MESSAGES FROM TRASTA ESG

ÖZGÜN ÇINAR, CEO

Dear readers, practical principles are starting to become apparent in line with sustainability legislation. The Public Oversight, Accounting and Auditing Standards Authority announced at the end of June that it will be conducting an exam for the accreditation of auditors who will be responsible for assurance audits related to sustainability reporting. As you may recall from our previous bulletin, the Authority recently published the principles and procedures regarding corporate sustainability reporting training. We have provided the details of the exam announcement for you in the Green Column. If there are any other topics you would like to see in our bulletins, please do not hesitate to contact us and share your requests. Stay sustainable…

ESG NEWS

  • Droughts and flooding have become so common in some of the poorest places on Earth that the land can no longer sustain crops, the director of the World Food Programme’s global office has said. Martin Frick told the BBC that some of the most deprived areas had now reached a tipping point of having “zero” harvests left, as extreme weather was pushing already degraded land beyond use. DETAIL
  • The government of Canada passed a series of new rules into law aimed at tackling greenwashing, or unsupported claims by companies about the environmental benefits of their products or business activities. The new laws were passed as part of amendments made to Canada’s Competition Act, based on proposed changes introduced in the Government’s Fall Economic Statement in November 2023, which the government stated would “enhance protections for consumers, workers, and the environment, including by prohibiting misleading “greenwashing” claims.” DETAIL
  • A major solution to the climate crisis may lie at the bottom of the ocean. Across the planet, basalt rock deposits on the sea floor have the potential to trap carbon dioxide, removing the heat-trapping gas from our atmosphere. That’s why a team of scientists wants to build floating rigs at strategic offshore locations. Rather than extracting oil from the ocean floor – as offshore rigs currently do – these futuristic platforms would be injecting CO2 into it. Powered by their own wind turbines, the floating stations would suck carbon dioxide out of the sky (or even out of seawater) and pump it into holes in the sea bed. The scientists call their project Solid Carbon because, if it works as they expect, the CO2 they inject will forever be rock at the bottom of the ocean. DETAIL
  • Global integrated risk assessment firm Moody’s and investment data and research provider MSCI announced today the launch of a new strategic partnership, with each company gaining access to each others’ sustainability and business databases to enable the launch of new data-driven ESG investing and sustainable finance solutions. DETAIL
  • Only around one in five of finance executives at large companies believe that they are well prepared to meet upcoming requirements to report and seek external assurance on climate-related risks and opportunities, even as the vast majority anticipate sustainability reporting requirements to increase over the next few years. DETAIL
  • Global insurance provider Zurich Insurance Group and risk capital and human capital solutions provider Aon announced the launch of a new clean hydrogen insurance facility, providing coverage for blue and green hydrogen projects with capital expenditures of up to $250 million. DETAIL
  • Joint study by BCG and Comité Colbert reveals that 65% of consumers take into account companies’ commitment to sustainable development when deciding on their purchases. DETAIL
  • Google’s goal of reducing its climate footprint is in jeopardy as it relies on more and more energy-hungry data centres to power its new artificial intelligence products. The tech giant revealed Tuesday that its greenhouse gas emissions have climbed 48% over the past five years. DETAIL

🍃GREEN COLUMN🍃

AN ANNOUNCEMENT HAS BEEN MADE STATING THAT AN EXAM WILL BE HELD FOR THE AUTHORIZATION OF AUDITORS TO CARRY OUT ASSURANCE AUDITS RELATED TO SUSTAINABILITY

The Public Oversight, Accounting and Auditing Standards Authority of the Republic of Turkey is organizing the exam to authorize auditors who will undertake assurance audits related to sustainability reporting. Since sustainability reporting includes information that is different from financial reports and requires specific expertise, the assurance audits need to be performed by individuals who possess the necessary skills, competence, and experience in independent auditing. The exam will be held in August. Details such as application requirements, exam date, and location have not yet been determined and will be announced soon by the Authority. In addition, the exam will consist of a total of 12 topics, which are as follows:

  • Introduction to Sustainability: Definition, Historical Perspective and Pillars of Sustainability Regulations and Their Effects on Sectors in Turkey
  • Key Concepts Related to Sustainability
  • Frameworks and Standards for Corporate Sustainability Reporting
  • Turkey Green Deal Action Plan
  • Turkey Sustainability Reporting Standards
  • Measurement and Reporting of Sustainability Performance
  • Emission Control and Management
  • Sustainability from an Environmental, Social, and Governance Perspective (ESG)
  • Sustainable Finance
  • Assurance Audits Other Than Independent Audits or Limited Independent Audits of Historical Financial Information in International Standard on Assurance Engagements (ISAE) 3000
  • Assurance Audits Related to Greenhouse Gas Assertions in ISAE 3410

Özgün Çınar, CEO

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