Sustainability Reporting (including Scope 3)
the sense of urgency
On November 10, 2022, the European Parliament adopted the final text of the Corporate Sustainability Reporting Directive (CSRD), which will require companies operating in the European Union (EU) to publish information and data related to environmental issues, social and governance, informs a press release sent to the editorial office. On November 28, 2022, the Council of the European Union has adopted the proposal and published in the Official Journal of the EU. The directive will enter into force on the 20th day after publication. The member states will have 18 months to transpose it into national legislation.
Jörg Eigendorf, Chief Sustainability Officer at Deutsche Bank, said: This is an important step (including Scope 3 on the bank governance) to reduce the carbon footprint of our loan book progressively. We are focusing on supporting our clients on their net zero journey. This is a crucial element of our sustainability strategy.
Banks should include Scope 3 in their reporting framework until March 2023
Regulation of climate and environmental risk disclosures will become stricter in the coming years, with market participants and the public increasingly expecting more information. Banks therefore need to adjust their practices without delay. https://www.bankingsupervision.europa.eu/press/pr/date/2022/html/ssm.pr220314~37303fd463.en.html
European Commissions tackles inaction: Companies must prove that carbon dioxide is truly removed from the atmosphere:
https://euobserver.com/green-economy/156489?utm_source=euobs&utm_medium=email
Going green becomes a critical requirement to get investments and funding:
https://www.bcg.com/publications/2022/private-equity-esg-metrics-reveal-growth-new-data-shows
European financial institutions under pressure to tackle environmental impact by next year:
