Both the number and quality of ESG data will increase

 

As one of the leading ESG Consultant in UAE that we anticipate continued progress toward climate openness leading up to the United Nations Climate Change Conference, taking place in Glasgow in November, as more nations and financial system regulatory bodies start to demand climate risk disclosures.



We believe as an ESG Strategy consultant in UAE which discussions on disclosure and data quality will continue to be influenced by the fact that the most significant asset managers worldwide are taking a proactive approach to problems across the ESG spectrum. BlackRock's Larry Fink challenged businesses to reveal how they plan for a "net zero society," where net greenhouse gas emissions are eliminated by 2060, in his annual letter published last week. At State Street Global Advisors, the systemic risks of climate change and the lack of racial and ethnic diversity on corporate boards will be the top stewardship objectives in 2023.

In our understanding as ESG Reporting consultant that several regional and worldwide policy and regulatory measures are simultaneously moving in the same direction. The suggestions made by the IFRS Foundation about sustainable reporting are a significant international effort to advance disclosure. Better ESG information and data are being encouraged by the new sustainability disclosure obligations for market players in the EU under the Sustainability Disclosures Regulation and the Taxonomy.

As an expert ESG Consultant in UAE that the Network for Greening the Financial System also coordinates best practices for financial oversight of risks related to climate change. This year's revision of the EU's Non-Financial Reporting Directive intends to give businesses an easier way to report on ESG issues.

 

The fact that businesses are adapting to the demand is perhaps most significant. Exxon Mobil was the first US oil supermajor to provide information about greenhouse gas emissions tied to customers' use of its petroleum products earlier this month. The business stated that it would offer Scope 2 emissions data reports annually.

 

Being an ESG Strategy consultant in Dubai that data remains unequal with a patchwork of reporting formats throughout the world. Because there is a lack of standardization, regulators in various countries are under pressure to close this gap. Better disclosure standards will result in better ESG data, and the private sector and organizations like S&P Global can play a significant role in promoting this international dialogue. We have agreed to contribute our knowledge to these policy efforts looking for solutions.

 

In the end, agreement on standardized definitions of ESG data would ease the reporting burden and give market participants better and more helpful ESG data to aid in identifying, contrasting, and acting upon ESG risks and opportunities.

Location: Dubai - United Arab Emirates

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