SEC Approves Scaled-Back Climate Disclosure Rules
The U.S. Securities and Exchange Commission (SEC) announced the approval of its long-awaited climate-related disclosure rules for U.S. public companies. They will now be required to provide information in annual reports and registration statements on climate risks facing their businesses, their plans to address those risks, the financial impact of severe weather events, etc. However, the new rules scale back the requirements of the SEC’s initial proposal, most notably removing the requirement for companies to report on Scope 3 emissions, or those originating in their value chains, outside of their direct operations. Read more
EU Strikes Deal to Ban Products Made Using Forced Labor
The European Union moved a step closer Tuesday to banning products made from forced labor after negotiators reached an agreement on a law. Under the new law, the European Commission must open investigations when there is suspicion of forced labor in a company’s supply chains outside the EU.Meanwhile, the EU’s 27 member states will be expected to launch probes when the forced labor is suspected inside the bloc. Read more
Singapore to offset a third of climate reporting costs for large non-listed companies
Singapore Govt. will provide funding support of up to 30 per cent for large companies that will begin making mandatory climate-related disclosures aligned with the International Sustainability Standards Board (ISSB) framework from 2027. Read more
