On March 6, 2024, the Securities and Exchange Commission (the “SEC”) issued final rules mandating the content of climate risk disclosures by public companies that are subject to the reporting requirements of the Securities Exchange Act of 1934 (the “1934 Act”). The rules require registrants to provide certain climate-related information in their registration statements, annual reports, and audited financial statements, as applicable, including: (i) a registrant’s climate-related risks that have materially impacted, or are reasonably likely to have a material impact on, its business strategy, results of operations, or financial condition; and (ii) certain disclosures related to severe weather events and other natural conditions (the “Climate Risk Disclosure Rules”). The Climate Risk Disclosure Rules include a number of changes from the proposed rules that are intended to mitigate the compliance burden on registrants and lessen disproportionate impacts on smaller and emerging growth firms.
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