Open Access Research Article
CORPORATE GREENHOUSE GAS DISCLOSURE NORMS: -A STUDY OF THE REGULATORY FRAMEWORK IN INDIA, USA & U.K.
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Article Details
CORPORATE GREENHOUSE GAS DISCLOSURE NORMS: -A STUDY OF THE REGULATORY FRAMEWORK IN
INDIA, USA & U.K.
AUTHORED BY - AYUSHI LAKSHMI VERMA
& KAVYA MAHESHWARI
Climate change
today is no longer a mere boardroom discussion topic. Rather, the risks
associated with it have become real now much more than ever before. Climate
change is majorly attributed to the rapid increase in industrial development
and capitalization. It is undoubted that companies which run industries and
factories are at the center stage of either pushing the Earth to the brim of
existential crisis or to save it from unforeseeable peril. It is at this point
a sustainable and environment friendly way of production, manufacturing and working
of companies is desired.
Investors must
be aware of the risks associated with climate change in order to make wise
short- and long-term investment decisions because it has the potential to
significantly impact both individual companies' operations and the operations
of the world's capital markets, both directly and indirectly.[1]
Also, it is important to note here that the risks associated with climate
change will not be limited to the vulnerable industries only, rather the
indirect impacts would be felt by the entire global economy. As such, the
investors “cannot just ignore climate
risks by moving out of vulnerable asset classes.”[2]
Another distinctive feature of the threats linked to climate change is that it
is cumulative over time. A report released in 2014 highlighted that “if
there is inaction on part of the nations in lowering GHG emissions presently,
decision makers put in place processes
that increase overall risks tomorrow, and each year those ineffective decision
made will lead to broaden and deepen risks associated.”[3]
There are five
possible ways in which climate change can affect the working of a company.
1.
Supply Chains
being disrupted:
Climate change
has the ability to create such physical impacts that could disrupt the entire
supply chain of goods and services and impact the operations of the companies.
These physical impacts could be in the nature of increased sea levels,
increased incidents of forest fires, non-arable lands, shortage of water supply
etc. it could also be sudden catastrophic events like an earthquake or
cyclones- the frequency of which keeps rising. “An increase in the incidence and severity of extreme weather and
climatic conditions is particularly troublesome because the financial liabilities
associated with such happenings appear to rise rapidly with their intensity.”[4]
2.
Increased Cost of
Compliance.
With the
increase in climate change related events comes increased regulations by the
State to prevent the frequency of such events. Environmental rules may
interfere with a firm's plans for the future, including decisions regarding
investments and locations, and they may force a corporation to adopt new
procedures, which could raise production costs while lowering productivity.[5] For
example, “restrictive air quality
controls, such as rules governing ozone layer, can have the intensity to
decrease a manufacturing plant’s productivity by five percent in toto, which
represents an annual cost of around $21 billion to the entire manufacturing sector
in an economy.”[6]
3.
Impact on
Corporate Reputation:
With an
increase in awareness among the general public and the stakeholders about
environmental concerns and issues, a company may have to suffer financially if
it develops a adverse reputation in relation to drastic climatic changes.
The SEC has
recognized this as a potential risk indirectly hampering the interests, noting
that “depending on the nature of a company’s
business and its thoughtfulness to public opinion, a company may have to observe
on whether the public’s vigilance of any publicly available information relating
to its GHG emissions could expose it to exponential consequences.”[7]
4.
Increased Risks
for Particular Industries. The SEC has identified specific sectors related products
and services that may be disproportionately affected by drastic climate change
and the accompanying environmental regulatory regime, such as those that
produce large amounts of greenhouse gas emissions, those that are connected to
carbon-based energy sources, and those that are involved in the production and
transmission of energy from alternative sources.[8]
The most prominent example of this is the oil and petroleum industry which
faces increased risks from the physical impacts of climate change. “Till 2014, 86% of the oil refineries in the
US were located within ten feet of the local high tide line, making them exposed
to extreme weather conditions and climate-associated risks like rising sea
levels”.[9] Furthermore,
some sectors, such as the energy industry, may be in particular more
susceptible to being subjected to legislation or regulation relating to
greenhouse gas emissions given the nature of business.
