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Mandating_Climate_Risk_Financial_Disclosures
auto-generated 21-Apr-2021
FEBRUARY 2021 MANDATING DISCLOSURE OF CLIMATE-RELATED FINANCIAL RISK Madison Condon, Sarah Ladin, Jack Lienke, Michael Panfil, and Alexander Song NEW YORK UNIVERSITY SCHOOL OF LAW Copyright 2021 by the Institute for Policy Integrity and Environmental Defense Fund All rights reserved. Madison Condon is an Associate Professor of Law at Boston University School of Law and an Affiliate Scholar at the Institute for Policy Integrity at NYU School of Law. Sarah Ladin is an Attorney at Environmental Def

Keywords

disclosures should be comparable information with the public specific to the corporation corporations in other sectors recommendations from other sustainability disclosure that is comparable disclosures that are comparable risk as an investment lienke is the regulatory

Sources: IHS Markit

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This section lists the Pathway type, Priority/ function areas, Sectors/ fields of life and People/ roles for the pathway.
Type:   Industry Standards
Priority/ Function Areas:   Business & Industrial
Sectors/ Fields of Life:   Economy-wide
People/ Roles:   Manufacturers  Organizations  Multi-Nationals  Public Companies  Private Corporations
This section lists the Categories, Goals, Measures and Actions included in the pathway.
Categories:   corporation   http   climate   provide   whether   investment   market   specific   guidance   transition   relate   add   order   supra   sustainability   report   information   material   standard   physical   level   accounting   disclosure   risk   change   release   investor   framework   financial
Profiles:   the determination   the flexibility   a number   the economics   any report   its investors   this impacts   the objective   the transparency   an researchers   the corporation   the decade   n root   that compliance   the action   the costs   this regulations   u regulators   et maps   its impact   infra section   the changes   which scenario   the reality   the standard   this aspect   a liability   business crisis   the transition   a survey   the event   the market   this estimates   the knowledge   a attorney   the administration   the evidence   the principles   both item   the metrics   which scenarios   a investor   this delegation   which standards   kronthalsacco research   whose magnitude   moody service   a fact   a concept   a iwg   the setter   the information   that risk   this standard   the proposals   a action   biden plan   the tcfd   a approach   the magnitude   no analysis   c change   its intersection   city utility   lineitem disclosure   the categories   a markets   this threat   this committees   fema maps   tcfd purpose   chevron statement   sec regulations   its process   a table   it systems   the regions   sec guidance   the authorities   al climate   that requirements   the data   this effort   the benefits   the cost   this knowledge   the disclosures   the risks   the advocate   this investor   a company   this section   jen insurance   the world   any committee   a study   the corporations   this statements   permaccqn5rtny2 risks   this changes   another approach   the requirements   the heuristic   shortterm investors   a development   a rulemaking   this trend   this problems   the future   an changes   permacc425u27x3 managers   that corporations   the commission   the industry   any changes   the approach   we meatless   the recommendations   permacczmp39b9e investors   an investors   a grasp   this elements   fiedler risk   the sector   climaterelated subcommittee   south pole   http permacc6sgb6prn   the report   a storm   the effects   administration focus   the assessment   u companies   the disclosure   the hypothesis   a overview   harvey ing   the guidance   the form   august letters   the economy   it impacts   a bubble   a majority   it standards   the omission   this letters   shortterm incentives   the development   the structure   edison climate   the prevalence   a combination   a decline   a objective   derall climate   a regime   sec authority   a effect   this failures   july change   the frameworks   al impact   an corporations   its support   permaccps2s44kz disclosure   the issuance   that authority   all rights   each corporation   both changes   this industries   the statements   permaccyh9uqq7a force   a court   this asymmetry   the recommendation   the authors   the standards   we system   the investor   exchange statement   amandada risk   a sections   occidental petroleum   permaccv7ez9u6y meat   permacce9s3t9ef reporting   this item   oct guidance   the regulator   the agency   this disclosures   sec division   xray machines   this lack   the harms   the circuit   the framework   we products   a release   the court   the consumers   a total   this process   the lab   this state   whose chains   a cause   hi decision   the intensity   this harms   the index   this actions   a increase   the concept   a purpose   the shocks   the company   what information   permaccusc82hn2 state   this firms   a managers   http com   a variety   the regime   esg information   the staff   the impacts   supra note   the markets   this aspects   all companies   the registrant   a requirement   a assessment   have requirements   the board   the impact   its diversification   such regime   cli mate   it assets   n letters   sec committee   rsch letters   a corporation   a framework   the organization   the administrators   eg transition   the government   this types   this report   the road
