide feedback until 1 February 2025 via email. (Nov 2024)
Assessing the credibility of a company’s transition plan: framework and guidance (Assessing Transition Plan Collective (ATP-Col)) — Presents a credibility assessment process for transition plans, providing a basis for streamlining and harmonizing transition efforts worldwide. It includes a credibility assessment framework focused on relevance, transparency and completeness; ambition and feasibility; consistency; and long term value and just transition. The document also proposes a list of 43 red flags and 50 assessment criteria linked to transition plan elements, particularly around ambition, metrics, implementation strategy, governance, and engagement strategy. (Oct 2024)
Transition Plan Index (C2ES, BSR, Ceres, EDF, and WMBC) — This tool helps companies with a transition plan to more clearly communicate the targets, timeline, and strategies that make up their transition plans, as well as enhancing transparency and comparability across companies. Transition Plan Index templates are available for GFANZ, TPT, ISSB, and ESRS planning guidance, with additional guidance templates possibly being added in the future. An accompanying Resource Document includes in-depth instructions, best practices, transition plan resources and other helpful information. (Sept 2024)
Corporate Low-Carbon Transition Planning: Best Practices & Recommendations to Support Credible Action (Center for Climate and Energy Solutions (C2ES)) — Examines the state of low-carbon transition planning in real-economy sectors, both through analysis of various transition planning guidance and through interviews with 14 companies across seven sectors. The report finds high levels of correspondence between guidances, with some divergence, particularly around in-depth requirements and specific topics, and around the issues of just transition and nature-based impacts. It also found from the interviews that companies: struggled with guidance overload; recognized the importance of both senior level commitment and stakeholder engagement; acknowledged the gulf between transparency levels expected and transparency levels companies are comfortable with; were hindered from a lack of interim targets and measures; and recognized the emerging importance of the just transition. The report concludes with several recommendations around enhancing planning, transparency, and performance. (July 2024)
Blueprint for Implementing a Leading Climate Transition Action Plan (Ceres) — This resource for companies to develop and implement leading climate transition action plans focuses on six action areas: setting goals and science-based targets, decarbonizing the business, ensuring a just transition, advocating for public policy, supporting integration and accountability, and tracking and reporting progress. The report also provides case studies of transition planning from companies including CEF member General Mills. (June 2024)
Transition Plan Resources (Transition Plan Taskforce (TPT)) — TPT released its final set of resources to help companies build robust and credible transition plans. Resources include its Disclosure Framework for transition plans; implementation guidance; case studies; sector summary guidance for 30 sectors; and sector-specific guidance for Asset Owners, Asset Managers, Banks, Electric Utilities & Power Generators, Food & Beverage, Metals & Mining, and Oil & Gas. (April 2024)
Transition Plan Template (Exponential Roadmap Initiative) — This free-to-use transition plan template (in Word Doc format) helps companies operationalize climate strategy, step-by-step. It is in line with evolving regulation (U.S. and EU) and guidance from 12 different organizations. Also included is a “Detailed mapping of elements different organizations require in a transition plan,” categorized by initiative. (Jan 2024)
TPT Disclosure Framework (Transition Plan Taskforce (TPT)) — This finalized framework, from the UK-based Transition Plan Taskforce, helps corporations set out a credible and robust climate transition plan as part of annual reporting on forward business strategy. Specifically, the framework consists of five components: Disclosing Strategic Ambition; Implementation Strategy; Engagement Strategy; Metric & Targets; and Governance. The TPT Framework is designed to be consistent with, and build on, the final Climate-Related Disclosures standard (IFRS S2) issued by the International Sustainability Standards Board (ISSB) and also draws on the work of the Glasgow Financial Alliance for Net Zero (GFANZ). (October 2023)
CDP Technical Note: Reporting on Climate Transition Plans, V2. (February 2023)
Expectations for Real-economy Transition Plans (GFANZ) Press release (September 2022)
Glasgow Financial Alliance for Net Zero (GFANZ) — Published a draft Net zero Transition Plan (NZTP), a common framework for financial institutions to disclose plans to increase financing in alignment with the clean energy transition and 1.5C temperature rise. The NZTP is intended to make those plans consistent and comparable for evaluation by stakeholders, ultimately driving capital to companies with the most robust and credible plans and accelerating the overall transition. GFANZ has identified four essential approaches for financial institutions to support the real-economy transition to net-zero emissions (June 2022):
- Finance the development and scaling of net-zero technologies or services to replace high-emitting sources.
- Increase support for companies that are already aligned to a 1.5C scenario.
- Enable high and low-emitting real-economy companies to align business activity consistent with a 1.5 degrees C pathway for their sector.
- Accelerate managed phaseout of high-emitting assets.