Research Problem
In the
month of March last year, the Securities Exchange Commission which is the regulatory
body responsible for supervising the corporate sector in USA, put forth a
regulation that would require businesses to report their greenhouse gas
emissions. Nearly all publicly listed companies would be required by the law to
publish their GHG emissions, even if such emissions were not in themselves
material to the investors. The Paris Agreement which was materialized in 2015
is one of the sole international efforts to curb emissions in order to reduce
the greenhouse gas content on Earth. Several countries, including India put
forth their targets to reduce the amount of Greenhouse Gas (hereinafter
referred to as GHG). India set a target of reducing its GHG emissions to zero
by 2070[10]. Therefore, in
the light of the same it is imperative to study as to what are the laws
governing corporations with respect to reduction of emissions and how is the
current regulatory framework going to help India in achieving this ambitious
target. Good Corporate Governance would form the backbone of companies in helping
them meeting the compliance requirements, adhering to the environmental laws
and generating investor confidence that the company is woke towards working for
the environment.
Research
Questions
Having
enlisted the effects of climate change on the working of corporate entities and
the need to have stringent and effective environmental laws and a subsequent
adherence to those laws by the companies, we now come to the research questions
of this project. The aim of this project report is to address the following
questions:
1. What is the
regulatory framework for non-financial reporting in India?
2. What are
the duties of a director with respect to Greenhouse Gas disclosure requirements
under Companies Act 2013?
GHG
DISCLOSURE NORMS IN USA
The
Securities and Exchange Commission (hereinafter referred to as SEC) is the
principal regulatory body of USA which regulates the capital market and the
corporate sector. It is mandated with protecting the investors from “fraudulent and misleading corporate
practices” by imposing the duty on publicly listed companies to make
certain disclosures in periodical reports. However, the SEC has prominently
ignored any disclosure requirements of climate change concerning the
environmental impacts and its associated risks.
However, a
number of recent investigations and legal actions have brought forth that the investors
are increasingly prone to make unwise investment decisions based on insufficiency
of data and, in some cases, purposefully false representations made by corporations
concerning their susceptibility to the adverse impacts of climate change. The
primary motive that “investors must be
vested with right to use the accurate information which is essential to make
investment and voting decisions for the orderly and smooth functioning of the financial
markets”[11]
was a key consideration behind enacting the laws which mandated compulsory
disclosures. In accordance with Section 13(a) of the Securities Exchange Act of
1934, “provides for the reporting
companies, which concerns those companies that have registered publicly to
issue securities in the primary markets, must fulfill mandatory disclosure
requirements by filing both annual, quarterly, and event-specific reports on
Forms 10-K, 10-Q, and 8K respectively to SEC”[12].
The
Sarbanes–Oxley Act, 2002
The
Sarbanes–Oxley Act, 2002, also known as predominantly the “Public Company
Accounting Reform and Investor Protection Act” brought in many different
changes to the disclosure regime in order to make the accountability standards
of companies much higher than what it was before. It increased the liability of
the companies in case they made incomplete or inaccurate disclosures.[13]
Despite not specifically addressing environmental disclosures, the Act significantly
raises the bar for all business disclosures.
Coming to
the current position, the rule proposed by SEC requires a company to make
disclosures regarding:
1.
The corporate governance executed by a company related
to risks pertaining to climate change and its overall risk-management process.
2.
The ways in which a climate-related risk may materially
affect the company’s business and its financial position which may manifest
over either the short- term, medium- term or long-term periods.
3.
How the company’s strategy, business model, and outlook
have been impacted by any recognized climate risks or are likely to be impacted
by those risks; and
4.
How a company's
consolidated financial statements, as well as the financial estimates and assumptions
used in the financial statements, are affected by climate-related occurrences
(such as extreme weather conditions and other natural conditions).
In accordance
with the proposed regulations, companies would also have to provide details
regarding their direct (GHG) emissions i.e., Scope 1 and indirect emissions i.e.,
from purchased electricity or other energy sources i.e., Scope 2. Additionally,
a company is also required to “divulge
GHG emissions from upstream and downstream activities in its value chain if it
is substantial in nature or if the company has set a GHG emissions target or
goal that includes Scope 3 emissions.” Scope 1 or Scope 2 emissions are
those produced directly by a corporation, whereas "Scope 3" emissions
are those produced via its supply chain.
