The International Sustainability Standards Board (ISSB) is to take over responsibility for the Taskforce for Climate-related Financial Disclosure (TCFD) from 2024. While the US SEC is yet to release its own guidelines, the ISSB’s shift towards disclosure across Scope 1, 2 and 3 will make it harder to avoid the inclusion of global supply chains.
A new survey conducted by PwC US and Workiva (NYSE:WK) found that many companies are not waiting for the US Securities and Exchange Commission (SEC) to finalise the climate disclosure rules and will proceed with compliance regardless of when they become US law.
Key Republicans in the US House of Representatives have formed a working group to “combat the threat" of ESG proposals. It has escalated the debate to the national stage and could threaten to derail the Biden Administration’s sustainability policies.