CSRD Resources & Guidance
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CSRD Questionnaire for IQ Plus with Vitals (EcoVadis) — EcoVadis added a Corporate Sustainability Reporting Directive (CSRD) questionnaire to IQ Plus with Vitals, its sustainability management solution suite. The questionnaire covers all mandatory supply chain data requiring direct supplier input and aligns with the European Sustainability Reporting Standards (ESRS) requirements. It is a paid add-on that can be used by compliance teams to engage suppliers, and is free for suppliers when invited by buyers. (Jan 2025)
Multiple Guidances (Taskforce on Nature-related Financial Disclosures (TNFD)) — Published new guidances and updates, including (July 2024):
- Final guidance for eight economy sectors, including: Aquaculture; Biotechnology & pharmaceuticals; Chemicals; Electric utilities & power generators; Food & agriculture; Forestry & paper; Metals & mining; and Oil & gas.
- Updates to additional guidance for financial institutions, supporting banks, re-insurance companies, asset managers and other financial institutions to apply TNFD recommendations.
- Guidance on value chains, providing additional support to companies on identifying and assessing dependencies, impacts, risks and opportunities in their upstream and downstream value chains.
GRI-ESRS Linkage Service (Global Reporting Initiative (GRI)) — Allows those reporting to GRI to receive detailed feedback on their existing reporting and how it aligns with the European Sustainability Reporting Standards (ESRS), for achieving compliance with the EU’s Corporate Sustainability Reporting Directive (CSRD). This paid service provides a comprehensive overview of GRI-ESRS disclosure linkages and how to use and adapt existing data and how to restructure reporting. GRI also published a guide, GRI and sustainability reporting in the EU, answering frequently asked questions on interoperability by GRI users. (July 2024)
CSRD Transposition Tracker (Ropes & Gray) — Describes Corporate Sustainability Reporting Directive (CSRD) developments across 27 EU member states and Norway, Iceland, and Liechtenstein. The Tracker includes information and developments as of 31 January 2024. (March 2024)
- EFRAG ESRS Q&A Platform: collects and answer technical questions that remain unresolved after thorough analysis by stakeholders to support the implementation of European Sustainability Reporting Standards (ESRS).
- EFRAG estimates for auditing costs (PDF). See p. 43-44.
- CDP-ESRS mapping (PDF). Based on 2023 CDP questionnaire.
- Corporate Sustainability Reporting Directive Playbook (Reuters Events Sustainable Business)
- A running list of ESG Controller Job Descriptions (PDFs). Please consider sharing ESG Controller JDs with Amy O'Meara.
- Salesforce announced generative AI enhancements to its Net Zero Cloud platform to make ESG reporting easier for companies. This includes tools that will help: 1) generate sustainability reporting responses working from previous disclosures and uploaded information;
2) automate CSRD reports; and 3) assess the most material topics to their company. (Sept 2023)
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ESG & Sustainability Reporting Best Practices & Guidance
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The California Air Resources Board (CARB) published a draft checklist to help companies that are required to post their climate-related financial risk reports under the Climate Related Financial Risk Disclosure Program authorized by Senate Bill 261. (Initial reports are due on 1 January 2026 for companies doing business in California with annual revenues of over $500 million.) The checklist lists five key elements to address, including: choosing a framework to report under; describing management oversight of climate-related risks and opportunities; assessing climate-related impacts on a company’s strategy and operations; describing risk management processes; and providing metrics and targets. It also includes answers to new FAQs and directs filers to additional FAQs here. (Sept 2025)
Operational Guidance on Reporting, Disclosure, and Claims (Accountability Framework initiative (AFi)) — This updated guide walks users through good practices for corporate reporting on deforestation, ecosystem conversion, and human rights risks associated with commodity production and trade. The update includes more detailed guidance on reporting compliance with deforestation- and conversion-free supply chain commitments and policies. The revision is accompanied by an updated how-to-guide, summarizing how the Accountability Framework can be used to support reporting on supply chain risks and impacts. (March 2025)
Five Company Case Studies on Nature Reporting (Global Reporting Initiative (GRI)) — Five companies, which participated in the GRI Community Biodiversity Pilot, shared their experiences implementing the new GRI Biodiversity Standard. These include: City Developments Limited (CDL)in Singapore; Coca Cola HBC in Switzerland; Ecopetrol in Colombia; Enel Group in Italy; and JSW Steel in India. The case studies explore initial approaches to implementing the standard and highlight the key insights, benefits and challenges encountered by companies during the process. (March 2025)
ISO launched its new ESG Implementation Principles, designed to guide companies in implementing and embedding Environmental, Social, and Governance (ESG) practices within their organizational cultures. The document supports managing, measuring, and disclosing ESG performance under existing frameworks, enabling the consistency, comparability, and reliability of ESP reporting globally. (Nov 2024)
Deforestation Disclosure Guide for Financial Institutions (World Business Council for Sustainable Development (WBCSD)) — Provides practical guidance for financial institutions on how to integrate deforestation and other land-use change risks into financial disclosure, offering a four-step process. These include: 1) Adopt deforestation-free finance guidance and join collaborative sector initiatives; 2) Disclose annually through deforestation-specific disclosure; 3) Integrate deforestation into climate- and nature-related financial disclosures and transition plans; and 4) Work toward holistic disclosure. There will be a training for practitioners on 14 November 2024. (Sept 2024)
Interoperability mapping between the GRI Standards and the TNFD Disclosure Recommendations and metrics (Taskforce on Nature-related Financial Disclosures (TNFD) and Global Reporting Initiative (GRI)) — Gives a detailed overview of the alignment between the TNFD Recommendations and the GRI Standards. Offers a guidance document and correspondence tableto help GRI’s 14,000 reporters globally align with the TNFD Recommendations, and assist TNFD adopters in their sustainability reporting according to GRI Standards. The alignment includes (Aug 2024):
- Use of consistent nature-related concepts and definitions.