The proposals
aim at providing investors with such material that is useful to them in
assessing the risks undertaken by the company as well as the risks that the
company is exposed to and also the steps taken by it to manage the risks, both
transitional and climate-related. The proposed regulations would offer smaller
reporting entities an exemption from the Scope 3 emissions disclosure
requirement as well as a safe harbour for liability from that disclosure. The
proposed disclosures are akin to those that many companies provide with based
on widely used disclosure frameworks, like the “Greenhouse Gas Protocol and the
Task Force on Climate-Related Financial Disclosures.”
In doing so,
the SEC opted to adopt the Greenhouse Gas Protocol's (GHG Protocol)
double-materiality approach to climate disclosures rather than the
Sustainability Accounting Standards Board's (SASB) single-materiality approach.[14] A
single-materiality approach works on the principle that disclosures are made in
such a way that only the investors can use them whereas under a
double-materiality approach, the interests of both the investors and other
stakeholders i.e. the public at large are protected by designing the
disclosures for their collective use.
Companies in
the majority of industries are not required to publish their either scope 1 and
scope 2 emissions under “SASB's single-materiality approach” because, in SASB's
opinion, the emissions are not significant enough to be material to investors.
Companies in all industries are expected to disclose their scope 1 and scope 2
emissions under the double-materiality approach of the GHG Protocol. The SEC
appears to have relied on the first prong of its authority to adopt regulations
“necessary or appropriate in the public
interest or for the safety of investors" in adopting the GHG Protocol's
strategy.”[15] In the
United States, mandatory reporting to some version of the GHG Protocol
increasingly seems inevitable.
The “Companies
Act 2006 (Strategic Report and Directors’ Report) Regulations 2013” imposes an
obligation on firms which are incorporated in UK and are publicly listed UK to
include a report on their GHG emissions as a portion of their annual financial reports.
Prior to this obligation, the companies were mandated to account for their GHG
emissions under the European Union Emissions Trading System (EU ETS). In fact,
till 2013 there was no statutory obligation on public listed companies too, to
report their “carbon footprint” in the annual corporate report.
Thus, under
such circumstances the Companies Act 2006 (Strategic Report and Directors’
Report) Regulations 2013 brought in increased measures of transparency and
accountability.
For businesses
that have had significant long-term expansion or contraction, such a ratio
measure will be more instructive regarding actual emission improvements. By
using both sales and cost of goods sold (COGS) as the activity variable in the
denominator, we are able to evaluate the impact of the disclosure mandate on
businesses' carbon intensity. Under the Act, the annual reports of "listed
companies" must include information about their direct and indirect GHG
emissions. All fiscal years ending on or after September 30, 2013, are covered
by the law.
The 2013 act, in particular, mandates
that businesses reveal, in the Directors' Report, “their direct (Scope 1) and
indirect (Scope 2) GHG emissions during the previous 12 months”. Burning of
fuel, working of factories and manufacturing units are the major constituents
of direct emissions. On the other hand, emissions that come from the purchase
of power, heat, steam, or cooling are referred to as indirect emissions.
The Act mandates that the annual
report should contain specifications of the following GHG: “carbon dioxide (CO2), sulfur hexafluoride
(SF6), methane (CH4), hydrofluorocarbons (HFCs), nitrous oxide (N2O) and
perfluorocarbons (PFCs).” However, there is no requirement under law to
provide the figures of individual emissions of each gas contained in the list.
Instead, they are required to disclose the
total annual amount of GHG emissions in tCO2eq, using the weights specified by
the Intergovernmental Panel on Climate Change (hereinafter referred to as
IPCC).[16] Companies
are required to provide a carbon intensity metric that links emissions to some
activity indicator, such as sales or cost of products sold, in addition to the
overall Scope 1 and Scope 2 tCO2eq[17].
The statute mandates disclosures on GHG emissions, the diversity of directors,
senior managers, and other employees, as well as more general social and human
rights concerns. Additionally, UK businesses now have a responsibility to
report on environmental issues and advancements that could have an impact on
their operations in the future.
‘Conservation of environment’ and
‘equalizing the ecosystem’ have an inevitable effect on the climate change.
