The author of this Forbes article cautions business leaders not to interpret the delay in the SECs’ climate-related disclosure standards as a sign that the SEC / United States has decided to stand down on ESG regulations.
In truth, the SEC has been aggressively using its Climate and ESG Enforcement Task Force, launched in 2021, to investigate and fine greenwashers.
Further, with the new COP28 agreement and many countries forcing climate-related disclosures, the US will need some form of national compliance program to ensure its business community can compete globally.
For non-public SMEs, why should you care?
- You should care because you are what is called a Scope 3 vendor, which means that as the larger companies are forced to report on emissions, they are going to need vendors that are sustainable and have carbon emissions programs in order for the larger company to provide the Scope 3 part of its submittal.
- Here is a page from a vendor’s website, talking about Scope 3.
- You can ignore becoming sustainable and having a carbon program and get replaced as a vendor, or you can be proactive and take market share from your competitors who ignore.
If you would like to learn more, watch this master class and contact us.