- Reference and incorporation of GRI’s materiality approach focusing on impacts in the TNFD Recommendations and guidance.
- Strong consistency between the TNFD core global disclosure metrics and the related metrics in the GRI Standards.
- Reference of the TNFD LEAP approach – guidance for identifying and assessing nature-related issues – in GRI 101: Biodiversity 2024.
- Use of the TNFD definitions and criteria in GRI 101 when considering an organization’s location in or near ecologically sensitive areas.
Investor trust in sustainability data: An opportunity for corporate leaders (Deloitte and The Fletcher School at Tufts University) — Investigates how companies can enhance investor trust in their sustainability disclosures, surveying over 1,000 investors in North America, Europe, and Asia. It finds that 83% of surveyed investors incorporate sustainability information, and 79% have sustainability policies in place (compared to 20% five years ago). However, investors struggle with unclear corporate sustainability strategies, incomparable data, and lack of measurable outcomes from corporate reports. The report offers four actions to help earn investor trust: 1) Strengthen sustainability governance capabilities through greater coordination across the C-suite; 2) Invest in sustainability measurement; 3) Corroborate sustainability disclosures with third-party assurance; and 4) Proactively engage with investors to share the company’s sustainability actions, fostering transparency and accountability. (April 2024)
Navigating the Sustainability Journey: The Impact of Mandatory Reporting on Travel & Tourism (World Travel & Tourism Council (WTTC) and Oliver Wyman) — Guides travel and tourism companies through sustainability frameworks, compliance timelines, and readiness assessments to help facilitate sustainability compliance. The report maps out sector-level and company-level opportunities and common challenges, and analyzes three major sustainability disclosure frameworks: (U.S., EU, and International Financial Reporting Standards (IFRS)). The report also includes a Sustainability Readiness Roadmap diagnostic tool. (March 2024)
Accountability for Nature: Comparison of Nature-related Assessment and Disclosure Frameworks and Standards (United Nations Environment Programme World Conservation Monitoring Centre (UNEP-WCMC) and UNEP Finance Initiative (UNEP FI)) — Provides comparative research on seven leading standards, frameworks and systems for assessment and disclosure on nature-related issues. (Standards include CDP disclosure system, European Sustainability Reporting Standards (ESRS); Global Reporting Initiative (GRI) Standards; International Sustainability Standards Board (ISSB) Standards; Natural Capital Protocol; Science Based Targets Network (SBTN) target setting guidance; and Taskforce on Nature-related Financial Disclosures (TNFD) framework.) The report gives an overview of key methodological and conceptual trends, highlighting similarities and divergences related to their differing purposes. It offers 11 key findings on topics such as coverage of sectors, value chains, nature-related impacts, and targets; and finds that the reviewed approaches are demonstrating an increasing level of alignment in key concepts and methodological approaches. (Feb 2024)
Assessing nature-related risks and opportunities: case studies from Global Canopy’s 2023 TNFD piloting programme (Global Canopy) — These case studies, featuring six companies, detail a program run by Global Canopy to pilot the Taskforce on Nature-related Financial Disclosures (TNFD). They showcase each company’s experience with piloting the TNFD’s LEAP (Locate, Evaluate, Assess, Prepare) voluntary assessment approach, providing other organizations considering adopting TNFD recommendations practical examples and insights. Case studies include three investment managers, two infrastructure developers, and a grocery retailer. (Feb 2024)
Accelerating Biodiversity and Ecosystem Reporting (Planet and Microsoft) — Helps navigate new sustainability reporting demands around nature-related impacts and dependencies, providing a step-by-step walk through reporting, from scoping to assessing and reporting. The guide surveys tools and data sources and reviews many of the available options. It also reviews concrete examples from industry and the scientific literature demonstrating how recent advances in Earth observation, artificial intelligence, and ecosystem science can help deliver up-to-date and actionable insights for biodiversity and ecosystem metrics. (Jan 2024)
Implementation Guidance for the International Sustainability Standards Board (ISSB) Standards and the European Sustainability Reporting Standards (ESRS) (WBCSD CFO Network) — Aims to help Chief Financial Officers (CFOs) prepare to implement the new sustainability reporting requirements to inform strategic decision-making on corporate sustainability performance and respond to requests from investors, banks and regulators. The Guidance provides analysis of the ISSB (International Financial Reporting Standards) and ESRS standards, and highlights priority issues for finance professionals identified through WBCSD’s CFO Network. The guidance analyzes IFRS and ESRS standards side-by-side, facilitating comparison, and provides links to additional tools and resources. It also provides extra consideration and suggestions for companies preparing to report against the U.S. Securities and Exchange Commission (SEC) climate disclosure rule (awaiting release). (Aug 2023)
