Appendix
Developments in sustainability regulation worldwide
June 2023
The International Sustainability Standards Board (ISSB) issued IFRS S1 and IFRS S2 climate-related disclosure standards.
These standards require an entity to disclose material information about its exposure to all significant sustainability-related risks and opportunities. The IFRS S1 and IFRS S2 should be applied for all annual reporting periods, beginning on or after January 2024.
April 2023
EU Corporate Sustainability Due Diligence Directive (CSDDD)
Requires EU companies to disclose transition plans to climate neutrality as part of their long-term corporate strategies and links them to the renumeration of large companies’ directors.
January 2023
EU Corporate Sustainability Reporting Directive (CSRD)
Requires companies that access the European market to report according to the European Sustainability Reporting Standards (ESRS).
EU’s Sustainable Finance Disclosure Regulation (SFDR) is now mandatory, entering the level 2 phase.
Financial market participants (FMPs) are required to report on the environmental sustainability of products and services by 30 June each year.
The climate-related disclosures (CRD) standards in New Zealand.
Listed organisations are now required to disclose information on their climate-associated risks and opportunities.
Continued from previous page.
December 2022
Australia’s Treasury released their consultation paper on the alignment of climate-related financial risks and opportunities disclosure globally.
Initial views on key considerations for the development, design, and implementation of a framework on climate-related disclosure are sought.
March 2022
The US Securities and Exchange Commission (SEC) proposed amendments to the Enhancement and Standardization of Climate-Related Disclosures.
The draft proposed changes would require both domestic and foreign, SEC-registered companies to include climate-related information in registration statements and periodic reports.
March 2022 and September 2021
The European Commission submitted a proposal for a directive meant to protect consumers against unfair environmental practices and offer better, more reliable information on environmental impact of products and services.
UK Competition & Market Authority amended its consumer law to cover misleading environmental claims about products and services, making these unlawful.
Regulation empowering and protecting consumers worldwide to tackle greenwashing concerns.