Companies prepare for CBAM
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European Union (EU) importers must start collecting data on the embedded emissions of imported products as part of the Carbon Border Adjustment Mechanism (CBAM). Our team offers five steps that can help companies prepare.
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| Letter from our ESG services leader |
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Dear Analisa,
The regulatory environment continues to make news with the recent enactment of the Climate Accountability Package in California. There’s also a lot of activity on the global stage regarding the EU's CBAM and Corporate Sustainability Reporting Directive (CSRD) as well the German Supply Chain Due Diligence Act.
These regulations prompt a lot of questions: What do they mean for your industry? How will they affect your organization? How will your organization implement a plan to adopt and respond – not just to regulators but to your customers as well. Our integrated environmental, social, and governance (ESG) team is here to help with answers to these questions, among others.
Thanks for your time, |
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The critical role of internal audit in ESG
Our ESG team covers regulatory updates and internal audit considerations. |
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| Regulatory and governance updates |
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California climate bills become law
Gov. Gavin Newsom of California recently signed two landmark climate bills – the Climate Corporate Data Accountability Act (SB 253) and the Greenhouse Gases: Climate-Related Financial Risk Act (SB 261). The new laws will require new corporate emissions and climate risk reporting.
Read more about the legislation
SEC proposes listing standards for natural asset companies
The Securities and Exchange Commission (SEC) issued a proposed rule change in September, amending the New York Stock Exchange Listed Company Manual to adopt standards for natural asset companies. These companies actively manage, maintain, restore, and grow the value of natural assets and their production of ecosystem services.
Submit comments on the proposed rule
EU adopts raise in revenue threshold for CSRD reporting
In October, the European Commission raised revenue thresholds for applicability of EU-based entities under the CSRD. The changes are intended to account for inflation, and the thresholds for non-EU based companies have not changed.
Read more about the CSRD
UN provides carbon credits and offsets transfer pricing guidance
A United Nations (UN) transfer pricing panel recently approved guidance for authorities and taxpayers to correctly price carbon credits and offsets.
Access Annex C of the final guidance
Brazil adopts ISSB as global sustainability reporting baseline
The Brazilian Ministry of Finance and the Comissão de Valores Mobiliários (CVM) announced that Brazilian public companies and investment funds can use the International Sustainability Standards Board’s (ISSB’s) IFRS ® Sustainability Disclosure Standards (S1 disclosures) to disclose their sustainability efforts.
Read more about the change |
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| Dec. 13-14: Crowe partners Chris McClure and John Kurkowski will speak about ESG expectations for private equity investors, and Crowe partner Victor Sturgis will speak about how tax fits into a sustainability strategy at the online AICPA & CIMA ESG & Sustainability Conference. |
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| Looking for more information on ESG? |
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Check out our ESG resource center for the latest updates on regulations, best practices, and industry developments.
Ready to take the next step on your ESG journey? Contact our team. |
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