At the 2024 Carbon Tracking and Reporting conference in Houston, a policy panel moderated by Energy Workforce President Tim Tarpley delved into the intricacies of the SEC Climate Disclosure Rule and California’s climate legislation. The panel, featuring Davis Stewart from TechnipFMC and Jessica Roman from Phillips 66, shed light on the nuances of reporting requirements and the importance of proactive engagement.
Stewart emphasized the diverse regulatory landscape, highlighting the significance of understanding various rules, such as those from the EU and the UK, that influence reporting obligations based on geographic and operational factors. TechnipFMC’s proactive approach involved conducting internal surveys to identify potential reporting gaps, underscoring the necessity of thorough preparation.
Stewart also highlighted data quality challenges stemming from unclear responsibilities and verification gaps. TechnipFMC’s strategy involves defining data points, organizing them effectively, and implementing verification checks across different organizational levels and sites to enhance data integrity and compliance assurance.
Roman stressed the importance of engaging internal stakeholders to streamline information flow and ensure compliance readiness. She emphasized the need to discern risks and initiate early conversations with suppliers to facilitate compliance preparation, particularly for tier 1 and 2 suppliers.
Looking ahead, Roman urged participants to contemplate the future trajectory of sustainability reporting and explore technological solutions to meet stakeholder demands while safeguarding company reputation and mitigating risks. This forward-looking approach aligns with the evolving landscape of environmental reporting requirements and the growing reliance on technology for data management and analysis.
The panel discussion underscored the multifaceted nature of climate disclosure regulations, emphasizing the importance of proactive engagement, internal collaboration, and technological innovation in navigating evolving reporting requirements, protecting company interests, and fostering sustainable practices. The Energy Workforce ESG Committee is actively engaged in these issues and educating members on the best practices for disclosures. If you are interested in becoming engaged, please reach out to Maria Suarez-Simmons.
Maria Suarez-Simmons, Senior Director Energy Policy, writes about industry-specific policies for the Energy Workforce & Technology Council. Click here to subscribe to the Energy Workforce newsletter, which highlights sector-specific issues, best practices, activities and more.