Global Warming has been increasing at an alarming rate which is not only an
environmental issue but concerns the business ecosystem as well. Global
industry leaders are incorporating and inculcating Environmental, Social, and
Governance (ESG) while
formulating their corporate and strategic policies. The Corporations are
modifying their current organizational structure and strategies to accommodate
and adopt measures that enable a sustainable economic recovery via
transitioning to a low-carbon environment-friendly business strategy.[18]
On 12 December 2015, 196 nations at COP 21, signed the Paris Accord,
a legally binding international treaty on climate change in Paris. The
Paris Accord on Climate Change aims to limit global warming by achieving a
long-term temperature goal below 2 degrees Celsius, compared to
pre-industrial levels.[19]
This has to be achieved by controlling climate change by drastically reducing
‘Carbon performance and other Greenhouse gas (GHG) emissions globally’[20].
To execute and implement the same,
corporations across the world need to contribute by undertaking actions to
reduce carbon emissions and modifying and incorporating business models,
corporate strategies and risk management accordingly. It is pertinent to note
that the various stakeholders are inclined towards being informed about the
working and functions of the corporations to achieve these changes related to
global warming and the firm’s preparations to combat and mitigate it. In May
2011, the Organisation for Economic Co-operation and Development (OECD)
Guidelines for Multinational Enterprises were updated, which reflected “the
global objective for increasing stakeholder’s demand with respect to corporate
transparency by encouraging companies to disclose environmental related
information with high quality standards, particularly in the case of GHG
emissions, as the scope AND importance of their monitoring is expanding to
cover direct and indirect, current and future, corporate and product
emissions.”[21] The
stakeholders are now prone to associate or disassociate with the corporate
entities depending on their plans for sustainable growth and development,
emphasising on their carbon performance.
The disclosures pertaining to the
greenhouse gas emissions and carbon performance will boost the firm’s corporate
value, gain legitimacy along with knowledge and access to potential threats and
opportunities with respect to impacts related physical climatic change as well
as dynamic market trends and changing consumer preferences. It will also
promote stakeholders trust and confidence by reflecting their commitment
towards tackling carbon-related future risks. The emergence and increased
demand for climate change information from government have shaped into various
mandatory and voluntary ‘Non-financial Reporting Framework’ and other environmental
related requirements which have initiated the disclosure drive among the
corporate entities and other authorities to measure and report their Greenhouse
Gas (GHG) emissions, reporting standards introduced to provide a structured
multitude of perspectives, thematic interests and information requirements to
achieve sustainability.[22]
Ministry of
Corporate Affairs (MCA)
The first initiative was taken by the
MCA in 2009, who issued the “Voluntary Guidelines on Corporate Social
Responsibility,” in order to act as guiding standards to conglomerates and
other corporate entities towards ‘responsible business conduct and a
sustainable corporate future’ by integrating sustainability into business
practices and decision-making processes in the long-term. Additional guidelines
were issued in 2011 by MCA, known as “National Voluntary Guidelines on
Social, Environmental, and Economic Responsibilities of Business” (NVGs),
emphasising the significance of corporate entities’ environmental, social, and
economic responsibilities, formulated s set of nine principles that enables a
corporate entity to emphasis and inculcate responsible business conduct in
their corporate values and decision-making processes.[23]
These guidelines were further updated and revised in order to align with
Sustainable Development Goals (SDGs) by 2030 and the ‘Respect’ pillar of the
UNGP in 2019 and were known as “National Guidelines on Responsible Business
Conduct (NGRBC).”[24] These
principles are voluntary in nature and prescribe the requisite ‘business
reporting format’ containing the disclosures requirements attached with each of
the nine principles. These guidelines act as an internal instrument for
companies to assess their progress, to grow in an inclusive and sustainable
manner and address the concerns of stakeholders.[25]
Securities
Exchange Board of India (SEBI)
SEBI, is the market regulator or the
watchdog for securities and capital market in India had mandated the top 100
listed entities in 2012, which rose to 500 listed companies in 2017 by market
capitalisation to submit Business Responsibility Reports (BRRs) from
environmental, social and governance (ESG) regulation regime in line with
Regulation 34 (2) (f) of SEBI (Listing Obligations and Disclosure Requirements)
2015.[26]
An important circular regarding the regulation of Green debt securities and
enhancing investor’s confidence was issued by SEBI in 2017, named as
“Disclosure Requirements for Issuance and Listing of Green Debt Securities”
which is supplementary and compliments the SEBI (Issue and Listing of Debt
