This summer, across the globe we have seen record-breaking temperatures that are leaving scientists concerned, many saying that these climate records are unprecedented given their speed and timing. Records broken include the hottest day on record globally in June and July, extreme marine heatwaves in the North Atlantic, highest Ocean temperatures, and record low Antarctic sea ice.

This month, Amazon published its 2022 Sustainability Report. This report touches on renewable energy, electric fleets, waste, total emissions including supply chain emissions, sustainable design, supplier diversity, human rights, and sustainable products, clearly highlighting how the company is building a more sustainable future. One of the most notable highlights is Amazon’s decision to update its supply chain standards to require regular reporting and emissions goal setting. The decision to require reporting within their supply chain is one that is likely to create change across the board. Let’s dive in!

In a recent blog post, The Evolving Role of Chief Sustainability Officers published in the Harvard Business Review, the authors explore how the responsibilities and influence of Chief Sustainability Officers (CSOs) have changed. Notably, this role has become increasingly critical as organizations worldwide grapple with the challenges of sustainable development and corporate social responsibility. Today, we will summarize that article for you, highlighting the key takeaways you need to know!

This week, Singapore has proposed mandatory climate reporting for both private and public companies. This new regulation represents a significant move towards Sustainability and ESG in the Asia Pacific Region and aims to drive greater transparency, accountability, and responsible corporate behavior. Aligned with the International Sustainability Standards Board (ISSB) this new regulation is lining Singapore up to rapidly become a sustainability leader in the region.

With Sustainability and ESG disclosures becoming more and more prevalent across the world, the public sector is now seeing its first climate-related disclosure standard for governments and other private sector entities. The International Public Sector Accounting Standards Board (IPSASB) has taken a proactive step towards developing a climate-related reporting standard specifically tailored for the public sector.

Today, in an effort to further enhance sustainability practices the European Commission has proposed a new regulation that seeks to foster greater transparency and regulatory scrutiny in the Environmental, Social, and Governance (ESG) ratings industry. This development marks a crucial step in ensuring accurate and reliable ESG information for investors, companies, and stakeholders. The proposed regulation aims to address concerns surrounding the quality and reliability of ESG ratings, which play a pivotal role in guiding investment decisions and corporate sustainability strategies. By subjecting ESG ratings providers to greater regulatory scrutiny, the European Commission hopes to establish a robust framework that instills credibility, accountability, and transparency in the industry.

Of the 18,600 companies which provided information to CDP, less than one in 200 companies disclosed information against 21 key indicators that CDP includes in a questionnaire which represents a credible climate transition plan. This means of 18,600 only 81 companies - a mere 0.4% - were able to disclosure against key indicators and prove that their climate transition plans are credible. While the number of organizations reporting to CDP has been rising rapidly, increasing by more than 40% in 2022, this 81 organizations is actually a decrease from the 153 companies that provided a credible climate plan the year before.

Last month it was announced that the EU was set to become a front-runner in global sustainability reporting standards by formally adopting the Corporate Sustainable Reporting Directive (CSRD). On Monday, the EU Council announced that CSRD was officially adopted and approved. This new directive will expand on the already existing Non-Financial Reporting Directive (NFRD). The hope is that CSRD will introduce more detailed reporting requirements on companies’ impact on the environment, human rights and social standards.

The EU has become a front-runner in global sustainability reporting standards by formally adopting the Corporate Sustainable Reporting Directive (CSRD). With CSRD officially adopted, this new directive will expand on the already existing Non-Financial Reporting Directive (NFRD). The goal is that CSRD will introduce more detailed reporting requirements on companies’ impact on the environment, human rights and social standards.

Yesterday, The U.S. Securities and Exchange Commission (SEC) launched their proposal of a new set of rules to enhance and standardize climate-related disclosures for investors.