Smart Freight Centre (SFC) Exchange Network — Published a Proof of Concept (PoC) Evaluation Report, a first step in establishing the SFC Exchange Network to promote data sharing between transport value chain actors and increase carbon transparency. The report assessed three key criteria: the feasibility of technical implementation, peer-to-peer data exchange, and willingness to share data. It also explored options for future governance and assurance frameworks. The results show the need for future efforts in the industry and the PoC “provided a momentum and promising results to continue towards a full build.” CEF members Amazon and Dow are participants and contributors, and CEF member McKinsey is a knowledge partner. (Aug 2023)
GHG Reporting Guide for Accountants and Financial Professionals (We Mean Business Coalition (WMBC) and International Federation of Accountants (IFAC)) — This two part guidance helps accountants and finance professionals deliver robust greenhouse gas (GHG) reporting. The first part (8 Steps to Enhance GHG Reporting) provides finance and accounting professionals with a detailed 8-step roadmap to engage with others across their business to prepare for GHG emissions reporting requirements aligned to financial reporting processes. The second part (Greenhouse Gas Reporting Building Blocks for Accountants) provides accountants with technical guidance to collect and enhance the quality of data related to Scopes 1, 2, and 3 emissions at individual entity and group levels. It also includes several tips for improving the reporting process and a list of additional resources. (June 2023)
Corporate Sustainability Reporting Directive Playbook (Reuters Events Sustainable Business) — This white paper covers how businesses can stay ahead of the curve as the sector enters a new era of sustainability reporting. The report discusses how to best develop a company’s report to benefit one’s business, its purpose, and its stakeholders; key elements of major standard-setting initiatives worldwide; the value of third-party assurance; the impact of making reports more machine-readable with digital tagging; and ensuring compliance across global jurisdictions. The paper also includes a series of questions to help review the current state of one’s reporting. (May 2023)
Enabling Corporate Plastics Disclosure (World Business Council for Sustainable Development (WBCSD) — This white paper aims to 1) clarify the metrics companies should use for plastic pollution accounting purposes, with a focus on the measurement of plastic leakage and circularity and 2) embed these metrics into a comprehensive corporate accountability system that could help companies comply with the future Global Plastics Agreement currently being negotiated by UN member states. The system consists of four stages: set an ambition, translate the target into a company action plan, establish accurate accounting metrics, and disclose the metrics externally. The paper also encourages the Agreement to embed the corporate accountability system directly to both strengthen the credibility of commitments and reduce reporting burdens on companies. (May 2023)
The Business Benefits of Third-Party Verification of Environmental Data (CDP) — After making the business case for verification of environmental data (such as Scope 3 emissions and water- and forests-related data), this step-by-step guide lays out the practical aspects of verification. These include: timing; calculating emissions inventories; choosing verification bodies; level of assurance; verification standard; accreditation; and deliverables. The report also explores common verification myths and ends with several brief case studies. (May 2023)
Battery Passport Content Guidance (Battery Pass) — Provides a detailed perspective on the battery passport content reporting requirements as per the EU Battery Regulation and beyond. This is the first publicly available comprehensive aggregation and interpretation allowing companies and other battery value chain players to prepare for the Battery Passport implementation. There is also additional guidance on Carbon Footprint Rules, which provides accounting rules to calculate company-specific carbon footprints of the battery Distribution and End-of-life and Recycling life cycle stages, as well as a Battery Passport Data Longlist, which includes all data attributes required and suggested for the battery passport alongside definitions and further relevant data dimensions. (April 2023)
