Proxy season is finally behind us and the mid-year regulatory scoreboard is starting to take shape. Between conference travel, filing deadlines, and the usual mid-year scramble, our team has been on the road and in the weeds of the governance and sustainability conversation all season.
Since our last newsletter, California has pushed back its first SB 253 reporting deadline from August 10, 2026 to November 10, 2026. Companies now have a few extra months of runway and some key choices to make. Do you use the time to build a complete report that gets ahead of Scope 3 before it's mandatory in 2027? As this month's data piece shows, that choice matters more than most companies expect.
As always, there is a lot happening in the governance and sustainability space. Below is a snapshot of the issues and conversations currently top of mind for our team.
If we can answer any specific questions, please don't hesitate to reach out. I'd love to hear from you.
— Chad
Our Latest Insights
Check out some of our latest thoughts on today's biggest sustainability issues.
What We Heard at US SIF Forum 2026
Key Themes from the US SIF Forum in Washington, DC.
Third Economy’s CEO, Chad Spitler, and Head of Consulting, Malin Clark, attended the US SIF Forum 2026 in Washington, DC last month, where the agenda centered on how long-term investors are approaching sustainability amid continued political scrutiny of ESG. The clearest signal from the room: investors aren't abandoning sustainability — they're integrating it more deeply into risk management, capital allocation, and business fundamentals. To help companies adapt, we've mapped out the key themes that emerged. You can read our full insights at the link below.
What Your Scope 3 Data Actually Determines: A New Look at SB 253's Real Stakes
New research out of UC Berkeley's Haas School of Business puts data behind something we've been telling clients since SB 253 passed: how thorough your reporting is matters just as much as whether you report at all.
The study tracked more than 1,500 SB 253-eligible companies and compared each company's carbon-performance ranking against its sector peers under two scenarios: using only Scope 1 and 2 emissions (the "partial" view most investors rely on today), and using full Scope 1, 2, and 3 emissions (all emissions - what SB 253 will require in 2027). The two rankings often bore little resemblance to each other — the correlation between a company's partial-emissions rank and its full-emissions rank was just 42%, with the average company's ranking shifting by 23 percentile points once value-chain emissions were counted.
Two examples that make it concrete:
Apple, where Scope 3 makes up 88% of its footprint, ranked in the 8th percentile (near the bottom of its sector) under partial reporting — and jumped to the 43rd percentile once full-scope emissions were counted.
Tesla, where Scope 3 is 96% of its footprint, moved from the 14th percentile to the 64th percentile under the same shift.
THE BOTTOM LINE
Companies filing a "minimum viable" SB 253 disclosure — reporting only what's strictly required, when it's required are gambling on how investors will interpret an incomplete picture. Companies that get ahead of Scope 3 now and build a report that tells the fuller and more accurate story, are the ones controlling their own narrative instead of leaving it to vendor estimates and guesswork.
This is exactly the kind of reporting strategy question we help clients work through — reach out to our team to talk through what a complete, strategic SB 253 disclosure should look like for your business.
Source: UC Berkeley Haas School of Business, Communications Sustainability, March 2026
Some of the news that we're monitoring on behalf of our clients:
SEC: Rescission of Climate-Related Disclosure Rules (Comment Period Through August 3, 2026)
July 2026 |FEDERAL REGISTER The SEC's proposal to fully rescind its 2024 climate disclosure rules is now open for public comment, with all three sitting Commissioners on record in support of repeal. For issuers, the more pressing question isn't whether the federal rule survives — it's how to manage the patchwork of state rules (California's SB 253/261), EU CSRD exposure, and voluntary investor expectations that remain in place regardless of what the SEC ultimately decides.
S&P GLOBAL: Where Does the World Stand on ISSB Adoption?
May 13, 2026 |S&P Global A useful snapshot of how far the ISSB's global baseline has spread, and where EFRAG's revised ESRS is converging with it on financial materiality. As more companies report under multiple frameworks at once, the practical question is less "which standard is right" and more how to build one underlying data set that satisfies all of them.
ESG TODAY: CDP Adds New Ocean Category to Sustainability Reporting Platform
June 9, 2026 | ESG Today The 2026 CDP disclosure cycle, now underway, adds ocean-related risk and opportunity reporting alongside its existing climate, forests, water, biodiversity, and plastics categories — with more than 22,000 companies having disclosed through the platform last year. For companies, the expanding scope is another reminder to track the frameworks your investors and customers actually use, not just the ones making headlines.
SUSTAINABILITY MAGAZINE: Are Sustainability Officers & CEOs Pulling Back?
May 26, 2026 | Sustainability Magazine Trellis Group's "State of the Sustainability Profession 2026" survey of 500+ corporate sustainability professionals found only 50% of firms added sustainability headcount over the past year, down from 74% in 2024, with companies leaning on automation to fill the gap. The read for issuers: sustainability work isn't going away, but it's being asked to do more with a flatter team.
ESG DIVE: Institutional Investors Have Governance Concerns About SpaceX IPO Morningstar Director June 8, 2026 | ESG Dive Ahead of its IPO, SpaceX drew pointed concerns from governance-focused institutional investors over its dual-class share structure and board composition. It's a timely, high-profile reminder that "compliant" disclosure and "credible" governance aren't always the same thing — and that investors are increasingly willing to say so publicly, even for the highest-profile deals on the market.
Meet me at New York Climate Week in September 2026?
Chad will be attending New York Climate Week 2026, taking place September 20-27 in New York, NY. If you are in NY and attending any of the events let’s connect!
📍Sunday, September 20, 2026 - Sunday, September 27, 2026
📫 Email chad.spitler@thirdeconomy.com to schedule time
