UK’s Environmental Policy Update:
Two weeks ago, Prime Minister Rishi Sunak adjusted the UK’s environmental policy, delaying the ban on new petrol and diesel cars for five years, now set to take effect in 2035. He defended this move, stating it doesn’t compromise the government’s net-zero commitments. Sunak stressed the need for a practical and proportionate approach, but some business leaders are concerned about potential consequences.
Challenges in Climate Commitments:
Over 100 influential figures, including those from Amazon, Ikea, and Tesco, have called for renewed focus on climate pledges. They fear that without strong commitment, the UK risks falling behind in climate action. Some industry leaders find the government’s approach to environmental priorities puzzling, seeing it as a missed opportunity during a transformative industrial revolution.
Preparing for Carbon Reporting Mandates:
Upcoming UK and international legal changes will impact businesses. Many have been swiftly adapting their operations to meet these new regulations. The EU will introduce significant changes in carbon reporting, requiring broader and more detailed disclosures, including The Corporate Sustainability Reporting Directive (CSRD) , which covers the reporting phase of The Corporate Sustainability Due Diligence Directive (CSDDD), will compel companies to scrutinize environmental impacts in their global value chains.
These changes will begin rolling out in early 2024, affecting not only European companies but also UK firms with EU-generated income above certain thresholds and EU subsidiaries. Businesses need to navigate these changes, a challenge that many leaders find overwhelming. The Taskforce on Nature-related Financial Disclosures (TNFD) adds to the complexity of this evolving regulatory landscape.
CSE Solutions – Certified Sustainability (ESG) Practitioner Program:
Join the upcoming Europe Certified Sustainability (ESG) Practitioner Program, Leadership Edition 2023, on December 7, 8, and 11, conducted online with live Zoom sessions. This program equips you with the latest reporting skills and helps you mitigate the challenges presented by the CSRD. Here’s some of the important topics which will cover:
- Understanding the Requirements: Gain insight into the CSRD Directive and ESRS standards to understand the scope of reporting.
- Assessing Data Availability and Quality: Identify gaps in data collection and develop data collection plans.
- Training and Raising Awareness: Ensure your team comprehends the importance of CSRD compliance and their roles in it.
- Create a Reporting Framework: Define processes, roles, responsibilities, and tools for effective reporting.
- Monitor Progress: Continuously track progress to meet objectives and adapt reporting processes as data quality improves.
Elevate your expertise with digital training and live Zoom sessions on Dec. 7-8 & 11, 2023.