Securities) Regulation, 2008, which envisages a list of disclosure norms and
requirements that “an issuer of green debt securities must make in its offer
before and after the commencement of a project financed via green debt raising instruments.”[27]
These additional disclosure frameworks were introduced in order to attract
finances reserved for “ESG-compliance approved projects, such as renewable
and sustainable energy projects, clean and hygienic transportation, anthropogenic
climate change adaption, energy efficient, sustainable and resilient waste as
well as water management, and biodiversity conservation, etc.”[28]
MCA subsequently set up a Committee
(BRR Committee) on Business Responsibility Reporting in May 2020, provided pertinent
recommendations as follows- “(i) reporting requirement can be extended to
unlisted companies, (ii) smaller unlisted companies may be required to adopt
lite version voluntary, and (iii) a five-year time duration for the successful
implementation of the reporting norms to be provided to all companies across
all sectors.”[29]
In May, 2021 SEBI amended Regulation
34(2)(f) of the LODR Regulations to introduce the BRSR reporting framework in
order to further strengthen the ESG disclosure norm, which replaced the existing
Business Responsibility Report (BRR).[30]
The BRSR is a relatively comprehensive disclosure framework, designed to seek
mandatory disclosures from listed entities aligned with nine principles of
NGBRC, wherein the top 1,000 listed companies by market capitalization, have to
make annual disclosure about ESG-related information starting from the
financial year 2022-23.[31]
Other listed companies have to voluntarily disclose the same from financial
year 2022-23, including those that have listed specified securities on the
Small and Medium Enterprises (SME) exchange.[32]
The reporting under the nine principles is divided into- ‘essential indicators
(mandatory compliance) and leadership indicators (voluntary compliance)’. The
BRSR is aimed towards achieving quantitative and standardized disclosures on
ESG parameters in order to enhance ESG complaint business practices in India in
line with international sustainability reporting standards.[33]
The BRSR enables the corporate entities to engage with their respective
stakeholders more prominently and not only focusing on the wealth maximisation
aspect but also towards social and environmental impacts.[34]
Companies
Act, 2013
The Companies Act, 2013 introduced
ESG disclosure requirements for corporate entities under Section 134 (3) (m)
read with Rule 8(3)(A) of the Companies (Accounts) Rules, 2014: “mandates
companies to include a report by their Board of Directors on the conservation
of energy, technology absorption, foreign exchange earnings and outgo, in such
manner as may be prescribed; along with financial statements.”[35] The
Companies and other corporate entities have to furnish and disclose relevant
information as mandated under Section 134 (3) (o), related to “corporate social responsibility
and other matters related to the same.”[36]
The Companies Act, 2013 has underwent
an evolution wherein ‘the stakeholder model of corporate governance has been
codified and made it mandatory for the companies to think beyond their
shareholders’ by addressing the concerns of the stakeholders.[37]
Section 166 (2) of the Act, casts “a codified and fiduciary duty on the
directors and states that: a director is under statutory obligation to act in
good faith to promote objectives of the company and act in the best interests
of the company, its employees, the shareholders, the community at large
and for the protection of environment.”[38]
The Supreme Court in the case of M.K. Ranjitsinh v. Union of India[39],
pertaining to the duty casted on directors held that: “the fiduciary duty
stipulated under section 166 (2) of the Companies Act, 2013 is not to be
limited or restricted to the company and their respective shareholders, but
shall also be covering the external environment and community aspects.”[40]
CONCLUSION
The severe and perceptible
anthropogenic climate change is imposing a significant threat to environment as
well business ecosystem and has depleted the well-being and health of our
planet earth. At various international occasions the need for protection of the
environment has been raised at both international and national levels which
have advocated that the corporations must address the environmental issues and
climate change concerns. Significantly, the Paris Accord, 2015 and the COP26
meet held at Glasgow, 2021 have tremendously influenced the global initiative
to reduce the Greenhouse gas (GHG) emissions intensity which can be a stepping
stone in mitigating the risks associated with the climate change.
The corporation across the globe are
now concerned about the unpredictability of environmental issues and future
risks associated with the same i.e., extreme weather events, disrupted
operations, and environmental regulations. This is particularly due the
stakeholder activism, which are mobilizing towards a sustainable future and
environment-friendly society. This has strongly influenced the decision-making
processes and strategic policy formulation of the corporate entities, who are
now progressing towards discharging their environmental and social duties, as
part of their corporate social responsibility and corporate value generation
objectives.
