The European Union achieved an impressive 8% reduction in greenhouse gas emissions in 2023, marking the largest annual drop in decades, second only to the COVID-19 pandemic year of 2020.

California Governor Gavin Newsom has signed a landmark climate disclosure bill into law, requiring large companies to report their greenhouse gas emissions and climate-related financial risks starting in 2026. This legislation aims to enhance transparency and accountability in corporate environmental practices.

The IFRS Foundation and EFRAG have released guidance to simplify sustainability reporting alignment between ISSB and ESRS standards, easing the burden on EU companies. The document focuses on climate-related disclosures, providing practical support for applying ISSB's standards alongside ESRSs. Despite differing approaches, the guidance aims to ensure consistency in reporting requirements and reduce duplication in sustainability disclosures.

On October 7, 2023, California Governor Gavin Newsom made a significant move in the fight against climate change by signing into law two landmark bills - SB-253, the "Climate Corporate Data Accountability Act," and SB-261, "Greenhouse Gases: Climate-Related Financial Risk." These laws represent the first industry-agnostic climate regulations in the United States, and mandate the disclosure of greenhouse gas emissions and climate-related financial risks by large public and private companies operating in California.