Commitment to Anti-ESG Legislation: Implications for Financial Institutions In a recent development, Florida Governor Ron DeSantis has reasserted his commitment to enforcing the state’s anti-environmental, Social, and Governance (ESG) legislation, known as House Bill 3 (HB 3). Adopted in 2023, this law poses new challenges and considerations for asset managers and financial institutions dealing with Florida public funds. HB 3 demands that all investment decisions made by managers of Florida public funds focus solely on pecuniary factors—those expected to have a material effect on the risk or ..read more

The Importance of CSRD for Canadian Companies Canadian companies need to pay close attention to the Corporate Sustainability Reporting Directive (CSRD), the European Union (EU) mandate that compels companies to report on environmental, social, and governance (ESG) issues. Even if your business is not based in the EU, the CSRD could still apply, requiring you to prepare detailed sustainability reports and undergo audits. Determine if You’re in Scope The first step is to check whether your business falls under the CSRD’s scope. You could be required to comply if: Your company or its subsidiari ..read more

Bridging the Green Investment Gap: A Closer Look at European Corporate Spending While the majority of European companies have pledged support for sustainability, their financial commitments tell a different story. A recent CDP report reveals a striking disparity: 70% of European firms allocate less than a quarter of their capital expenditure toward green initiatives. This stark figure, highlighted in a detailed analysis by CDP and Oliver Wyman,  underscores the gap between corporate sustainability intentions and actual financial dedication. Recognizing this, CSE has become a game-cha ..read more

The House Financial Services Committee has stepped into the limelight with a bold challenge to the Securities and Exchange Commission’s (SEC) recently paused climate-risk disclosure rule. This move could potentially dismantle the rule through a Congressional Review Act challenge, pending outcomes in both the House and Senate, and possibly facing a presidential veto. During a heated session, high-profile testimonies were heard from former SEC officials, academic experts, and industry leaders such as Chris Wright, CEO of Liberty Energy. Wright described the temporary suspension of the rule as a ..read more

The House Financial Services Committee has stepped into the limelight with a bold challenge to the Securities and Exchange Commission’s (SEC) recently paused climate-risk disclosure rule. This move could potentially dismantle the rule through a Congressional Review Act challenge, pending outcomes in both the House and Senate, and possibly facing a presidential veto. During a heated session, high-profile testimonies were heard from former SEC officials, academic experts, and industry leaders such as Chris Wright, CEO of Liberty Energy. Wright described the temporary suspension of the rule as a ..read more

Europe is leading the charge in sustainable finance, and the EU Green Bond Standard (GBS) is a pivotal development. This blog explores the GBS, its implications for European companies, and the opportunities it presents. Unveiling Europe’s Green Finance Landscape In 2023, Europe’s green bond issuance grew 11% and reached a record high of US$341 billion, outperforming the global market. Slovakia, Sweden and Hungary hold the first positions in the rankings regarding green bond issuance by corporate entities and sovereign governments in the EU today. One of the main focus of the upcoming CSE’s Eu ..read more

Unpacking SB 253 and SB 261 California’s recent enactment of two significant climate bills, SB 253 and SB 261, is a game-changer for companies operating in the state. With California’s economy ranking globally, its climate laws have far-reaching impacts. These legislative actions, part of a broader global shift towards environmental accountability, mandate comprehensive emissions and financial risk disclosures from companies. Many start-ups and companies focused on sustainability call California home.  Now the rest must catch up!  For new sustainability practitioners, this is good ne ..read more

In In the evolving landscape of corporate responsibility, Small and Medium-sized Enterprises (SMEs) face a unique set of challenges and opportunities. The Corporate Sustainability Reporting Directive (CSRD) is a pivotal development in the European Union’s regulatory environment, aiming to enhance the transparency and accountability of business practices regarding environmental, social, and governance (ESG) issues. This directive, while initially perceived as a compliance hurdle, offers SMEs a golden opportunity to refine their business strategies and align with the principles of sustainability ..read more

Part 1 unpacked the groundbreaking unveiling of the CSSB’s Proposed Sustainability Disclosure Standards and their core structure. As we delve deeper, it’s important to note that while the standards are largely aligned with global benchmarks, there are some key considerations for Canadian companies.  In Part 2, we’ll explore how the CSSB tailors these standards for Canadian entities, fostering a smoother integration process. This includes navigating the extended transition periods and understanding the limited modifications made to the IFRS standards. We’ll also explore the crucial role of ..read more

Bridging Global and Local in Sustainability Reporting In a groundbreaking move on March 13, 2024, the Canadian Sustainability Standards Board (CSSB) introduced its inaugural Proposed Sustainability Disclosure Standards. This initiative is set to redefine the landscape of sustainability reporting in Canada, aligning it with global benchmarks while tailoring to the unique Canadian context.   Understanding the Proposed Standards: A Dual Framework The CSSB’s proposal comprises two pivotal standards: General Requirements (CSDS 1) and Climate-related Disclosures (CSDS 2). Moreover, these stand ..read more