Keeping up with ESG - March 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 — and our CDP reporting guide shows how to stay ahead of these shifting disclosure demands.
🚀 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.
This newsletter is designed to:
📬 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 — a theme explored in our 2024 ESG reporting wrap-up.
68% of those surveyed described ESG-related tasks as challenging or extremely challenging.
Notably, tasks related to data management ranked highest in difficulty (supply chain analysis and providing data). While tasks like publishing sustainability reports and developing supporting materials remain inherently demanding, managing data doesn't have to be.
beSirius: Automating ESG Data Exchange with AI-Powered Sustainability Twin®
beSirius 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 beSirius. No more juggling spreadsheets or sifting through PDFs. You’ve suffered enough. It’s time to beSirius!
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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 beSirius 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.
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Discover more about how beSirius empowers metal supply chain companies to meet new regulations and boost the efficiency of sustainability and compliance teams with cutting-edge technology.
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👉 Explore more on how to future-proof your ESG data management with Sirius’ CDP reporting automation and LMEpassport solutions.