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SEC Mandatory Climate Change Risk Disclosure is on the Horizon

November 16, 2009
Securities Regulation & Law Report

Two years ago, the Supreme Court issued the much anticipated Massachusetts v. EPA decision, providing some clarity as to the federal government’s authority to regulate greenhouse gas (‘‘GHG’’) emissions under the Clean Air Act (‘‘CAA’’). Although the facts of the case were limited to tailpipe GHG emissions, commentators predicted at the time that this decision would spawn a wave of legislation and regulations directed at controlling GHG emissions and addressing climate change issues. This article reviews recent developments on the road to climate change disclosure regulations as well as current disclosure obligations under existing SEC regulations.