Creating a climate of change digest

The Statement was unanimously adopted by the chief insurance regulators from all 50 states, the District of Columbia, as well as the five United States Territories. Within the Statement, the NAIC clarified it had no plans to develop regulatory policy regarding insurance companies’ adoption of ESG policies that govern processes or decisions involving underwriting, investing, or general business decisions. Additionally, the NAIC invites and encourages legislators, policymakers, and stakeholders alike to contact state insurance regulators when considering ESG-related legislation or executive action.

The International Federation of Accountants (IFAC), the American Institute of Certified Public Accountants (AICPA), and the Chartered Institute of Management Accountants (CIMA) released a benchmark study that captures and analyzes the extent to which companies are reporting and obtaining assurance over their sustainability disclosures, which assurance standards are being used, and which companies are providing the assurance service. The report itself is designed to support evidence-based discussion and analysis of current trends in sustainability disclosure and assurance.

The Science Based Targets initiative (SBTi) has published two new reports to support the design and implementation of beyond value chain mitigation (BVCM) strategies. Per SBTi’s Corporate Net-Zero Standard Framework, BVCM is one of the four key elements that make up a corporate net-zero target.

On March 5, the US Treasury Department and the IRS released final rules on key provisions in the Inflation Reduction Act (IRA) to expand the reach of the clean energy tax credits and help build projects more quickly and affordably. The finalized rules provide clarity and guidance for eligible entities to understand the requirements for accessing clean energy tax credits through elective pay.

The following day, on March 6, the US Securities and Exchange Commission (SEC) published its adoption of amendments to rules under the Securities Act of 1933 and Securities Exchange Act of 1934. The rules aim to enhance transparency by requiring companies to disclose climate-related risks, impacts, and strategies in annual reports and registration statements.

Recent reports

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