Kyle Moffatt, PwC’s Professional Practice leader, discusses vital shifts in the sustainability reporting landscape. He explores recent SEC climate rule updates and the impact of the changing regulatory environment on businesses. Moffatt highlights varying state regulations, particularly California's proactive measures, and considers how these developments could influence compliance across the U.S. and EU. The conversation emphasizes the necessity for companies to adapt their practices and the growing importance of dedicated sustainability teams for accurate reporting.
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insights INSIGHT
Uncertainty in Sustainability Reporting
The sustainability reporting landscape is marked by escalating uncertainty due to shifting political and regulatory stances.
Despite setbacks, the investor demand for sustainability data ensures continued movement forward in reporting.
insights INSIGHT
SEC Rulemaking Requires Quorum
The SEC currently requires unanimous votes among three commissioners to pass rules, which is challenging with the current commissioner makeup.
Anticipate delays and reevaluation of climate disclosure rules until new leadership is confirmed.
insights INSIGHT
Shift in SEC Focus Away from DEI
Human capital and board diversity disclosure rulemaking are unlikely priorities for current SEC leadership.
The focus is shifting towards capital formation and cryptocurrency regulation instead.
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A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com As the headlines continue to highlight, the sustainability reporting landscape is evolving rapidly in the US and beyond. In this episode, we kick off our miniseries on the foundations of sustainability reporting by exploring key US regulatory shifts under the new administration, the role of sustainability initiatives in various US states, and global sustainability reporting trends and updates. We break down what these developments mean for businesses and how to prepare for what's to come.
In this episode, we discuss:
02:53 – The fast-changing sustainability reporting landscape
05:54 – SEC climate rule updates and expected regulatory shifts
22:33 – State sustainability regulations: California and other states
27:13 – The potential impact of the upcoming EU’s omnibus regulations
30:06 – How to move forward amid uncertainty
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About our guest Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.
About our host Heather Horn is the PwC National Office Sustainability and Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.
Transcripts available upon request for individuals who may need a disability-related accommodation.Please send requests to us_podcast@pwc.com.
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