Climate change

The foundation laid out how it will be using the standards and the integrated reporting framework it is inheriting from the Value Reporting Foundation.

Climate change could cost the global economy $178 trillion over the next 50 years, a 7.6% cut to global GDP in 2070 alone, according to estimates from the Big Four firm.

Finance ministers and central bank governors are asking the new board to go beyond climate change disclosures to set standards in other areas related to nature and social issues.

The board described some broad steps Wednesday to achieve the baseline by the end of the year.

The board asked for input on a proposal for a sustainability reporting framework, echoing recent moves in the private sector.

The Securities and Exchange Commission extended the comment period Monday for approximately a month on its proposed rules for climate-related disclosures, giving commenters until June 17, 2022 to send in their feedback.

Lawmakers are weighing a tax that would slap a levy on imports of carbon-intensive goods from countries with weaker climate policies.

The board is setting up a new working group of representatives from various jurisdictions around the world, including the SEC.

The lobbying comes as Democrats and the White House work to advance a new version of the so-called Build Back Better Act.

The profession is turning its attention increasingly toward environmental matters to help clients adjust to new demands for climate and sustainability reporting.