Achieving Effective Internal Control over Sustainability Reporting (ICSR) (The Committee of Sponsoring Organizations of the Treadway Commission (COSO)) — This study and supplemental guidance helps companies achieve a system of internal control over sustainability reporting (ICSR) using the COSO Internal Control—Integrated Framework (ICIF), and applies ICIF’s 17 principles to the ICSR. The new framework creates five action points: committing to integrity by stating the organization’s purpose; determining objectives; identifying and assessing risks and opportunities; identifying control activities; and evaluating effectiveness. A key takeaway is aligning external reporting with internal benefits (i.e. business intelligence to support internal decision making and management of performance and impacts). This study expands on an early 2017 COSO study applying the ICIF to sustainability reporting. (April 2023)
Environmental, Social, and Governance (ESG) Framework (The International Federation of Pharmaceutical Wholesalers (IFPW)) — IFPW launched an ESG framework and toolkit to serve as a resource for pharmaceutical wholesalers and distributors. The framework is intended to create global alignment and consistency across the pharmaceutical sector regarding how to effectively communicate and report on the impact of ESG initiatives to advance the supply chain. Guidance includes: addressing carbon emissions, energy use, and climate change; environmental stewardship through waste management, packaging design, and regulatory compliance; protecting access to medicine and advancing global equity; human capital management through diversity, equity, and inclusion initiatives; and ethics compliance and human rights throughout the supply chain. The framework leverages insights from a wide range of healthcare organizations, including CEF member McKesson. (Feb 2023)
End-to-End GHG Reporting of Logistics Operations — This new guidance, released by Smart Freight Centre and WBCSD, in partnership with over 30 companies, advances the quantification and sharing of logistics emissions and supports the logistics industry as they move toward net-zero. The guidance is designed to enable companies to better understand and track their logistics emissions on a granular operational level and to quantify the footprint of end-to-end logistics emissions, from supplier to final customer. It builds upon and complements two existing frameworks, the Smart Freight Centre’s Global Logistics Emissions Council Framework 2.0 (for logistics emissions) and WBCSD’s Pathfinder Framework (for product life cycle emissions). Participating CEF members include Amazon, Dow, Siemens, and Unilever. (Jan 2023)
Authentic Sustainability Assessment: A User Manual for the Sustainable Development Performance Indicators (UNRISD) — Offers new methodologies and indicators to address the blind spots of conventional sustainability metrics and reporting models of economic entities, including reporting overload and the design of frameworks only for for-profit entities, not those “in the social or solidarity economy.” The report includes a two-tiered framework made up of 61 indicators for measuring and assessing sustainability at the organizational level. (Nov 2022)
A new report offers proposed accounting and reporting guidelines for sustainable aviation fuels (SAF) and SAF certificates. These guidelines, produced jointly by the World Economic Forum’s Clean Skies for Tomorrow Coalition, RMI, and PwC Netherlands, offer detailed step-by-step instructions including recommended accounting calculation methods and reporting procedures for SAF suppliers, airlines, corporate travelers, private aircraft owners and operators, and freight operators, in the absence of formal global standards. (Oct 2022)
The Good Food Institute (GFI) and the FAIRR Initiative investor network (FAIRR) launched two new reporting frameworks for alternative meat, seafood, eggs, and dairy companies to reveal their climate, biodiversity, nutrition, and other ESG impacts—the first framework for specialized companies, the second for diversified companies. These first-of-their-kind frameworks will provide comprehensive standards to assess and disclose ESG data of these companies, including enabling better assessment of alternative meat’s environmental impacts relative to meat. 38 companies and investors and 14 NGOs and ESG standard-setters provided input in the frameworks’ development. (Sept 2022)
RMI’s Climate Intelligence Program has released guidance for steel companies to report and reduce the greenhouse gas impact of their products. Specific strategies to reduce impacts include: increasing recycled content of their products; deploying low-emissions ore processing technologies; and using zero-emissions electricity. The guidance was developed through a collaboration between RMI and the World Business Council for Sustainable Development (WBCSD). (Sept 2022)
List of ESG & Sustainability Reporting Best Practices & Guidance, 2021-2019 (PDF)
ESG & Sustainability Reporting Tools & Services
