Nature took center stage this month. The UN biodiversity conference (COP17) kicked off in Yerevan, Armenia, with a focus on concrete action to halt the extinction crisis. Meanwhile, the International Sustainability Standards Board (ISSB) opened consultation on its proposed framework for nature disclosures, and the Taskforce on Nature-related Financial Disclosures (TNFD) hit a milestone, with commitments from more than 830 organizations to reporting on risks and impacts related to ecosystems and biodiversity.
On the regulatory front, much of the action took place in Europe and the US, where back-and-forth on climate policy continues. One high-profile regulation is moving forward despite the turbulence: Despite legal challenges, the deadline for California¡¯s SB 253 stands, and the first reports are due November 10.
Here are the top policy updates to keep an eye on as we move into November:
ISSB seeks feedback on nature-related disclosure proposals
On October 22, ISSB and will be collecting public comments until February 19, 2027. ISSB developed the proposals to help companies provide material information to investors about nature-related risks and opportunities, including how their dependencies and impacts on nature give rise to those risks and opportunities. Following the launch of the consultation, a group of 15 financial institutions urging it to develop a mandatory, dedicated, and ambitious framework to establish a global baseline for nature disclosures. They warned that a voluntary framework could lead to inconsistent information for investors.
TNFD and SBTN update guidance for nature assessment and target-setting
The Taskforce on Nature-related Financial Disclosures (TNFD) , updating its guidance for assessing nature-related dependencies, impacts, risks and opportunities. Alongside it, the Science Based Targets Network (SBTN) , expanding freshwater and land target coverage and offering more flexible ways for companies to get started. The organizations strengthened alignment between their approaches so companies can reuse relevant data and analysis across assessment, target-setting and reporting.
SBTi keeps near-term target framework open for financial institutions
Financial institutions can continue setting near-term-only targets . Its Financial Institutions Near-Term Criteria will remain available without a specified end date, alongside its Financial Institutions Net-Zero Standard. SBTi also clarified that mandatory five-year reviews do not automatically require target updates; targets that still meet the applicable criteria can remain in place.
GHG Protocol considers phased introduction of stricter Scope 2 requirements
As part of its revision of Scope 2 reporting standards, GHG Protocol is considering a transition period that would allow companies to continue using the current market-based method before stricter hourly matching and deliverability requirements apply. The approach and timing remain under discussion. showed low support for the proposed requirements among companies and industry groups.
UNEP report finds climate pledges still fall short
±«±··¡±Ê¡¯²õ projects warming of 2.8¡ãC this century under current policies, or 2.6¡ãC if countries deliver their climate pledges and sustain similar efforts. Released in October, the report also identifies policies that have already reduced emissions, including carbon pricing and electricity-sector measures, and calls for governments to expand successful approaches.
California SB 253 Nov. 10 deadline stands
On October 12, the California Office of Administrative Law (OAL) , locking in SB 253¡¯s November 10, 2026 deadline for Scope 1 and 2 reporting.
In an , the plaintiffs challenging SB 253 and SB 261 urged the Ninth Circuit to pause SB 253, citing compliance costs and potential penalties as the reporting deadline approaches. They argue that both laws violate the First Amendment by compelling speech. The court previously paused enforcement of SB 261 but left SB 253 in effect. Unless the court pauses enforcement of SB 253, the November 10 deadline stands.
At a , staff summarized comments they received during six sector-specific listening sessions on the subsequent regulation. Themes included requests for more flexibility on quantification and base-year methods, clearer Scope 3 guidance, interoperability with other jurisdictions, support with reporting logistics, and clarity on assurance standards.
Next steps: CARB staff will be reviewing the 2026 reports and aims to publish outcomes within 90 days of the November 10 deadline, making emissions reports and non-reporting statements publicly available. They also indicated that they will host another public workshop to discuss Scope 3 requirements, followed by a 45-day comment period on the subsequent regulation.
