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PTKey dates for the sustainability agenda in 2025
The beginning of 2025 was marked by the United States’ withdrawal from the Paris Agreement. In the previous year, large companies withdrew from public commitments such as the Net Zero Bank Alliance, and the growth of anti-ESG movements around the world was notable. Even in this context, climate and sustainability aspects continue to be extremely relevant for the planet, society and the sustainability of businesses, as high temperatures continue to be recorded, accompanied by the intensification of extreme weather events.
In addition, pressure for reporting climate and ESG information by stakeholders, especially investors, continues to grow, as does the need for reports to be based on consistent sustainability and decarbonization strategies. In this context, we list the key dates related to climate and sustainability reports that companies should pay attention to this year.
European Taxonomy
The EU Taxonomy was regulated in July 2020. It is a classification system that helps companies and investors identify environmentally sustainable economic activities to make ESG investment decisions. These activities “make a substantial contribution to at least one of the EU’s climate and environment objectives, while not significantly harming any of those objectives and meeting the minimum safeguards”. By 2025, companies that fall within the scope of the Corporate Sustainability Reporting Directive (CSRD) must report alignment with the six environmental objectives:
1. Climate change mitigation (avoiding or reducing greenhouse gas emissions or increasing greenhouse gas emissions elimination);
2. Climate change adaptation (reducing or preventing adverse impacts on the current or future climate, or the risks of such adverse impacts);
3. Sustainable use and protection of water and marine resources;
4. Transition to a circular economy (with an emphasis on reuse and recycling of resources);
5. Pollution prevention and control;
6. Protection and restoration of biodiversity and ecosystems.
Carbon Disclosure Program
CDP is considered the main program in the financial sector to address the climate agenda. In this initiative, companies complete an annual questionnaire and are evaluated with a grade between A and F. The questions involve data on greenhouse gas emissions, as well as issues related to plans to mitigate and adapt to climate risks. The goal is to “operate as a corporate database for companies and cities, measuring, disclosing, managing and sharing environmental information related to climate change and other aspects of sustainable management”. The next window for filling out the questionnaire begins on March 31, with the publication of the questionnaire, and on May 19, CDP will start receiving responses, a period that ends on September 15.
Carbon Border Adjustment Mechanism
CBAM is a European carbon pricing system focused on the life cycle emissions of imported products. Its aim is to equalize the carbon price of imports from outside the EU to the price paid if they were produced in European territory and, consequently, subject to the Emissions Trading System (ETS). Established gradually, the CBAM will come into force from 2026, but has been in a transition phase since 2023. During this period, which lasts until December 2025, EU importers must report the total carbon emissions embedded in the products. It is worth adding that the European Commissioner for Climate Action, Wopke Hoekstra, announced on February 6 that the EU plans to exempt more than 80% of companies initially eligible for the CBAM, restricting the rate to large corporations, according to the Financial Times.
Corporate Sustainability Reporting Directive
CSRD came into force in January 2023 in the EU, but the relevance of the topic goes beyond companies operating in the bloc. The guideline is a framework for discussions involving standardization and comparability of sustainability reporting globally. This is an extension of the Non-Financial Reporting Directive (NFRD), guidance for reporting mandatory non-financial information adopted by the EU in 2014. The new guideline seeks to modernize and strengthen the rules regarding the reporting of social and environmental information by companies and should be applied for the first time in fiscal year 2024, for reports published in 2025.
International Financial Reporting Standards
Published in 2023, IFRS S1 and S2 standards guide the disclosure of information on climate change and sustainability and their financial impacts. IFRS S1 contains reporting requirements on risks and opportunities related to sustainability in the short, medium and long term. IFRS S2 involves specific climate-related requirements and should be used along with S1.
In Brazil, due to resolution 193 of the Securities and Exchange Commission (CVM), companies listed on the stock exchange must report information in line with IFRS from 2025 (on a voluntary basis). From 2027 (with reference to fiscal year 2026), information must be reported in a mandatory and auditable manner. In addition to Brazil, other countries are adopting this regulation on an accelerated scale, such as Colombia, Peru, Costa Rica, Panama and Mexico.
Taskforce on Nature-related Financial Disclosures
The TNFD is a task force comprised of more than 40 members representing financial institutions, corporations and service providers. It was created in October 2021 with the aim of developing a framework for reporting risks related to nature and natural capital, and to assist in the implementation of action plans that redirect the global financial flow towards operations and portfolios with a positive impact on nature.
The first version of the TNFD was released in September 2023. On January 23, 2025, the Task Force released complementary sector guidance to support the assessment, management and disclosure of nature-related issues by companies around the world. The following sectors were included: clothing, textiles and footwear, beverages, construction materials, Engineering, construction, and real estate. The announcement brings the total number of sectors for which the TNFD provides guidance to 13.