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GRI Academy Courses (Global Reporting Initiative (GRI)) — The GRI Academy, a training platform for sustainability reporting under GRI, launched two new courses to support practitioners. The first, Climate Reporting with GRI and IFRS Standards, explains key components of climate reporting, including GHG emissions, transition plans, and adaptation strategies, and how GRI 102: Climate Change and IFRS S2 Climate-related Disclosures complement each other and how to report with them. The second, GRI-TNFD Interoperability: A Guide for Nature-Related Reporting, explores nature-related disclosures and how the GRI 101: Biodiversity standard aligns with the Taskforce on Nature-related Financial Disclosures (TNFD) recommendations. It includes how to use GRI-TNFD interoperability mapping to streamline the reporting process. (Aug 2025)
The IFRS Foundation then published educational material to help companies understand the role of the ISSB Industry-based Guidance and provide context for stakeholders reviewing the proposed amendments. The material provides details about requirements, applicability, and disclosures for reporting entities. (July 2025)
ISSB Standards E-learning Course (IFRS Foundation) — Supports companies in understanding the International Sustainability Standards Board (ISSB) Standards: IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information) and IFRS S2 (Climate-related Disclosures). The free course consists of four modules: an introduction to the standards, to IFRS S1, and to IFRS S2, and an overview of integrated sustainability disclosures and organizational considerations. The modules are each less than an hour and include an optional assessment to obtain a certificate of completion. (June 2025)
CDP and the European Financial Reporting Advisory Group (EFRAG) published a correspondence mapping to connect the CDP question bank and the European Sustainability Reporting Standard on climate disclosures (ESRS E1). This will help those reporting on CDP to better complete the ESRS E1 and vice versa. The correspondence mapping aims to help companies increase reporting efficiency and is available here as an Excel file. (March 2025)
IFRS Foundation published a new guide to help companies understand how to report only climate-related information as they transition toward full reporting using the International Sustainability Standards Board (ISSB) Standards (IFRS S1 and IFRS S2). The guide helps preparers to understand which requirements are applicable when disclosing on only climate-related risks and opportunities under IFRS S1. It includes a Table that highlights paragraphs in IFRS S1 with applicable climate requirements (pp. 4-11), detailing key issues such as scope; metrics and targets; sources; comparative information; and report timing. (Feb 2025)
The IFRS Foundation published a new guide to help companies identify and disclose material information about sustainability-related risks and opportunities that could affect their cash flows, access to finance or capital costs over the short, medium, and long-term. Along with explaining how IFRS S1 general sustainability standard describes these risks, the guide also sets out a process companies can use to align with already in-use IFRS Accounting Standards, and how to increase connectivity between sustainability-related financial disclosures and companies’ financial statements. (Nov 2024)
IFRS Sustainability Disclosure Taxonomy 2024 (International Sustainability Standards Board (ISSB)) — This taxonomy enables companies to consistently tag information prepared using ISSB Standards. This will enable investors to search, extract and compare sustainability-related financial disclosures, analyzing the data more efficiently. It aims to help support engagement between investors and companies and does not introduce new requirements for companies. There will be a webinar in May (date not yet announced) to explain the role and benefits of the Taxonomy. (May 2024)
French President Emmanuel Macron and the UN Secretary-General’s Special Envoy on Climate Ambition and Solutions Michael Bloomberg unveiled the Net-Zero Data Public Utility (NZDPU), the world’s first global, centralized database for private sector climate-related data. The NZDPU will be freely accessible and will provide information on corporate Scope 1, 2 and 3 emissions, reduction targets, and any transition-related data. A public consultation is open through 1 March 2024 for stakeholders to provide feedback on the development of the platform. (Dec 2023)
EcoVadis Product Carbon Footprint (PCF) Data Exchange (EcoVadis) — EcoVadis incorporated this into its Carbon Action Module to unlock PCF tracking across its network of suppliers. This new feature aims to overcome a key barrier in corporate carbon reduction strategies, enabling emissions reporting for products and services purchased across the supply chain. The PCF Data Exchange follows the global standard for product-level emissions accounting and exchange as defined by the Partnership for Carbon Transparency (PACT), enabling a shift from industry averages to actual emissions data and thus increasing accuracy.
