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Organizations Involved: Sabin Center
Source: Climate Law – A Sabin Center Blog


2023 is a significant year for corporate climate disclosure rules: regulators around the world are issuing or strengthening their disclosure requirements for registered companies pertaining to sustainability and climate-related financial risk. In Europe, the European Commission plans to finalize initial reporting standards for corporate sustainability reporting by June. UK regulators are in the process of developing Sustainable Disclosure Requirements and investment labels (“SDR”), with a policy statement and final rules expected this summer. Initial standards from the International Sustainability Standards Board (“ISSB”), termed S1 and S2, are also expected at the end of Q2 2023. In the United States, lawmakers in the state of California introduced several climate bills earlier this year that include a corporate reporting requirement for greenhouse gas emissions. And, a final rule from the Securities and Exchange Commission (“SEC”) detailing its highly-anticipated climate disclosure requirements is expected in the coming weeks. The proposed reporting requirements from the EU, UK, ISSB and California all include some form of mandatory Scope 3 emissions disclosures – but it is uncertain whether the SEC’s final rule will include the Scope 3 disclosure requirements it originally contemplated.

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