ESG regulation & framework updates in 2024: Important dates for your calendar

Environmental, social, and governance (ESG) regulations are set to undergo significant changes in 2024, as a host of new regulatory guidance comes into effect. This comes alongside updates and important dates for existing voluntary frameworks.

Staying on top of developments in the ESG framework landscape can prove difficult, as they are subject to frequent revisions and many regulatory requirements adopt a staggered approach when it comes to implementation. We’ve listed some of the key dates to mark on your calendar for 2024.

As governments worldwide intensify their focus on sustainable practices, these regulations mark crucial steps in addressing the challenges posed by climate change, social inequity, and corporate governance. From stringent carbon emission targets to enhanced disclosures on social impact, these regulations will not only shape corporate strategies, but also have far-reaching implications for investors, stakeholders, and the consumers.

Some of these dates are subject to change, but all are correct as of January 2024.

ESG framework dates in January

1^st January: New CSRD regulation comes into effect

Large public interest entities (PIEs) already covered by the NFRD will need to start reporting for the CSRD for the 2024 financial year if they meet at least two of the following requirements: 500 or more employees, €40 million net turnover, or €20 million in assets.

From 1^st January 2025, all other large PIEs (with over 250 employees and a turnover of over €40million) will need to start reporting according to the CSRD requirements for the 2024 financial year. These firms should begin monitoring their ESG metrics now.

For a full guide to CSRD eligibility criteria and compliance, download our whitepaper.

1^st January: IFRS Sustainability Disclosure Standards are implemented

The IFRS S1 and S2 standards allow firms to disclose information related to their sustainability-related risks and opportunities. They are effective for reporting periods beginning on or after 1^st January 2024.

ESG framework dates in March

Entire month of March: B Corp Month

B Corp Month celebrates the work of B Corp certified agencies. Certified B Corps are a network of businesses that balance profit with people and the planet – true pioneers of ESG best practices.

To become B Corp certified, companies are audited to ensure they meet high standards of social and environmental performance, accountability, and transparency. It is not the easiest of processes, so when a company is B Corp certified, it is often publicised. 

March is a time for registered B Corp companies to shout about their accomplishments, so those looking to obtain a B Corp Certification in the future should seek to apply ahead of this month to make the most of the focus on this topic!

ESG framework dates in April

April: SEC Climate disclosure rule

The SEC pushed back the release of its finalised rule on public companies’ climate-related disclosures to April. The regulation aims to improve transparency to inform investors of climate risks.

April: CDP Portal Opens

The CDP’s not-for-profit global disclosure system opens its portal in April and begins accepting data submissions from sustainability-driven firms.

1^st April: GRESB Real Estate Assessment Opens

The Global Real Estate Sustainability Benchmark is an internationally recognised benchmark assessing ESG performance in properties. 1^st April marks the beginning of the assessment reporting period.

30^th April: EDCI data submission deadline

All firms wishing to submit their ESG data to the EDCI should do so by 30^th April. The EDCI is the leading ESG framework in the private markets industry, with 260 GP and 115 LP members representing over $28tn AUM worldwide. This initiative has gone far in creating a common language for ESG allowing private equity managers and their investors to enhance transparency and focus on improving their ESG.  KEY ESG has a tech partnership with the EDCI which enables our clients to stream their ESG data direct from our dashboard into the EDCI submission portal via API. We also enable our clients to view the EDCI benchmark data direct in our app so they can compare, contextualise and improve their ESG performance.

ESG framework dates in May

31^st May: The FCA’s anti-greenwashing rule takes effect

In November 2023, the FCA published a policy statement on its new sustainability disclosure requirements (SDR). The anti-greenwashing rule will take effect on 31^st May. Rules on the use of product labels and related disclosures will take effect on 31^st July 2024.

ESG framework dates in June

30^th June: Level 2 SFDR disclosures due

FMPs need to report on their performance for the first SFDR reference period through the PAI statement and other disclosure requirements of the Level 2 SFDR no later than 30th June 2023.

Each firm’s PAI statement must be published on their company webpage in a manner that is easily accessible, free of charge, not misleading, and easy to read.

ESG framework dates in July

July: UK to make endorsement decisions on IFRS S1 and S2

The UK’s Sustainability Disclosure Standards are due to be based on the ISSB’s framework, with endorsement decisions coming in July.

July: CDP Portal closes

The CDP’s not-for-profit global disclosure system opens its portal in April and closes in July. Dates vary each year.

1^st July: GRESB Real Estate Assessment closes

The Global Real Estate Sustainability Benchmark (GRESB) Assessment Portal closes on the1^st of July at 23:59 PDT. This is the submission deadline for the 2024 Assessments.

31^st July: New FCA Sustainability Disclosure Requirements (SDR) rules take effect

New rules on the use of sustainability-related product labels and disclosures will become mandatory on this date. Read our blog to find out more about the labels.

ESG framework dates in October

October: GRESB Real Estate Assessment results available

The GRESB Real Estate Assessment Portal closes in July, and results are generally made available in October.

ESG framework dates in December

December: CDP scores are released

The CDP’s not-for-profit global disclosure system typically opens its portal in April and closes in July. CPD scores are then made available in December.

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