The global business community is witnessing a regulatory shift that has massive implications for operations and compliance. Driven by climate change and the pressing need to control greenhouse gas (GHG) emissions and use resources more responsibly, regulatory bodies around the world are issuing new guidelines to drive better tracking and reporting of businesses’ GHG emissions.
The EU’s Corporate Sustainability Reporting Directive (CSRD) and the U.S. Securities and Exchange Commission’s (SEC) Enhancement and Standardization of Climate-Related Disclosures follow similar developments in the United Kingdom, Japan, New Zealand and Canada. Some of these regulations are limited in scope (e.g., the SEC’s proposed regulations apply only to large, publicly traded companies in the U.S.), but the writing is on the wall. A new era of transparency is underway.
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