Policy, Regulation & Standards News | ESG & Sustainability | OneStop ESG

California Enacts Landmark Climate Disclosure Law for Large Companies

On October 1, 2024, California Governor Gavin Newsom signed a new climate disclosure law, requiring large companies operating in the state to report emissions and climate-related financial risks. The law, incorporating SB 253 and SB 261, mandates businesses with over $1 billion in revenue to disclose emissions from all scopes, while those with over $500 million must report on climate-related risks. Despite earlier concerns, the original 2026 start date remains intact. Key amendments include more flexible reporting for Scope 3 emissions and consolidated reporting at the parent company level, solidifying California’s role in advancing corporate climate transparency.

The Rise of Greenhushing: Why Companies Stay Silent on Sustainability

Greenhushing is when companies deliberately withhold information about their sustainability efforts, even if they have achieved carbon neutrality or made significant environmental progress. This trend is driven by fear of legal repercussions, consumer misconceptions about green products, and concerns about public scrutiny or greenwashing accusations. While these companies take meaningful actions toward sustainability, they choose not to advertise them, often to avoid negative perceptions or backlash. Greenhushing is increasing across industries, potentially slowing the spread of environmental solutions and reducing the visibility of corporate climate action.

EU Commission Takes Action Against 17 Member States for Failing to Implement CSRD Rules

The European Commission has initiated infringement procedures against 17 EU member states for not fully transposing the Corporate Sustainability Reporting Directive (CSRD) into their national laws. The CSRD, an update to the Non-Financial Reporting Directive (NFRD), significantly expands the scope of mandatory sustainability reporting to over 50,000 companies. It introduces stricter reporting requirements on environmental, social, and governance (ESG) impacts and risks. Despite the July 2024 deadline, countries like Germany, Belgium, and Spain have not yet complied. The Commission warned that without transposition, the harmonization of sustainability reporting across the EU would be compromised, affecting investment decisions. Member states have two months to respond before further legal action is taken. Additionally, the Commission has opened infringement cases against 26 states for failing to meet renewable energy permitting provisions, with only Denmark meeting the deadline for compliance.

Urgent Call to Action: UNEP FI Urges Governments to Address Systemic Climate Risk

UNEP FI urges governments to urgently tackle systemic climate risks, emphasizing the need for robust regulations and collaboration to protect economies and promote sustainable finance.

U.S. House Passes Controversial Anti-Woke Bill Targeting Diversity, Equity, and Inclusion in Higher Education

The U.S. House passed a controversial bill targeting DEI initiatives in higher education, sparking debate over academic freedom and inclusivity as it moves to the Senate.

Novata Introduces ‘Novata for Companies’ to Assist Private Firms with ESG Data Management, Carbon Accounting, and Regulatory Compliance

Australia to Enforce Climate Reporting Requirements Beginning January 1, 2025

US Increases Sustainable Aviation Fuel Production by 12,000%, Fastmarkets Introduces Pricing to Improve Market Transparency

Abu Dhabi DoE Unveils Youth Education Initiatives to Advance UAE’s 2050 Net-Zero Targets

Poland Aims for 56% Renewable Energy by 2030 with $205 Billion Investment Strategy

TotalEnergies Allocates $444 Million to New 1 GW Solar Joint Venture with Adani Green Energy in India

Texas Encounters Legal Challenge Against Anti-ESG Law