[20190910]IF11307_美国证券法下的气候相关风险披露.pdf

https:/crsreports.congress.gov September 10, 2019Climate-Related Risk Disclosure Under U.S. Securities LawsIn light of public concern over climate change, some stakeholders have asked to what extent publicly traded companies should disclose their climate-related risks. The Securities and Exchange Commission (SEC) requires publicly traded companies to disclose financial statements and certain other relevant business information in public filings, including annual and quarterly reports. While current SEC requirements do not address climate-related risks expressly, publicly traded companies must disclose such risks if they are “material” under federal securities laws. Financial Risks Posed by Climate Change Numerous organizations, shareholder groups, businesses, and financial regulators have recognized financial risks that climate change may pose to companies. Such climate-related risks commonly fall into two general categories: Physical risks: These risks include direct and indirect risks arising from extreme weather events and from longer-term shifts in climate patterns, including, for example, changes in water availability and food security. Physical risks have important implicati