Goals:   standardize designating scenarios   challenge industry sector   mitigate climate risks   facilitate orderly transition   fulfill statutory mandate   affect expected returns   asses risk exposure   exceed increased temperatures   create improved system   cite required disclosure   meet representation criteria   trade disclosure aids   convene collaborative body   carbon electricity generation   provide specific information   disclose material fact   reflect core principles   maximize value corporations   affect financial value   identify guide principles   align own tools   require unified approach253   decisionmake boilerplate disclosure   involve other amount   examine many benefits   promulgate disclosure regulations   counteract prevent biases   explicate financial risks   address require issues   designate authoritative source   add provides 2b   omit material fact   yield specific disclosures   articulate disclosure concept   take fulfill action   balance indicated probability   play important role   anticipate economic repercussions   share risk assessments   provide dards information   describe used targets   encompass corporation exposure   address caused hazards   share primary concerns   take following steps   protect interest investors   consider new rulemaking   add commitment event   erode consumer market   set disclosure requirements   bear held belief   see proposal responses   mitigate holistic approach   mandate improved reporting   include climaterelated disclosure   disclose same types   compare financial risks   establish consisting committees   make formal recommendation   affect believe sectors   manage risks creditors   bring enforcement action   make investments infrastructure   build reporting requirements   achieve acting lee   consider mean disclosure   write representing investors   fold improved ability   bluelining refuse practice   develop institutional expertise   require ments https   update disclosure regulations   elicit school fund   identify hazardous facilities   make risk disclosures   decrease compliance costs   create risk committee   see brief note   place supply chains   address relevant risk   prevent directors officers   disclose regarding information   propose philosophical shift   find integrate ways   improve disclosure rules   see alternatives perspectives   standardize risk disclosure   pursue mitigation strategies   make evidencebased decisions   provide boilerplate disclosures   see flood risk   disclose information disclosure   supplement framework sasb   disclose climate risk   experience physical effects   include analyzing identifying   address improved disclosures   examine security dimensions   establish voluntary framework   filter consider information   disclose risks opportunities   set time horizons   build modern infrastructure   build produces regime   elicit comprehensive summary   finalize shifted amendments   impair productive capacity   inform strategic responses   achieve run goals   file disclose reports   eliminate disclose requirement   show transformed states   fill including detail   create significant shift   carry estate industry   discuss issued requirements   sign action statement   require public corporation   incorporate available information   experience negative consequences   manufacture wide array   build useful regime   establish disclosure regime   see exec order   risk invest corporations   foreclose other avenues   yield using results   fink fundamental reshaping   issue comment letters   demystify alphabet soup   greening financial system   reduce perfect storm   detect indicative risks   standardize arguing disclosure   broaden used basis   represent policies interpretations   bolster corporation force   issue mandatory regulations   consider substantive issues   include standards board   state material fact   issue require regulations   resolve climate paradox   assume leadership role   affect undergird institutions   assess climaterelated risks   provide risk information   create climate map   publish final report   involve recyclable language   cause chain reaction   act chair lee   disclose performance data   create accounting information   include uncertain horizon   generate investment opportunities   play major role   instigate fellow citizens   support climaterelated policies   offer detailed picture   clarify predictable elements   adopt similar approach   face climate risks   develop sustainability standards   pay unfulfilled promise   employ notify releases   elicit specific disclosures   enact reporting requirements   see noticeable change   disclose financial risks45   make materiality determinations   use understood language   include required metrics   develop detailed standards   add understandable characteristic   establish provide dates   unveil climate meter   craft new requirements   reflect accurate pricing   adopt financing commitment   provide specific horizon   cost energy industry   make untrue statement   make specific disclosure   improve reporting system   recommend specific disclosures   require intimate understanding   regulate investment companies   leverage create authority   encompass direct impacts   use business disclosure   set consistent cost   support carrying traffic   require contemplated disclosure   improve attract ability   reduce own uncertainty   lack necessary information   erode capital market   produce specific disclosure   identify promoting risk   cause additional burden   implicate financial wellbeing   promote credit decisions   garner majority vote   visit company exposure   align