Jia Shiun (Justin) Tan, FCCA’s Post

California's greenhouse gas reporting law faced behind-the-scenes pushback last year. According to a POLITICO report, the state's Air Resources Board suggested weakening the law by removing requirements for businesses to disclose their Scope 3 emissions during negotiations. The Scope 3 disclosure mandate made California's law the strictest in the nation on corporate climate disclosures. For real climate action, Scope 3 accounting must be included in the reporting law. We urge CARB to re-include Scope 3 into the bill. https://lnkd.in/ej8fnZNs

XRB have heard the feedback from CREs and assurance providers regarding challenges with obtaining timely and accurate scope 3 GHG data (a particular issue for financed emission reporting), and are consulting on extending timeframes for reporting and assurance, in addition to extensions for transition planning and financial impacts disclosures. This is an important development for all CREs. Get in touch if you're looking to submit, or have any questions. Thanks to Nicole Tan for helping pull this together.

Curious about the latest regulatory changes shaping the future of corporate environmental responsibility? Our newest blog delves into the recent federal and state rules impacting businesses' climate disclosures. From the SEC's updates on greenhouse gas emissions reporting to California's comprehensive regulations, discover how these changes could affect your organization's operations and strategies. Stay informed to stay ahead!  https://lnkd.in/g5wZwQC7 #ClimateDisclosure #RegulatoryUpdates #EnvironmentalResponsibility #CreteUnited #ElevatingEnergyEfficiency

#Green_Claims_Directive text from EU Council ! The text includes strict definitions for #compensation_claims and #contribution_claims. Compensation Claims is limited to residual_emissions (Article 2); ▶ (19d) ‘contribution claim’ means an explicit environmental claim based on carbon credits that are counted towards national climate targets of the country hosting the emissions reductions or removals underlying the credits; ▶(19e) ‘compensation claim’ means an explicit environmental claim based on carbon credits that are not counted towards national climate targets of the country hosting the emissions reductions or removals underlying the credit. ▶ (Recital 21a)Traders should only make compensation claims based on carbon credits for any resulting #residual_emissions in their operations and value chain. Any resulting residual emissions will vary by sector-specific pathway in line with the global climate targets […] . Alternatively, traders can […] advertise […] financial contributions in environmental initiatives that reduce or remove greenhouse gas emissions […] outside their value chain, not used for offsetting purposes […] and make a contribution claim

On Saturday, August 31, #California Senators approved bill #SB219, offering a six-month extension to the state’s Air Resources Board to develop and adopt the specific regulations under which companies will have to disclose their greenhouse gas emissions. But the delay doesn’t apply to the disclosures themselves, with companies still expected to start reporting emissions from 2026. In July this year, Governor Gavin Newsom proposed a two-year delay for the #ClimateAccountabilityPackage, which would have given CARB until 2027 to set up the regulations, with the first corporate disclosures due only in 2028. https://lnkd.in/eSd36i_t #ClimateRegulation #ClimateDisclosures #ChiefSustainabilityOfficer

An important judgement was issued by the UK Supreme Court which emphasises the critical link between climate change and the Environmental Impact Assessment (EIA) process. It underscores that EIA legislation mandates the inclusion of both direct and indirect effects of projects on climate, including greenhouse gas emissions from the combustion of extracted fossil fuels. The court stressed that failing to account for these emissions undermines the purpose of the EIA, which is to ensure informed decision-making and public participation regarding environmental impacts. Consequently, excluding such emissions from EIAs is deemed unlawful, reinforcing the necessity of comprehensive climate impact evaluations in project assessments. #eia #climatechange #scope3 https://lnkd.in/eYm56Y-6

Bill Alert! US Senate Bill S 3810 - Time to Choose Act of 2024 Policy: Government Operations and Politics Status: Bill Introduced Full Details: https://lnkd.in/eXGGFzqa Bill 118 s 3810, also known as the Time to Choose Act of 2024, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to address the issue of climate change by setting ambitious targets for reducing greenhouse gas emissions. One of the key provisions of the Time to Choose Act is the establishment of a national carbon pricing system. This system would put a price on carbon emissions, incentivizing b...

The SEC has announced what companies need to disclose around their Greenhouse Gas emissions. The potentially controversial scope 3 emissions requirement was dropped. Companies now will need to disclose their Scope 1 emissions, which are a result of their operations, and Scope 2 emissions from energy they purchase. But only if the company deems this material to the investors. Companies will also need to disclose other climate risks such as floods and wildfires. It will be interesting to see how this plays out and how companies define materiality around climate risk and emissions. https://lnkd.in/e-fxh8Ze

Is your company ready for this? The #EPA #methane Emissions Reduction Program, levies a fee on wasteful methane emissions from large oil and gas facilities. The fee starts at: $900 per metric ton of emissions in 2024, increasing to $1,200 in 2025 and $1,500 in 2026 and thereafter. The EPA proposal lays out how the fee will be implemented, including how the charge will be calculated. It comes as the United States sees record oil production, and as policymakers around the world increasingly focus on curbing methane, a climate super-pollutant. https://lnkd.in/ggtnxGpE (req subscription)

💡CA Legislative Recap and Special Session Update 💡   California's 2024 legislative session wrapped up at the end of August, showcasing advancements in climate-related legislation, as detailed in a recent two-part article. Key highlights include enhanced regulatory guidance to meet clean energy targets, improved oversight aimed at lowering costs for ratepayers and streamlined permitting for industrial decarbonization projects. The ongoing special legislative session is also tackling gas price spikes while introducing new proposals from Assembly Republicans. With California continuing to lead the way in climate action, these developments are vital for shaping a sustainable future! Part 1: https://lnkd.in/gKpXTaRf Part 2: https://lnkd.in/gePMAEZA #California #Climate #CaliforniaLegislation #CALegislation #CALegislation2024 #Sustainability #WCI #CACompliance