Extensive Climate Disclosure Requirements Proposed for Federal Contractors
On November 10, 2022, the Federal Acquisition Regulatory Council, composed of the Department of Defense, the General Services Administration, the National Aeronautics and Space Administration, and chaired by the Office of Federal Procurement Policy in the Office of Management and Budget, issued a proposed rule that would require certain federal contractors to disclose climate-related information to the System for Award Management (SAM) and, in certain instances, make such information publicly available on its website. (more…)
EU Corporate Sustainability Reporting Directive — What Do UK- and U.S.- Headquartered Companies Need to Know?
Non–EU companies with a significant presence in the EU or with securities listed on an EU-regulated market will become subject to new EU rules on corporate sustainability disclosures (the Corporate Sustainability Reporting Directive, or CSRD). The text of the CSRD has now been agreed by the EU institutions.1 CSRD is expected to become EU law later this year. Once implemented into the national law of EU member states, its requirements will be phased in from 2024.
Biden Administration Issues Executive Order on Sustainable Procurement
On December 8, 2021, the Biden Administration issued an executive order seeking to leverage United States procurement power to promote investment in clean energy. The order sets out the following five goals: “100 percent carbon pollution-free electricity (CFE) by 2030, at least half of which will be locally supplied clean energy to meet 24/7 demand; 100 percent zero-emission vehicle (ZEV) acquisitions by 2035, including 100 percent zero-emission light-duty vehicle acquisitions by 2027; [n]et-zero emissions from federal procurement no later than 2050, including a Buy Clean policy to promote use of construction materials with lower embodied emissions; [a] net-zero emissions building portfolio by 2045, including a 50 percent emissions reduction by 2032; and [n]et-zero emissions from overall federal operations by 2050, including a 65 percent emissions reduction by 2030.” (more…)