The capital market regulators across
the world are mobilizing towards stringent and progressive disclosure norms and
regulatory regime with respect to corporate greenhouse emissions either by
emancipating or constraining corporate entities environmental behaviour. This
is due to the growing number of stakeholders demanding more information from
corporations about their vulnerabilities to climate change and their mitigation
strategies to tackle the same. One significant move has been made by SEC in
2022 has mandated the disclosure requirements of the GHG emissions from US
publicly listed companies wherein earlier they had disclosure norms but
environment and climate change related concerns were nowhere required to be
disclosed under the Sarbanes-Oxley Act, 2002. Similarly, The Companies Act 2006
(Strategic Report and Directors’ Report) Regulations 2013, UK has mandated
disclosures on part of the companies regarding their carbon intensity variable
inclusive of GHG emissions. Indian regulatory regime is gradually moving
towards enhancing regulations surrounding ESG. This has been materialized in
the form of SEBI’s move of amending the Regulation 34 (2) (f) of the SEBI
(LODR) Regulations, 2015 and replacing the BRR framework with the BRSR
framework, which is a comprehensive sustainability reporting framework. There
are certain points which need to be enhanced or modified: a) The reporting
mandate is only applicable to top 1.000 listed companies by market
capitalization, while other listed companies have to comply the disclosure
norms on voluntary basis, while the unlisted companies requiring to adhere to
these norms are not yet introduced by MCA; b) SEBI need to introduce
stringent-penalty provisions in case the companies are found delinquent of not
complying with the GHG disclosure norms; c) The framework provides minimal and
generic disclosure norms whose compatibility and veracity need to be checked by
conducting an impact study of the 1,000 listed companies making disclosures by
the government; d) sector-specific disclosure mandates will ensure adequate and
proper compliance with the disclosure norms; e) SEBI may examine and scrutinize
the adoption of similar auditing requirements (external assurance and
independent auditors) as in the case of financial reporting by the corporate
entities.
The introduction of BRSR framework is
indicative of fast-forward and adaptable ESG regime towards the path of
bringing more transparency and responsible business with participation and more
engaging stakeholder at the central focus. The Companies need to be vigilant
and adaptable while adopting practices to disclose relevant information in
order to make themselves aware of the transitional and physical risks along
with the ability and capacity to avoid potential litigation and reputational
risks.
[1] Roshaan Wasim, Corporate (Non)Disclosure of Climate Change
Information 119 Columbia Law Review
1311, 1321 (2019).
[2] Peter McKillop, Cornerstone Capital’s New Framework for
Climate Investing, Climate and
Capital Media (Apr 17, 2020) available at
https://www.climateandcapitalmedia.com/topic-asset-management/.
[3] Gary F. Peters and Andrea M. Romi,
Does the Voluntary Adoption of Corporate
Governance Mechanisms Improve Environmental Risk Disclosures? Evidence from
Greenhouse Gas Emission Accounting 125 Journal
of Business Ethics 637, 643 (2014).
[4] Justin Worland, Climate Change Could Spark Another Great Recession. This Time, It May
Be Permanent, Time (2017),
available at http://time.com/4837020/climatechange-economy-recession/.
[5] Michael Greenstone & John A.
List, The Effect of Environmental
Regulation on the Competitiveness of U.S. Manufacturing 31 Nat’l Bureau of Econ. Research, Working
Paper No. 18, 392 (2012). https://www.nber.org/papers/ w18392.pdf.
[7] Supra note 5, at 399.
[8] Ibid.
[9] Commission Guidance Regarding
Disclosure Related to Climate Change, Securities
Act Release No. 9106, Exchange Act Release No. 61,469, 75 Fed. Reg. 6290
(Feb. 8, 2010).
[10] COP-26: India PM Narendra Modi Pledges Net-zero emissions by 2070,
BBC (November 2021) available at
https://www.bbc.com/news/world-asia-india-59125143.
[11] Understanding the SEC’s proposed climate risk disclosure rule, Mckinsey & Co. (June 3, 2022)
available at
https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/understanding-the-secs-proposed-climate-risk-disclosure-rule.
