The Global Convergence of Climate Disclosure Requirements

Full Disclosure Newsletter - April 5th, 2022
By Kristina Wyatt
April 5, 20222 min read
August 5, 2022, 3:14 PMUpdated
April 5, 2022Updated: August 5, 2022, 3:14 PM2 min read

I live next to the Potomac River outside Washington DC. A towpath runs along the river from Cumberland, MD to its terminus 185 miles downstream in Georgetown, DC. In Cumberland, the river is narrow and calm. As you head downstream, tributaries feed in, building the force and power of the river. 

Such is the case with global climate reporting requirements. We are seeing a massive convergence of reporting rules and standards that mutually reinforce the direction of climate reporting.

Only a couple of years ago, there were many disconnected climate reporting frameworks. This fragmentation created confusion for reporting companies and challenges for investors. Investors found themselves paying for third-party research that was itself of varying quality and comparability, and companies faced mountains of questionnaires from investors and raters trying to fill the informational gaps. The system did not work.

The global regulatory environment is currently shifting in a dramatic fashion that will serve both issuers and investors. 

We are watching, in real-time, this convergence of climate change disclosures across the globe. The US Securities and Exchange Commission (SEC) issued proposed climate disclosure rules on March 21  and, on March 31, the International Sustainability Standards Board (ISSB) followed suit with its proposal to create a comprehensive global baseline of sustainability disclosures.  The EU Parliament is expected to approve the EU’s Corporate Sustainability Reporting Directive with implementing rules to be proposed in the coming weeks by the EU standard setter, the European Financial Reporting Advisory Group (EFRAG). 

While there will be differences among the proposals, they all converge on the foundational climate reporting frameworks, the Greenhouse Gas Protocol, and the Task Force on Climate-related Financial Disclosure (TCFD). 


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Wyatt joined Persefoni from the U.S. Securities & Exchange Commission (SEC), where she served as Senior Counsel for Climate & ESG to the Division of Corporate Finance, led the rulemaking team through drafting proposed climate disclosure regulations, and worked closely with the Office of International Affairs.


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Persefoni is the leading Climate Management & Accounting Platform (CMAP). The company’s Software-as-a-Service solutions enable enterprises and financial institutions to meet stakeholder and regulatory climate disclosure requirements with the highest degrees of trust, transparency, and ease. As the ERP of Carbon, the Persefoni platform provides users a single source of carbon truth across their organization, enabling them to manage their carbon transactions and inventory with the same rigor and confidence as their financial transactions.