Jurisdictions representing approximately 57% of global GDP have taken steps to incorporate ISSB standards into legal and regulatory frameworks.
...more
12/2/2024
/ Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
EU ,
GDP ,
Greenhouse Gas Emissions ,
IFRS ,
Information Reports ,
Publicly-Traded Companies ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
UK
The Forced Labour Regulation creates a framework for investigation and enforcement against products made with forced labour.
On 19 November 2024, the EU Council (Council) adopted a regulation prohibiting products made with...more
12/2/2024
/ Corporate Counsel ,
Due Diligence ,
Enforcement ,
EU ,
European Commission ,
Forced Labor ,
Human Rights ,
Investigations ,
Member State ,
New Regulations ,
Supply Chain ,
Sustainable Business Practices
The vote follows the European Commission’s proposal to delay application of the regulation by one year.
On 14 November 2024, the European Parliament (Parliament) voted in favour of the European Commission’s (Commission) ...more
11/19/2024
/ Climate Change ,
Due Diligence ,
Effective Date ,
Environmental Policies ,
EU ,
European Commission ,
European Parliament ,
Exporters ,
Green Initiatives ,
Importers ,
Manufacturers ,
Member State ,
Proposed Amendments ,
Supply Chain ,
Sustainability
The Prime Minister announced the new UK target of an 81% reduction in greenhouse gas emissions at COP29 in Baku, Azerbaijan. ...more
The announcement follows declarations to simplify regulatory frameworks for businesses, and an overall drive to increase competitiveness in Europe.
On 8 November 2024, European Commission President Ursula von der Leyen...more
11/13/2024
/ Climate Change ,
Competition ,
Corporate Counsel ,
Corporate Governance ,
Corporate Social Responsibility ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
Regulatory Requirements ,
Reporting Requirements ,
Sustainable Business Practices
On October 6, 2024, the Hong Kong Code of Conduct for ESG Ratings and Data Products Providers (VCoC) was published to establish and promote a consistent, interoperable, and proportionate voluntary code for providers offering...more
On 17 October 2024, the UK government published “Invest 2035: the UK’s modern industrial strategy” (the strategy) for public consultation. The strategy sets out a 10-year roadmap based on goals including driving economic...more
On 23 September 2024, the Singapore Exchange Regulation (SGX RegCo) announced that it will begin incorporating the IFRS Sustainability Disclosure Standards (IFRS Standards) issued by the International Sustainability Standards...more
10/8/2024
/ Climate Change ,
Corporate Governance ,
Corporate Issuers ,
Environmental Social & Governance (ESG) ,
Greenhouse Gas Emissions ,
IFRS ,
Policies and Procedures ,
Publicly-Traded Companies ,
Reporting Requirements ,
Singapore ,
Sustainability ,
Sustainable Business Practices
The Commission published guidance documents to the regulation and proposed to postpone its entry into application to 30 December 2025....more
The EU Corporate Sustainability Reporting Directive (CSRD, or the Directive) took effect beginning 2024 and requires mandatory sustainability reporting by a first set of companies in 2025. Under the terms of the CSRD, the...more
10/2/2024
/ Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
EU Directive ,
Infringement ,
Member State ,
Reporting Requirements ,
Risk Assessment ,
Sustainability ,
Sustainable Business Practices
South Korea’s Constitutional Court has issued a “first of its kind” decision in Asia, requiring South Korea to update its greenhouse gas reduction targets.
On 29 August 2024, South Korea’s Constitutional Court (the Court)...more
9/24/2024
/ Climate Change ,
Compliance Dates ,
Constitutional Courts ,
Corporate Counsel ,
European Court of Human Rights ,
Greenhouse Gas Emissions ,
Human Rights ,
Japan ,
Member State ,
Presidential Decrees ,
South Korea ,
Taiwan
In the December 2023 edition of Regulatory Updates in Asia ESG we provided an update on how jurisdictions across Asia are responding to the International Sustainability Standards Board (ISSB) standards. Several regulators in...more
9/3/2024
/ Asia ,
Climate Change ,
Consultation ,
COP ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Greenhouse Gas Emissions ,
Hong Kong ,
IFRS ,
International Regulatory Standards ,
IOSCO ,
Regulatory Standards ,
Sustainability ,
Sustainable Business Practices
The FAQs aim to clarify key aspects of the CSRD, including the scope of the rules, compliance dates, and exemptions.