CDP announced a partnership to provide access to core climate data from hundreds of high-impact companies to the Net-Zero Data Public Utility (NZDPU) to help improve transparency of climate transition-related data. A proof of concept launch of the NZDPU is scheduled to take place at the COP28 climate summit in December, and will provide an initial set of companies’ Scope 1, 2, and 3 emissions and emissions reduction targets. (Sept 2023)
SASB Report Builder (for Net Zero Cloud) (Salesforce) — This new feature enables users of Net Zero Cloud to automate the disclosure of ESG data in alignment with the International Financial Reporting Standards (IFRS) Foundation’s SASB Standards. The SASB Report Builder prioritizes ESG topics in accordance with the SASB’s industry-based standards, helping organizations to better measure, manage, and disclose ESG data for their specific industry. It can generate ESG reports across 14 industries in four sectors: consumer goods, financials, services, and technology & communications. (July 2023)
Nature & Biodiversity Risk (S&P Global Sustainable1) — This new dataset assesses nature-related impacts and dependencies across a company's direct operations, and can be applied at the asset, company, and portfolio level. The dataset, covering 17,000 companies and 1.6 million assets, will support companies, investors, and entities as they seek to understand, manage, and mitigate exposure of corporates and portfolios to nature related risks and impacts. It provides a number of new nature-related risk metrics including a dependency score (measuring level of reliance on 21 different ecosystem services) and an ecosystem footprint measure (measuring direct operational impact on nature and biodiversity), enabling greater understanding of a company or asset's dependency and impact on nature. The dataset, which is aligned with the LEAP risk and opportunity assessment approach (as recommended by the TNFD) can be leveraged by market participants to understand their nature-related risks and for more transparent alignment with TNFD recommendations. (May 2023)
Corporate ESG Dashboard (ESG Book) — Helps companies to manage, evaluate, and enhance sustainability performance and reporting. The tool enables users to analyze and optimize corporate ESG performance, drill down into ESG scores to underlying source data, and benchmark performance against industry peers. It also includes a policy and regulation database that allows companies to navigate reporting requirements and to disclose, validate, and update ESG data directly to stakeholders in real-time. (April 2023)
TCFD Reporting Solution (Intercontinental Exchange (ICE)) — This new service from ICE helps asset managers and other financial institutions comply with Task Force for Climate-Related Financial Disclosures (TCFD) requirements. The solution leverages a company’s climate transition data and analytics, corporate entity data, and green bond data, to provide the information needed for the metrics and targets reporting required in the TCFD framework. (Nov 2022)
A group of alternative asset managers launched the ESG Integrated Disclosure Project (ESG IDP) template, a new tool for providing a standard format for ESG disclosures for both private companies and credit investors. Along with enhanced transparency and consistency, this template offers private companies a baseline from which to develop their ESG reporting capacity, and offers investors an increased ability to identify industry-specific ESG risks. The template was created by ESG IDP, an industry initiative bringing together leading lenders in the private and syndicated credit markets to improve transparency and accountability. (Nov 2022)
Employee Carbon Management Solution (WeSpire)
— A new suite of tools developed in conjunction with Cox Enterprises and South Pole
to
help companies measure, lower, and report on employee carbon emissions at home as well as the office. The suite offers “prescribed steps” so employees can “make continual, progressive carbon emission reductions over time through curated actions, based in behavioral science, rather than immediately go to offsetting.” South Pole’s carbon-offsetting capability is also embedded in the solution. (Jan 2022)
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Project Carbonview (Bayer, Bushel, Amazon Web Services) — A first-of-its-kind solution to help US farmers report on, analyze, and mitigate the environmental impact of their end-to-end supply chain carbon footprint. The solution will be piloted with ethanol producers (corn farmers) during the 2022 season, with plans to expand to other crops and other regions. (Dec 2021)
Temperature Alignment Data (Moody’s ESG Solutions) — A new solution that assesses how 4,400 global companies’ emission-reduction targets align with global temperature benchmarks as well as the companies’ progress toward their targets. Banks and asset managers can quantify and monitor targets within their portfolios, and companies can measure their targets “against peer targets and market expectations.” 42% of companies have emission-reduction targets, but only 3% of the targets are aligned with 1.5°C of global warming. (Dec 2021)
Microsoft Cloud for Sustainability (Microsoft) — A new packaged SaaS solution to help organizations automate their carbon accounting and emissions management. In particular, the solution “connects to data sources, accelerates data integration and reporting, provides accurate carbon accounting, measures performance against goals, and enables intelligent insights to drive more effective action on sustainability.”
