The Race Begins 1/1/24: Get Ready for the New Age of Sustainability Risk

In 2024, the landscape of sustainability risk disclosures is set for a significant transformation. We are witnessing the simultaneous implementation of the International Financial Reporting Standards (IFRS) Foundation's takeover of the Task Force on Climate-related Financial Disclosures (TCFD) responsibilities, the recent launch of IFRS S1 and S2, and the adoption of the European Union’s (EU) Corporate Sustainability Reporting Directive (CSRD). The United States Securities and Exchange Commission (US SEC) is also gradually adjusting its stance toward this trend with its climate-related disclosure rules.