Disclosing Climate Risks and Opportunities in SEC Filings

A growing numbers of investors in recent years have demanded that companies disclose material climate-related risks and opportunities and have pressed the Securities and Exchange Commission and other regulators to ensure that these disclosures satisfy securities law requirements and the needs of the public.

This Ceres report discusses the significance of major developments in climate disclosure and provides specific guidance to help companies improve their public filings.

It focuses on three primary areas: (1) an overview of recent developments in climate disclosure, particularly the SEC’s interpretive guidance on climate risk disclosure issued in 2010; (2) investor expectations concerning key categories of climate disclosure, including specific company examples from recent securities filings; and (3) an 11-point checklist to help companies improve the quality of their disclosure and position themselves to respond more effectively.