Throughout 2023, interest in Environmental, Social and Governance (ESG) reporting and goal setting surged, transcending industry boundaries and reshaping corporate landscapes as organizations increasingly prioritized sustainability and responsible business practices.Multiple factors are driving this transformation in global enterprise businesses:As the pressure to establish and expand ESG programs to prepare for emerging regulatory requirements mounts, organizations are already anticipating criticism – in fact, The Conference Board found that a majority of companies are concerned about backlash spreading among employees, investors, business partners, consumers and the media over the next two years.Thankfully, various regulatory bodies are committed to introducing standardization to the reporting process. In June 2023, the International Sustainability Standards Board (ISSB) introduced the first-ever global sustainability disclosure standards. Just a few months later, California Governor Newsom signed the California Climate Accountability Package, comprised of two bills, Senate Bill 253 (SB 253) and Senate Bill 261 (SB 261), which mandate both public and private companies operating in California to disclose their greenhouse gas (GHG) emissions as well as climate-related financial risk.
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