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Nine in Ten US Firms Preparing for Climate Disclosures

More than 90% of US companies intend to increase reporting based on the Securities and Exchange Commission’s (SEC) climate disclosure rule, according to a joint report by Persefoni and the Financial Education & Research Foundation (FERF). The Benchmarking Sustainability Reporting 2024 report also found that almost 90% of the more than 50 chief accounting officers and controllers from some of the largest US public companies surveyed intend to enhance reporting efforts under the EU’s Corporate Sustainability Reporting Directive (CSRD) and California’s climate legislation. The research said that despite legal challenges facing both the SEC Climate Rule and the California Climate Disclosure Laws, businesses are still overwhelmingly preparing for climate disclosure. It found that 87% of organisations are increasing their internal reporting capabilities, while 59% are  integrating carbon data into risk management reporting. More than half (53%) of firms are expanding their Scope 3 reporting to include new categories. However, 48% of finance teams face challenges in acquiring Scope 3 data and navigating reporting mandates, the report noted. “Sustainability reporting is one of the most transformative challenges finance professionals are facing today,” said Andrej Suskavcevic, President and CEO of FERF. “This report specifically addresses what our members need to know to pilot their organisations through ever-evolving informational demands from internal and external stakeholders.” 

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