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  • Writer's pictureGustavo Bernal Torres

SEC Issues Long-Awaited Climate Disclosure Proposal

After a year of pre-proposal development, drama and general anticipation, the SEC voted to issue its proposed rules on climate disclosures.

  • The proposal weighs in at 510 pages and is comprehensive. Based on both TCFD and Greenhouse Gas Protocol regimes, it stays focused on the SEC’s existing definition/interpretation of financial materiality and doesn’t attempt to wade into double or dynamic materiality of other ESG disclosure frameworks.

  • In terms of timing/phase-in, the proposal contemplates a phase-in period that would first require compliance from the largest filers in 2024 assuming the final rule is adopted and effective by December 2022.



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