Plans are in place for the solution to support water and waste in the future. (Nov 2021)
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Hybrid Workplace Carbon Calculator (Watershed) — A free interactive tool that helps companies estimate the climate effects of remote work policies. Users may compare a forecasted scenario against a baseline using various inputs modeled around 5 regions—San Francisco, New York City, Houston, London, and Toronto. (March 2021)
EY and Enablon unveiled a new cloud-based ESG management and reporting solution to help organizations manage, track and report ESG data and strategies in one centralized tool. The solution aligns with common standards and frameworks, including SASB, TCFD, and the UN SDGs. (March 2021)
“Complementary Use and Linkage of the GRI Standards and B Lab’s B Impact Assessment” (GRI and B Lab) summarizes how the GRI Standards and the B Impact Assessment, a tool to help companies measure and manage their impact on their stakeholders, may be used to complement one another. (March 2021)
Financial market data provider Refinitiv announced its ESG scores of over 10,000 companies are now free to the public, including through voice-activated smart speakers (e.g. “What is the score for…?”). Refinitiv claims that companies are “now better able to see and provide additional data to inform their ESG scores.” (February 2021)
Nasdaq unveiled a new platform designed to help companies streamline the process of gathering and sending ESG-related data to ratings agencies and other stakeholders. The sustainability reporting frameworks supported by the platform include GRI, ISS, MSCI, RobecoSAM, SASB, Sustainalytics, TCFD, and more. (Jan 2020)
Collaboration
Efforts to Harmonize ESG Reporting, Ratings & Rankings
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World Sustainable Hospitality Alliance — Introduced its Universal Sustainability Key Performance Indicators (KPIs), a set of ESG metrics to standardize sustainability measurement within the hospitality sector. The first wave of KPIs include greenhouse gas (GHG) emissions, water consumption, energy usage, and waste management. Social and Governance metrics will be introduced in future waves. (Nov 2024)
The Advanced and Indirect Mitigation Platform (AIM) — The new AIM Platform, convened by Gold Standard, Neoteric Energy and Climate, and the Center for Climate and Energy Solutions (C2ES), will serve as a hub for identifying and removing barriers to value chain mitigation and coordinating collective mitigation action in hard to abate sectors. In its first initiative, AIM will bring together experts and practitioners to develop credible approaches for accounting, reporting, and claiming the results of efforts that reduce emissions within a company’s value chain (such as reducing difficult to measure Scope 3 emissions). AIM is now issuing an open call to experts from civil society, standard-setting bodies, and the private sector to apply to participate in sectoral and cross-cutting working groups. To apply or to join AIM’s informational webinar on March 9, 11am-12pm EST, visit here. (Feb 2023)
New Secretariat to Address Connected Device Emissions — Global climate consultancy, the Carbon Trust, and technology companies Amazon, Meta, Microsoft, Samsung and Sky, are developing the industry’s first specification for measuring, accounting for, and decarbonizing the emissions associated with connected devices while being used by customers. Connected devices, which include phones and laptops, used a total of 500 Terawatt hours in 2020. The group aims to produce an accurate baseline for reporting energy efficiency improvements and establish rules for matching electricity consumption with renewable energy generation, as well as applying technology to optimize energy use of connected devices by consumers. (Sept 2022)
A group of 65 companies, investors and professional accountants endorsed a joint statement “calling for stronger alignment of regulatory and standard-setting efforts around sustainability disclosure.” The statement encourages the International Sustainability Standards Board (ISSB), the US Securities and Exchange Commission (SEC), and the European Financial Reporting Advisory Group (EFRAG) to keep working closely together but to better align current draft standards and initiatives that “are not technically compatible in terms of concepts, terminologies, and metrics.” The statement was developed jointly by the World Business Council of Sustainable Development (WBCSD), the Principles for Responsible Investment (PRI), and the International Federation of Accountants (IFAC). CEF member signatories included ADM and Hewlett Packard Enterprise. (Sept 2022)
Partnership for Carbon Transparency (PACT) — WBCSD-hosted PACT released its first data attribute specifications and exchange protocol to enable seamless exchange of carbon emissions data across different reporting solutions. This will allow companies to quickly and reliably account for Scope 3 emissions across their value chains, where system incompatibility had been a barrier in the past. The release follows a successful pilot, integrating data from different technology systems by CircularTree, IBM, SAP, and CEF member Siemens across a laundry detergent value chain. PACT's integration solution is a cornerstone of its larger Pathfinder Network, a decentralized infrastructure for sharing product-level carbon emissions data across value chains and industries, slated for publication in early 2023. (June 2022)
Glasgow Financial Alliance for Net Zero (GFANZ) — Published a draft Net zero Transition Plan (NZTP), a common framework for financial institutions to disclose plans to increase financing in alignment with the clean energy transition and 1.5C temperature rise. The NZTP is intended to make those plans consistent and comparable for evaluation by stakeholders, ultimately driving capital to companies with the most robust and credible plans and accelerating the overall transition. GFANZ has identified four essential approaches for financial institutions to support the real-economy transition to net-zero emissions (June 2022):
- Finance the development and scaling of net-zero technologies or services to replace high-emitting sources.
- Increase support for companies that are already aligned to a 1.5C scenario.
- Enable high and low-emitting real-economy companies to align business activity consistent with a 1.5 degrees C pathway for their sector.
- Accelerate managed phaseout of high-emitting assets.
Partnership for Carbon Transparency (PACT) — WBCSD announced it had achieved a major milestone in developing the Pathfinder Network (launched at COP26), a decentralized network infrastructure for sharing product-level carbon emissions data across value chains and industries: the first successful data exchange across different technology systems by CircularTree, IBM, SAP, and CEF member Siemens. PACT next plans to add new tech components, including from CEF members Amazon and Microsoft. It expects the Pathfinder Network to be available for use by the end of the year. (April 2022)
List of Efforts to Harmonize ESG Reporting, Ratings & Rankings, 2021-2019 (PDF)