CARB issued a 15-day notice proposing to defer California's first SB 253 (Climate Corporate Data Accountability Act) reporting deadline from August 10 to November 10, 2026, and simultaneously announced targeted proposed revisions to the initial regulation — changes it intends to finalise before the new deadline. The November 10 deadline applies to Scope 1 and Scope 2 emissions only; Scope 3 report
Morgan Lewis's Summer 2026 ESG Investing Update (July 30) documents the full scope of the US regulatory reversal on ESG. The SEC has proposed rescission of its 2024 climate-related disclosure rules, citing cost concerns and statutory authority questions — the rule was already stayed in April 2024 pending judicial review and the administration withdrew its defense after the 2024 elections. Separate
The European Commission finalised the revised ESRS (European Sustainability Reporting Standards) on July 3, 2026, and they are now in a two-month parliamentary scrutiny period (extendable to four months) before entering into force. The key changes from the Omnibus package: mandatory datapoints reduced by more than 61%; total datapoints reduced by more than 70%; scope threshold raised to at least 1
The European Commission adopted the revised European Sustainability Reporting Standards on July 3, 2026, cutting mandatory datapoints by more than 60% and total datapoints by more than 70%, while reducing reporting costs by an estimated 30% per company. The revised standards apply to financial years beginning on or after January 1, 2027, with Member States required to transpose the revised CSRD by
The UK government endorsed ISSB standards IFRS S1 and S2 and issued the UK Sustainability Reporting Standards with limited modifications. The FCA simultaneously proposed two significant changes: CP26/5 would realign listed issuers' TCFD disclosures with the new UK SRS from January 1, 2027 on a "comply or explain" basis; CP26/17 would remove TCFD product-level reporting requirements for asset manag
The EU ESG ratings regime went live on July 2, 2026, with ESMA supervising methodology transparency, governance, and conflicts of interest. Most ratings providers must apply for authorisation by November 2, 2026; ESMA's endorsement guidelines for third-country ratings providers apply from August 2, 2026. Separately, the SFDR overhaul remains in trilogue, with final text unlikely before end of 2026
On July 3, 2026, the European Commission adopted the revised European Sustainability Reporting Standards and a parallel voluntary standard for companies outside the CSRD's scope. The revised ESRS reduces mandatory data points by over 60%, total data points (including voluntary) by over 70%, and is projected to reduce per-company reporting costs by over 30%. Wave 1 companies — those with more than
The California Air Resources Board announced on June 24 a three-month delay to the initial reporting deadline under SB 253, the Climate Corporate Data Accountability Act. The deadline for in-scope entities to report Scope 1 and Scope 2 GHG emissions relating to 2025 shifts from August 10, 2026 to November 10, 2026, with CARB stating that limited regulatory changes are intended. Scope 3 reporting r
South Korea's Financial Services Commission published the final roadmap for mandatory sustainability disclosure on July 8. The requirement applies first to KOSPI-listed companies with KRW10 trillion or more in consolidated assets from 2028 (based on FY2027), expands to KRW5 trillion or more from 2029, and may expand further to KRW2 trillion from 2030. ESG disclosures will be filed as legal disclos
The SEC's proposal to rescind its 2024 climate-related disclosure rules, published in the Federal Register on June 3, keeps its formal comment window open through August 3, 2026, with a final rescission vote unlikely before late 2026 or early 2027. Crucially, the rescission does not eliminate existing materiality-based obligations: Regulation S-K Items 101, 103, and 105, along with MD&A requiremen
Regulation (EU) 2024/3005 became fully applicable on July 2, 2026, placing every ESG rating provider operating in the EU — regardless of where headquartered — under direct ESMA authorization and supervision for the first time in any jurisdiction. Existing providers such as MSCI, Morningstar Sustainalytics, ISS, and S&P Global must notify ESMA of intent to continue operating by August 2 and file fu
California's Air Resources Board announced on June 24 that the initial GHG emissions reporting deadline under SB 253 (the Climate Corporate Data Accountability Act) would shift from August 10 to November 10, 2026, giving large companies additional time to prepare their first Scope 1 and 2 submissions. CARB simultaneously withdrew its current rulemaking text and announced a forthcoming updated regu
On June 24, the Council of the European Union agreed its official negotiating position on SFDR 2.0, overhauling the sustainable finance disclosure framework around a new three-tier product classification system: Sustainable (highest standards), Transition (credible decarbonization pathway), and ESG Basics (general integration). The Council's position includes a significant concession: fossil fuel