This announcement from the White House comes just over a year after the UK Government announced Public Procurement Notice 06/21 (PPN 06/21), which requires all UK companies who wish to bid on public contracts worth £5 million or more to measure their carbon emissions as well as setting a goal to be NetZero by 2050. The public disclosure of these emissions includes scopes 1 and 2 and partial scope 3.
If the Biden-Harris Administration proposal comes into effect, it would be the first government-wide strategy to enforce disclosure and management of the climate risks that face the American economy, businesses and people. This announcement comes in tandem with many proposed regulations on mandatory public disclosures being announced worldwide. The standardization and unification of different standards frameworks such as the ISSB and TCFD are being integrated into the majority of proposals. This may just be the next rule in a historic global shift towards making climate disclosure mandatory.