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New Corporate Climate Change Disclosures Proposed By SEC

The sun shines near the Space Needle, Monday, June 28, 2021, in Seattle as Seattle and other cities broke all-time heat records, with temperatures soaring well above 100 degrees Fahrenheit (37.8 Celsius). Weather extremes like this will increase in frequency and intensity in North America the coming years as global warming accelerates, according to a United Nations Intergovernmental Panel on Climate Change report. (AP Photo/Ted S. Warren,File)
The sun shines near the Space Needle, Monday, June 28, 2021, in Seattle as Seattle and other cities broke all-time heat records, with temperatures soaring well above 100 degrees Fahrenheit (37.8 Celsius). Weather extremes like this will increase in frequency and intensity in North America the coming years as global warming accelerates, according to a United Nations Intergovernmental Panel on Climate Change report. (AP Photo/Ted S. Warren,File)
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Washington (AP) -- Companies would be required to disclose the greenhouse gas emissions they produce and how climate risk affects their business under new rules proposed Monday by the Securities and Exchange Commission as part of a drive across the government to address climate change.

Under the proposals adopted on a 3-1 SEC vote, public companies would have to report on their climate risks, including the costs of moving away from fossil fuels, as well as risks related to the physical impact of storms, drought and higher temperatures caused by global warming. They would be required to lay out their transition plans for managing climate risk, how they intend to meet climate goals and progress made, and the impact of severe weather events on their finances.