Climate Risk Reporting – Are You Ready For It?

The U.S. Securities and Exchange Commission (SEC) in March 2022 proposed rules to enhance and standardize climate-related disclosures of publicly traded companies along with recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). This would include reporting companies’ greenhouse gas emissions - Scope 1, 2, and 3 - assessing risks potentially having a material impact on the business, operations, and financials.

Having invited public comments to its proposal by June 17th, the SEC received approximately 700 non-form letter comments and previously met with about 60 organizations. The SEC aims to publish its final rule set by EOY 2022 after it digests the letters received as well as its meetings with organizations from Apple to Walmart including five with SASB. One of the more condensed responses we came across (posted anonymously) was “I believe Al Gore; he said global warming is real and we will have no ice left anywhere.” although the vast majority contained more detailed comments and data both for and against. Clearly, Washington’s lobby machinery will be in high gear while the SEC works to finalize its requirements for climate change disclosure. 

The European Commission adopted its Corporate Sustainability Reporting Directive (CSRD) in April with a first full set of disclosed standards expected to be formalized by October, expecting EU member states to adopt CSDR into national law by end of the year. Meanwhile, the United Kingdom with its Sustainability Disclosure Requirements (SDRs) seems to seek a middle ground between both TCFD and CSRD.

Effectively as of the start of 2023, Accelerated Filers in the US and Large Undertakings in the EU must track their climate risks, including Scope 1 and 2, in compliance with the above directives.

Are You Ready?

Project SAMSØ’s platform assists companies in booking carbon  emissions and offsets and 3rd party verification, certification, and auditing processes where the results are accurate, reliable, and allow for better decision making, This foundation enables the automated conversion of existing securities into carbon-neutral securities with Project SAMSØ’s patent pending CLS (Carbon Linked Securities) engine.

All of this helps corporations on their glide paths to net-zero or better via investor-sponsored offsets and carbon accountability.

Project SAMSØ’s offers a substantial business opportunity for qualified parties, being carbon emission or offset i) verifiers, ii) certifiers, iii) auditors, and offset project investors. Interested in a conversation around a significant growth opportunity for your business? Complete our 90-seconds survey and start today.

Do not hesitate to contact us via our official channel or any team member for questions concerning this update or any other area.

About Strategy Partners LLC

Strategy-Partners LLC is a strategic designer of workflows and solutions for a Carbon Neutral Ecosphere. The firm assists with establishing unified accounting of carbon emissions and offsets with third-party verification and ongoing validation. Strategy-Partners is led by a team of financial securities veterans and data experts based in the U.S.  For more information, visit www.strategy-partners.net

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About KALYP Technologies LTD

KALYP Technologies, a provider of enterprise software in the financial markets with its distributed ledger-based software, establishes smart market infrastructure for institutions and enables more efficient digital processing. The firm is independently financed and led by a group of securities industry veterans and distributed ledger technology experts with an international presence between London and Boston. For more information, visit www.kalyp.com

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Important Information

All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability, or completeness of, nor liability for decisions based on such information, and it should not be relied on as such.

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