Keeping up with ESG - March 2024
SEC Climate Disclosure Rules | CBAM updates | $6 billion for green metals
Keeping up with ESG - March 2024
SEC Climate Disclosure Rules | CBAM updates | $6 billion for green metals
Anastasia Kuskova
March 28, 2024
Hello reader 👋🏼
Here is your March issue of the “Keeping up with ESG” saga.
🚀 On March 6th, SEC rolled out the much-anticipated Climate Change Disclosure Rules, only for a court order to press pause on their implementation two weeks later. Analysts believe this halt is just a temporary setback. White & Case unpacks the rules in an insightful overview.
🚀 Meanwhile, in the EU, the long-debated Corporate Sustainability Due Diligence Directive (CS3D) reached a milestone with the EU Council approving a compromise version. Now, companies with 1000 employees and a turnover of at least EUR 450 million are in the scope, with a phased implementation starting in 2027 for larger corporations
🚀 The spotlight on the first Carbon Border Adjustment Mechanism (CBAM) report revealed that only 10% of companies have met the initial deadline. The Financial Times sheds light on the perceived complexity of the regulation, but it is under the paywall, so you’ll have to take our word for it.
🚀 The UK is not far behind, initiating consultations on its own CBAM. It's a critical moment to voice your company's perspective and influence the regulatory landscape
What Does It All Mean?
Despite the legal battles and streamlined directives, the number of disclosure requirements will keep growing. Here’s a detailed (and slightly daunting) timeline of what EVERY sustainability officer should be preparing for.
Spoiler: it is A LOT
Sustainability teams are required to adapt their reporting for a range of due diligence, ESG disclosure, and reporting regulations that are similar but not identical. While there's a slim chance for greater standardisation across these regulations, most of us should anticipate navigating through these evolving requirements. Especially if your business operates across countries.
📬 Keep you informed on the latest regulatory developments and provide clarity on what to expect and how to navigate these changes.
😁 And to laugh about it, of course!
Latest Insights
BCG just published analytics on the major challenges faced by the sustainability teams.
Overwhelmingly, sustainability-related functions are struggling due to the amount of data, regulations and demands from both customers and investors.
68% of those surveyed described ESG-related tasks as challenging or extremely challenging.
Sirius: Automating ESG Data Exchange with AI-Powered Sustainability Twin®
Sirius operates as an AI-driven platform tailored for sustainability teams in the metals and mining sector, as well as their clients in the automotive and electronics industries. It introduces a unique AI-powered Sustainability Twin® for companies, streamlining the process of responding to ESG data requests from customers, regulators, rating agencies, and other stakeholders.
Our clients already save more than 80 hours a month per team with Sirius. No more juggling spreadsheets or sifting through PDFs. You’ve suffered enough. It’s time to get Sirius!
Industry News
💰 The Biden administration is investing up to $6 billion to reduce carbon emissions in heavy industries like steel, aluminium and cement, aiming to mitigate their environmental impact. Big congrats to teams at Vale, SSAB, Heidelberg, and others for securing the support!
📝 On March 18th, the EU approved the Critical Raw Materials Act (or CRMA, we know you wanted another acronym in your arsenal), listing essential elements for the green transition, such as cobalt and copper. It also sets a minimum required consumption for locally extracted, produced and recycled minerals and materials. Despite its importance, the CRMA comes short of incentivising local production as needed by the industry.
Connect With Us
🗓 Catch Sirius at the Energy Tech Summit in Bilbao, April 9-11, where we're highlighted as one of the Top 50 Energy Challengers. We'll discuss the future of the metal supply chain and sustainable metals through technology.
🗓 Join us at Hannover Messe 2024 in Hannover, April 22-24, focusing on AI and sustainability in industry.