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RIVER HEIGHTS, UT, March 7, 2024 –  The latest on the SEC Climate-Related Disclosure Ruling from Conservice ESG team members Anna Sharp, Sr. Consultant, Alexandru Georgescu, Solutions Architect, and Joshua Walker, Sr. Associate Manager.  

On March 6th, 2024, the SEC announced its adoption of final rules requiring publicly traded companies to disclose climate-related information in their registration statements and annual reports. This decision comes nearly two years after the initial proposal of the rules on March 21, 2022. The move reflects the growing recognition of the significant impact climate-related risks can have on businesses and their financial performance. 

Key highlights of the new rules include:

• Disclosure of material climate-related risks and mitigation efforts
• Reporting on the financial impacts of climate-related risks
• Details on board oversight and management’s role in managing these risks
• Disclosure of climate-related targets or goals and their financial impacts
• Requirements for disclosing greenhouse gas emissions and severe weather event impacts

The ruling applies to both Accelerated and Large Accelerated filers. Large non-exempt companies will also have to list their Scope 1 and Scope 2 emissions. These companies will now face four main types of disclosure requirements when they register with the SEC and in their annual reports:  

1. What their climate risks are 
2. How they are adapting to those risks 
3. How the board of directors is overseeing climate strategy 
4. How climate targets will affect the business.  

The SEC expects large corporations to begin reporting their climate risk-related information in their FY 2025 and to report their GHG emissions by FY 2026. These corporations will also need to submit a limited third-party review of their emissions data by 2029 and a full audit by 2033.

Check out this Fact Sheet for more takeaways from the 800+ page ruling.  

The adoption of these rules marks a crucial step towards providing more consistent, comparable, and reliable information to make informed decisions in a rapidly changing climate landscape. We will continue to keep up to date on this ruling and the next steps. 

To help you stay ahead of the ever-changing dynamics of climate regulation, the following are just a few of the services Conservice ESG offers to support the navigation of the SEC’s ruling: 

• Strategic Sustainability Consulting 
• Greenhouse Gas (GHG) Inventory 
• Climate Risk Analysis 
• Materiality Assessment 

Please contact us to learn more! 

About Conservice

At Conservice, we have one focus: utilities. Whether that means paying your utility bills, supporting your residents and tenants, or organizing your usage data to support business growth and ESG initiatives, we are the only national utility management company that focuses entirely and exclusively on utility services. Your utilities are our number one priority; all day, every day of the year. This is why our clients count on us to be The Utility Experts®. Learn more about our utility services at conservice.com and about our ESG services at esg.conservice.com.

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