Latest news with #CorporateSustainability
Arab News
27-05-2025
- Business
- Arab News
Saudi authority approves new guidelines for sustainable debt instruments
RIYADH: Saudi Arabia's Capital Market Authority has approved new guidelines for issuing green, social, sustainable, and sustainability-linked debt instruments. These guidelines, which came into effect on may 27, represent a crucial milestone in the CMA's broader strategy to deepen the domestic debt market and align the Kingdom's financial sector with the sustainability objectives outlined in Vision 2030. The initiative is part of the CMA's strategic plan for 2024–2026 and supports the Sustainability Strategy of the Ministerial Committee for Corporate Sustainability Strategy. Developed in collaboration with both public and private sector stakeholders, the guidelines serve as a key deliverable under the initiative titled 'Establish the regulatory framework for sustainable debt instruments.' This initiative aims to encourage local issuances and enhance the role of debt financing in the national economy. The approval of these new guidelines aligns with the CMA's comprehensive strategy, which includes over 40 initiatives designed to advance sustainable finance and develop the capital markets. Among these efforts are the creation of regulatory frameworks for green and ESG-linked bonds, the adoption of open finance practices to foster innovation, and the strengthening of corporate governance regulations to boost accountability and investor confidence. This development is particularly important as it accelerates the adoption of sustainable finance by creating a clear framework for issuing ESG-compliant debt instruments, enabling public and private entities to raise funds for environmentally and socially responsible projects. Furthermore, it strengthens the local debt market by encouraging wider participation from issuers and investors through enhanced regulatory clarity, which in turn improves market liquidity and access to capital. The CMA highlighted that while the new guidelines are non-binding, issuers offering green, social, sustainable, or sustainability-linked debt instruments denominated in Saudi riyals — whether through public or private placements — are required to disclose any deviations from the guidelines in their issuance framework or offering documents. 'The guideline does not entail any changes to the regulatory rules and procedures currently in place in the capital market,' the CMA stated. According to the regulator, the guidelines define four categories of instruments: green debt, social debt, sustainable debt, and sustainability-linked debt. Green, social, and sustainable instruments require that proceeds be used exclusively for projects that deliver positive environmental and/or social outcomes.
Forbes
22-05-2025
- Business
- Forbes
EU Considers Delaying Wave One Sustainability Reporting Requirements
European Union Flag EU Flags side by side in the Wind- European Union Flags in a row in front of the ... More facade of the European Commission Headquarter blowing in the wind. European Commission, Downtown Brussels, Belgium, Europe According to a leaked draft, the European Commission is considering a new proposal to delay the implementation of specific requirements found in the European Sustainability Reporting Standards. The delay comes as the European Parliament debates overall reductions to the Corporate Sustainability Reporting Directive. The proposal expands existing delays to the CSRD to include those already subject to wave one reporting, with additional exemptions for companies with fewer than 750 employees. Expect a quick passage of the new delays. Adopted in 2022, the CSRD imposed sustainability reporting requirements on businesses operating in the EU. Reporting requirements are set to go into effect in waves, starting with large publicly traded companies, then expanding annually to eventually including small and medium-sized enterprises. Wave one reporting starts in 2025, for FY 2024. However, political push back on the CSRD, the Corporate Sustainability Due Diligence Directive, and other European Green Deal directives is resulting in a reevaluation of these proposals and their broader impact on business. The Omnibus Simplification Package, proposed by the European Commission, is currently being debated in the Parliament. If successful, the proposal will significantly reduce the number of businesses required to file sustainability reports and limit the impact on SMEs. While that package is debated, the EU passed a 'stop the clock' directive delaying the implementation of the CSRD and CSDDD for most companies. However, the stop the clock did not apply to large publicly traded companies already subject to wave one reporting requirements. Wave one was not originally included in the 'stop the clock' directive because it was assumed the changes to the CSRD would not impact them. However, as the debate unfolds, some companies in wave one will be exempt from from all or part of the CSRD if the latest proposal is adopted. As a result, the Commission is considering an additional delay of some ESRS, with companies with fewer than 750 employees facing additional exemptions. The stated justification for the changes to the CSRD are noteworthy. The draft states: "The CSRD is now being implemented in a new and difficult context. Russia's war of aggression against Ukraine has driven up energy prices for EU undertakings. Trade tensions are rising as the geopolitical landscape continues to shift. The different approach undertaken by some other major jurisdictions regarding the regulation of corporate sustainability reporting and due diligence raises questions about the effects of these laws on the competitive positioning of EU companies. The ability of the Union to preserve and protect its values depends amongst other things on the capacity of its economy to adapt and compete in an unstable and sometimes hostile geopolitical context." The draft proposes to delay certain ESRS, including anticipated financial effects, for three years. Companies with fewer than 750 employees will also be exempt from Scope 3 (ESRS E1), biodiversity and ecosystems (ESRS E4), workers in the value chain (ESRS S2), affected communities (ESRS S3), and consumers and end users (ESRS S4). The draft further states, 'By the time that undertakings have to report for financial year 2027, it is expected that the overall revision and simplification of ESRS will have been completed, and that the Directive amending the substantive provisions of the CSRD, including the provisions setting out which undertakings are subject to the reporting requirements, will have entered into force.' While the proposal has yet to be officially adopted by the Commission, comments made in the Parliament indicate they are expecting it soon. As this is a delegated act, it will not require a vote of the Council or Parliament. However, once adopted by the Commission, the Parliament or Council typically have two months to object. The delay is an expected part of the simplification package and likely to face little resistance. The tide is shifting on sustainability reporting in the European Union and advocates are struggling to hold onto prior gains. Expect the debates in the Parliament to continue to escalate.