[14] Kauffmann, C., C. Tébar Less &
D. Teichmann, Corporate Greenhouse Gas
Emission Reporting: A Stocktaking of Government Schemes, OECD Working Papers on International Investment,
2012/01, OECD (2012), available at http://dx.doi.org/10.1787/5k97g3x674lq-en.
[16] Supra note 15, at 211.
[17] UK mandatory GHG and environmental reporting, CDSB (2021) available
at https://www.cdsb.net/what-we-do/reporting-policy/uk-mandatory-ghg-reporting-qa.
[18] Sarthak Bhardwaj et al, Do
Firms Undertaking ‘Green Initiatives’ Create Share Holder Value? 4 International Research Journal Of Modernization
In Engineering Technology And Science 6, 15 (2022).
[19]What is Paris Agreement? United
Nations Climate Change,
https://unfccc.int/process-and-meetings/the-paris-agreement/the-paris-agreement
(last visited Sept. 28, 2022).
[21] Kauffmann ET AL, Corporate
Greenhouse Gas Emission Reporting: A Stocktaking of Government Schemes, Oecd Working Papers On International Investment,
1, 12 (2012).
[22] B. Charumathi & Habeebu
Rahman, An Empirical Study On Corporate Greenhouse Gas Emissions Disclosure
In India, Information Technology And
Management 21, 25 (2017).
[23]National Voluntary Guidelines on
Social, Environmental, and Economic Responsibilities of Business, Ministry Of
Corporate Affairs, (2011),
https://www.mca.gov.in/Ministry/latestnews/National_Voluntary_Guidelines_2011_12jul2011.pdf.
[24]National Guidelines on Responsible
Business Conduct, Ministry Of Corporate Affairs, (2019),
https://www.mca.gov.in/Ministry/pdf/NationalGuildeline_15032019.pdf
[25]CSR: History, National
Csr Portal, https://www.csr.gov.in/content/csr/global/master/home/aboutcsr/history.html
(last visited Sept. 29, 2022).
[26] Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements) Regulations, 2015,
SECURITIES EXCHANGE BOARD OF INDIA, No. SEBI/LAD-NRO/GN/2015-16/013 (as amended
July 25, 2022).
[27]Disclosure Requirements for
Issuance and Listing of Green Debt Securities, Securities Exchange Board Of
India,
CIR/IMD/DF/51/2017, (2017).
[29] Ministry of Corporate Affairs, Report
of the Committee on Business Responsibility Reporting, (May 08, 2020).
[31]Sebi comes out with disclosure
requirements under Business Responsibility and Sustainability Report, The Economic
Times (May 11, 2021),
https://economictimes.indiatimes.com/markets/stocks/news/sebi-comes
out-with-disclosure-requirements-under-business-responsibility-and-sustainability
report/articleshow/82533681.cms?from=mdr (last visited September 27, 2022).
[33] Mark Uhrynuk et al., India
Imposes New ESG Reporting Requirements on Top 1000 Listed Companies, Mayer Brown (June 8, 2021), https://www.eyeonesg.com/2021/06/india-imposes-new-esg-reporting-requirements-on-top-1000-listed-companies/
(last visited September 30, 2022).
[34]Ankush Patel, India ESG
regulation a new challenge for companies, THE TIMES OF INDIA (March 25,
2022), https://timesofindia.indiatimes.com/blogs/voices/india-esg-regulation-a-new-challenge-for-companies/.
[36] Ibid., § 134 (3) (o).
[38] Id., § 166 (2).
[40] Id., at 42.
Article Information
CORPORATE GREENHOUSE GAS DISCLOSURE NORMS: -A STUDY OF THE REGULATORY FRAMEWORK IN INDIA, USA & U.K.
Authors: AYUSHI LAKSHMI VERMA, KAVYA MAHESHWARI
- Journal IJLRA
- ISSN 2582-6433
- Published 2024/01/02
- Issue 7
About Journal
International Journal for Legal Research and Analysis
- Abbreviation IJLRA
- ISSN 2582-6433
- Access Open Access
- License CC 4.0
All research articles published in International Journal for Legal Research and Analysis are open access and available to read, download and share, subject to proper citation of the original work.
Disclaimer: The opinions expressed in this publication are those of the authors and do not necessarily reflect the views of International Journal for Legal Research and Analysis.