Climate Reporting, ESG Wars Set to Dominate Boardrooms in 2024 - Bloomberg Law
Climate Reporting, ESG Wars Set to Dominate Boardrooms in 2024
Companies are poised to face new climate disclosure requirements, greenwashing scrutiny and international supply chain risks amid increasing environmental, social and governance politicization in 2024.
The Securities and Exchange Commission is looking to issue requirements in the coming months for companies to report their greenhouse gas emissions and reveal other information about how climate change affects them. Companies that do business in California also will need to begin preparing to comply with emissions reporting mandates that are scheduled to start taking effect in 2026, and those that operate in the European Union will face new sustainability standards beginning in 2024. ...
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Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”