Work Item
ASTM WK77095

New Guide for Environmental, Social, and Governance (ESG) Disclosure Related to Climate and Community

1. Scope

The promotion of knowledge, stimulation of research, and development of standard guides, specifications, practices, test methods, classifications, and definitions relating to environmental assessment, risk management and corrective action. The scope of the Committee includes, but is not limited to multi-media environmental assessment and risk management issues including environmental assessment, environmental management, corrective action due diligence, and sustainability.
These activities will be coordinated with and if available use the standards of other ASTM technical committees and organizations whose fields of endeavor are closely allied to or compliment environmental assessment and environmental management.

Keywords

Environmental; resource consumption; renewable energy; emissions, waste reduction, pollution prevention; Social; employee relations; consumer relations; supply chain; health and safety; community relations; Governance; diversity; business ethics; transparency; communications; compliance; investor relations; shareholder rights.

Rationale

ESG factors continue to become the focus of regulatory guidance, consumer demand, investor goals, academic research, and industry efforts to manage risk and maximize return. This ASTM work effort seeks to build on expanding and recent ESG initiatives in the US and worldwide. In February 2021, the US Securities and Exchange Commission (SEC) announced that its 2021 priorities will include revising and updating its 2010 guidance to public companies regarding existing disclosure requirements as they apply to climate change matters. The SEC Division of Enforcement announced in spring 2021 the creation of a Climate and ESG Task Force which will work closely with other SEC Divisions and Offices, including the Divisions of Corporation Finance, Investment Management, and Examinations. Also in spring 2021, the SEC issued a request for public comment on ESG disclosure related to climate and community. In spring 2020, the United Nations Environment Programme (USEP) Finance Initiative released its updated Principles for Responsible Investing (PRI) which provide guidance for industry, academia, regulators, investors, consumers, and communities. To date, the UNEP PRI guidance, initiated in 2006, has been adopted by over 3,000 signatories representing 60 countries worldwide.

The title and scope are in draft form and are under development within this ASTM Committee.

Details

Developed by Subcommittee: E50.07

Committee: E50

Staff Manager: Molly Lynyak

Work Item Status

Date Initiated: 05-26-2021

Technical Contact: Eileen Snyder

Item: 000

Ballot:

Status: