California Maintains Timeline for Corporate Climate Disclosures

Thanks for subscribing, and welcome to Good.News! In this weekly sustainability & ESG (Environmental, Social and Corporate Governance) newsletter, we aim to?give you a boost of positivity.

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Sustainability isn’t all rainbows ?? and unicorns ??, but at Good.Lab , instead of piling on with the negativity, we’re here to celebrate the sustainability highs, ESG triumphs, and climate champions!

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Ready for your weekly dose of good news? Here are five compelling, good news stories to send you off into your weekend with some wind in your sails.

1. California’s Climate Reporting Deadline Secured: Reporting Set to Begin in 2026

?California Governor Gavin Newsom has signed SB 219 into law, updating the state’s climate reporting rules. This amendment grants the California Air Resources Board (CARB) an additional six months (July 2025) to finalize the regulations, keeping the adoption timeline intact. This is good news for both businesses and the climate, as the changes aim to ease compliance while still prioritizing sustainability:

• Reporting is simplified at the parent company level.
• Fees are removed, reducing business costs.
• CARB has flexibility on the start date for Scope 3 reporting in 2027.
• CARB can collaborate with external experts for climate risk reports and public disclosures.

2. Companies Accelerate Their ESG Reporting Efforts for a Sustainable Future

The fourth annual “State of U.S. Sustainability Reports” ?survey from the Harvard Business Review revealed that while more companies publicly release their sustainability reports, nearly a quarter still use the term ESG. Additionally, almost all reports include DEI (Diversity, Equity, and Inclusion), reports are becoming longer, and more companies are adopting the concept of double materiality.

3. More Enterprise Companies Pressing Suppliers to Take ESG Action

Yet another major company joins a growing number of global multinationals, asking their network of suppliers to enhance their sustainability reporting and efforts. UK retail giant Asda has introduced preferential financing for suppliers that commit to ESG reporting, establishing goals, and having their sustainability performance graded by EcoVadis.

Pretty soon, one of your customers will ask you for your sustainability data. The good news is that most of them are requesting this data through EcoVadis and CDP, so you know the best place to start.

4. Solar Power Outstripping Market Expectations

The rapid growth of solar power continues to surpass projections. In August, US solar energy production increased by 36% compared to the same month last year. Looking ahead, solar is expected to account for two-thirds of all new energy generation for the remainder of 2024. As the cost of solar energy continues to fall, companies should consider exploiting the growing tax incentives around solar to start saving carbon and cash.

5. The End of Coal in the UK

This week, the UK became the first rich nation to close its final coal power plant, marking the end of 142 years’ worth of coal power in the UK. This is another important milestone in the energy transition, reminding companies that if they still have fossil fuel assets, they should consider getting out of them before they become stranded.

Stay tuned for next week's edition of Good.News, where we will bring even more uplifting tales of sustainability successes. Feel free to spread the positivity by sharing this newsletter with someone who could use a burst of good vibes in their day!