Associated Press
14-05-2025
- Business
- Associated Press
CNX Releases Updated 2024 Corporate Sustainability Report, Announces Shift to Industry-Leading ESG Reporting
PITTSBURGH, May 14, 2025 /PRNewswire/ -- CNX Resources Corporation (NYSE: CNX) today announced the release of its updated Corporate Sustainability Report featuring data for 2024. Additionally, continuing the Company's unprecedented brand of transparency and in a move further differentiating CNX's environmental performance and disclosures, the Company also announced that it will no longer issue a static annual report. Instead, CNX will update its website continuously and its ESG Performance Scorecard data on a quarterly basis. Upcoming quarterly updates will provide stakeholders with fresh data in a more real-time manner on critical environmental, social, and governance (ESG) topics. 'While most companies issue sustainability reports just once a year and move on, having checked the annual box, CNX believes that this information should be provided on a more real-time and transparent basis in keeping with our Radical Transparency philosophy. We also believe that ESG metrics should be treated with the same rigor and frequency as financial data,' CNX Chief Financial Officer Alan Shepard said. 'By making these changes, CNX is empowering shareholders and the communities where it operates with the ability to better track progress and hold the company accountable in real time. Providing access to a dynamic ESG disclosure process underscores CNX's dedication to continuous improvement and Radical Transparency across our business.' CNX's reporting is prepared following the Sustainability Accounting Standards Board (SASB) and the Global Reporting Initiative (GRI) standards, and integrates ESG priorities into its unique Appalachia First strategic vision. Highlights for 2024 include: Environmental Stewardship: CNX's efforts to protect and improve the environment are revolutionary and unmatched: Community and Workforce: Tangible and Local Investments – CNX has a unique commitment to local communities. CNX employees roll up their sleeves and tackle the toughest of issues: 'CNX is defined by a commitment to transparency and a Tangible, Impactful, Local approach to our sustainable business model,' CNX Senior Vice President of Compliance and Reporting Hayley Scott said. 'By now providing real-time updates to our comprehensive website and quarterly ESG Performance Scorecard, we are delivering insights to our communities, employees, owners, and all stakeholders about the way that we responsibly operate our business and invest in our communities on a day-to-day basis.' CNX's ESG Performance Scorecard has limited assurance procedures performed by Keramida, Inc., a WBE-certified global sustainability and EHS services firm, for 2024 and 2023 Scope 1 and 2 GHG emissions, air emissions, water, and waste data, while CNX's Internal Audit team has reviewed additional ESG performance metrics, ensuring data integrity. The next quarterly ESG Performance Scorecard update is anticipated for release in August, which will follow the company's release of its financial and operational results for the second quarter of 2025. CNX remains committed to leading the industry with Tangible, Impactful, and Locally focused initiatives, and this new reporting cadence reinforces that commitment through unmatched transparency and accountability. About CNX Resources Corporation CNX Resources Corporation (NYSE: CNX) is unique. We are a premier, ultra-low carbon intensive natural gas development, production, midstream, and technology company centered in Appalachia, one of the most energy abundant regions in the world. With the benefit of a 161-year regional legacy, substantial asset base, leading core operational competencies, technology development and innovation, and astute capital allocation methodologies, we responsibly develop our resources and deploy free cash flow to create long-term per share value for our shareholders, employees, and the communities where we operate. As of December 31, 2024, CNX had 8.54 trillion cubic feet equivalent of proved natural gas reserves. The company is a member of the Standard & Poor's Midcap 400 Index. Additional information is available at View original content to download multimedia: SOURCE CNX Resources Corporation