On 7 August 2024, the European Commission (Commission) published a set of frequently asked questions...more
8/14/2024
/ Climate Change ,
Corporate Counsel ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Parent Corporation ,
Small and Medium-Sized Enterprises (SMEs) ,
Subsidiaries ,
Sustainability ,
Sustainable Business Practices ,
Third Country Entities (TCEs)
The ESPR aims to make sustainable products the norm in the EU, replacing the current Ecodesign Directive and introducing broader measures for sustainability....more
On 5 July 2024, the final text of the Corporate Sustainability Due Diligence Directive (CSDDD) was entered into the Official Journal of the EU. The CSDDD will enter force on 25 July 2024. This marks the final key step in the...more
7/15/2024
/ Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Due Diligence ,
Environmental Social & Governance (ESG) ,
EU ,
EU Directive ,
Member State ,
Reporting Requirements ,
Supply Chain ,
Sustainability ,
Sustainable Business Practices
The CSDDD is set to impose mandatory human rights and environmental due diligence obligations for in-scope companies.
On 5 July 2024, the Corporate Sustainability Due Diligence Directive (CSDDD) was published in the...more
7/9/2024
/ Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Due Diligence ,
Environmental Social & Governance (ESG) ,
EU ,
EU Directive ,
Member State ,
Reporting Requirements ,
Supply Chain ,
Sustainability ,
Sustainable Business Practices
The ruling propels UK law enforcement to increase its investigative powers under POCA, and businesses to enhance their supply chain due diligence.
On 27 June 2024, the UK Court of Appeal found that the National Crime...more
7/9/2024
/ China ,
Criminal Investigations ,
Due Diligence ,
Human Rights ,
Imports ,
Law Enforcement ,
National Crime Agency (NCA) ,
Prisoners ,
Proceeds of Crime Act 2002 (POCA) ,
Supply Chain ,
UK ,
Uyghur Forced Labor Prevention Act (UFLPA)
The Standards provide a framework for all Chinese companies’ sustainability disclosures and the applicability extends beyond listed companies.
On May 27, 2024, China’s Ministry of Finance published the new Corporate...more
7/5/2024
/ China ,
Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
IFRS ,
Ministry of Finance ,
Privately Held Corporations ,
Publicly-Traded Companies ,
Reporting Requirements ,
Risk Management ,
Sensitive Business Information ,
Sustainability ,
Sustainable Business Practices
Finch v. Surrey calls for assessment of all likely direct and indirect environmental effects in EIAs, including certain Scope 3 emissions if a reasonable estimate is feasible.
On 20 June 2024, the UK Supreme Court (the...more
7/3/2024
/ Climate Change ,
Energy Projects ,
Energy Sector ,
Environmental Assessments ,
Environmental Impact Statements ,
Environmental Litigation ,
Fossil Fuel ,
Greenhouse Gas Emissions ,
Oil & Gas ,
UK ,
UK Supreme Court
The ISSB’s new two-year work plan aims to reduce complexity and build on market-leading frameworks and standards.
...more
The regulation aims to restore 20% of the EU’s land and sea by 2030 and provide a launchpad for achieving long-term nature-related goals through 2050....more
6/28/2024
/ Biodiversity ,
Critical Habitat ,
Environmental Policies ,
EU ,
European Commission ,
Habitat Conservation Plan ,
Land Preservation ,
Marine Life Protections ,
Member State ,
Natural Resources ,
Rehabilitation and Restoration Plans
Denmark’s unprecedented carbon removals fund has facilitated the coexistence of corporate and national carbon claims in carbon accounting.
In the past few years, stakeholders in the carbon market have debated how to...more
6/20/2024
/ Carbon Capture and Sequestration ,
Carbon Emissions ,
Climate Change ,
Corporate Governance ,
Denmark ,
Disclosure Requirements ,
Energy Projects ,
Market Participants ,
Paris Agreement ,
Subsidies ,
Sustainability ,
Sustainable Business Practices
This guidance aims to support the preparation and analysis of reports using the European Sustainability Reporting Standards.
On 31 May 2024, EFRAG published the first three Implementation Guidance (IG) documents relating...more
6/19/2024
/ Climate Change ,
Compliance ,
Corporate Governance ,
EU ,
EU Directive ,
Materiality ,
New Guidance ,
Reporting Requirements ,
Risk Assessment ,
Supply Chain ,
Sustainability ,
Sustainable Business Practices
The Tribunal confirmed that States party to UNCLOS must take measures to prevent marine pollution caused by climate change, on top of their obligations under the Paris Agreement.
On 9 April 2024, the International...more
5/30/2024
/ Advisory Opinions ,
Climate Change ,
EU ,
European Court of Human Rights ,
Greenhouse Gas Emissions ,
International Court of Justice (ICJ) ,
Mandatory Requirements ,
Maritime Transport ,
Paris Agreement ,
Tribunals ,
United Nations ,
United Nations Convention on the Law of the Sea (UNCLOS)
On 16 May 2024, the government published updated guidance regarding the UK Sustainability Disclosure Requirements (SDR) framework.
The SDR was first set out in Greening Finance: A Roadmap to Sustainable Investing in...more
5/28/2024
/ Climate Change ,
Consultation ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
New Guidance ,
Publicly-Traded Companies ,
Reporting Requirements ,
Sustainability ,
Sustainable Business Practices ,
Transitional Arrangements ,
UK