SEC declines enforcement action following climate investor investigation
In an October 7 report, the US Securities and Exchange Commission (SEC) said it would not pursue enforcement action based on the conduct examined in its investigation of certain Climate Action 100+ members¡¯ involvement in ExxonMobil¡¯s 2021 director election. The inquiry revolved around Exxon Mobil¡¯s 2021 annual meeting, where three board seats were . In its report, the SEC made no findings of violations, but signaled that institutional investors and shareholders may draw increased scrutiny for coordinated engagement through activist groups, including potentially triggering 13D group status and the loss of 13G and Section 16 relief.
US Supreme Court hears climate change case?
On October 5, the US Supreme Court heard oral arguments in . At issue is whether federal law precludes state law claims for injuries allegedly caused by climate change effects from interstate and international emissions. The case comes from the city and county of Boulder, Colorado, which filed suit against ExxonMobil and Suncor Energy for allegedly deceiving the public about their role in climate change.?
US states sue EPA over rollback of power plant carbon pollution rules
On October 1, a coalition led by New York over its partial repeal of the 2024 Carbon Pollution Standards, which required covered fossil fuel power plants to reduce their greenhouse gas emissions. The group also filed a notice of intent to sue over EPA¡¯s failure to regulate greenhouse gas emissions from existing gas-fired plants.
EU Commission releases Climate Resilience Framework
On October 27, the European Commission unveiled the . The framework and aim to strengthen Europe¡¯s ability to manage and prepare for climate risks. The Commission noted that losses from climate damages between 2022-2025 were estimated at €200B EUR andnd pointed out that the global market for climate adaptation solutions is projected to grow to €3.5T EUR by 2050.
EU markets regulator releases guidance on greenwashing, 2026 reporting priorities
The European Securities and Markets Authority (ESMA) released thematic notes outlining its expectations for how entities will address greenwashing risks in sustainability-related claims for funds and bonds, specifically in relation to climate transition plans and positive impacts. In its annual European Common Enforcement Priorities (ECEP) Statement, released on October 13, , including materiality considerations and connected information in sustainability reporting.
EU Parliament votes to delay methane reporting by three years
On October 22, the European Parliament methane monitoring and reporting requirements for oil, gas, and coal importers by three years, two years longer than the European Commission proposed. Importers would have until 2031 to show their supplies meet EU-equivalent monitoring standards, with methane intensity reporting also pushed to 2031. The delay wouldn¡¯t apply to imports from sanctioned countries. The vote sets Parliament¡¯s position for negotiations with EU member states.
European Commission updates CBAM Q&A
This past month, the EU Commission released updates to its for the Carbon Border Adjustment Mechanism (CBAM). The document answers questions on topics like CBAM declarations, certificates, embedded emissions calculation methodology, customs matters, and other issues.
Australia proposes higher thresholds for company reporting
Australia has for company reporting to AUD 100 million and the asset threshold to AUD 50 million. The draft regulations would reduce the number of companies required to prepare financial, directors¡¯ and sustainability reports. If adopted, the changes would apply to financial years beginning on or after July 1, 2027. Consultation closes November 2.
Singapore updates standard for Renewable Energy Certificates
Singapore¡¯s Ministry of Energy, Trade and Industry (METI) , a framework for measuring, reporting, and verifying Renewable Energy Certificates (RECs). The amended standard says renewable electricity claims in Singapore should be backed by RECs tied to electricity that directly reaches Singapore¡¯s grid. Eligible RECs should come from renewable generation within Singapore, such as solar, or from approved low-carbon electricity import projects. Companies can still buy RECs from overseas projects to support regional decarbonization, but those certificates can¡¯t be used to claim renewable electricity use in Singapore.
Singapore consultation on sustainability disclosure standards closes
by the Accounting and Corporate Regulatory Authority (ACRA) closed on October 25. The standards align with IFRS S1 and S2. The next steps are review of public comments, followed by finalization of the standards.
Need help navigating what this means for you?
If you need support understanding how these policy developments affect you (or unpacking SB 253 requirements), please reach out. Our team of climate experts is here to help.
We¡¯ll see you later this month for our November newsletter!