recent survey   climate voluntary organizations   take climaterelated scenarios   include regarding those   disclose substantive risks   strengthen financial system   asses refined measure   lose productivity loss   make mandatory esg   develop analytic tools   discuss disclosure requirement   involve transition risk   mitigate climate impacts   share strategies information   restart climate cbes   create level field   select deems topics   specify ideal substance   face litigation risk   pas materiality threshold   provide useful office   competitiveness production costs   create working groups   improve disclosure benefits   craft improved regime   address high dis   trigger new crisis   repair damaged facility   improve institutional expertise   write managing investors   incentivize adaptation mitigation   accelerate dive plans   further energy transition   limit press release   integrate including information   face substantial increase   disclose used metrics   manage climaterelated risks   issue enable language   secure driving disclosures   involve monetary sanctions   opportunity improved disclosure   undermine generate ability   structure disclosure regimes   accomplish principal objectives   provide analyzed context   follow assess strategies   disclose principlesbased disclosure   asses potential risk   underlie chosen scenarios   create working group   provide complete view   enhance detect ability   improve executive order   promulgate similar requirements   see sudden depression   block related proposals   remedy identified vulnerabilities   include surrounding explanations   face structural issues   develop programs policies   require improve disclosure   receive specific information   use rise estimate   asses faces risk   quantify much risk   disclose risk information   spearhead research projects   cite water scarcity   promulgate disclosure requirements   examine threaten issues   avoid risk disclosures   keep rules pace   affect create ability   elicit climaterelated disclosures   put bound assets   facilitate efficient enforcement   overstate sustainability credentials   reconceive regulatory state   impose compliance costs   benefit investors markets   disclose financial risks   recognize significant shift   set mandatory standards   quantify risk impacts   disadvantage funds firms   conclude same study   produce compare information   reflect regarding views   interpret term materiality   announce exit intent   inform make efforts   create focused standards   solicit recommendations feedback   find reduce agreement   improve set ability   approve settlement agreement   consider disclosure requirements   develop analogous tools   overlap working groups   foresee poses risks   provide few sectors   achieve clean energy   create similar committee   face physical risks   publish consultation paper   report safety concerns   adopt climateriskadjusted strategy   prevent demonstrated cooling   promote responding discipline   establish disclosure practices   coordinate regulatory actions   use climate information   discuss analyzing report   encompass harmful effects   affect geographic regions   develop own expertise   provide stakeholders investors   require remanded case   spur economic development   conduct own research   leverage valuable research   provide specificity detail   exclude seeking proposal   require strategic approach   greenwashing overstate phenomenon   yield specific information   use level estimate   address needed problem   favor requirements letter   surround mismatches information   pose major risk   improve corporation value   play active role   past weather events   provide set proportion   disclose climaterelated information   perceive voluntary disclosures   use concept release   increase own expertise   destabilize global system   complement accounting standards138   make registrants offering   alter total mix   rajgopal economic implications   survey physical risks   translate physical impacts   reflect specific circumstances   outline foreseeable risks   improve likely disclosure   exclude shareholder proposal   identify specific portions   draft enforcement revision   use existing authority   set reporting standards   create disclosed risks   increase compliance costs   impose civil penalty   anticipate climateconstrained https
Measures:   stakeholders246 releases   potential sanctions   chief accountant   racist policy   drought impacts   broad set   certain weight   discuss resilience   exist frameworks   geographic locations   wide range   available information   cognitive biases   new report   quantitative parisons   guide principle   consultation survey   far action   climaterelated opportunities   exist reactors   tax incentives   such letters   meaningful comparisons   economic repercussions   several agencies   enable statutes   nonfinancial regime   clear problem   subject solicitation   fiscal year   mandatory requirements   economic analysis   report standards   third part   proper disclosure   consultation paper   improve regulations   tolk plant   global foundation   common ownership   economic analyses   reveal threats   decrease demand   various portions   differ locations   target dates   rare earths   extreme waves   potential legislation   risk disclo   similar manner   alternative perspectives   time horizon   productivity loss   admin https   first item   litigation risk   appropriate scope   institutional investors   ecological processes   relevant authority   same study   forward progress   medium term   sustainable infrastructure   chemical facilities   authoritative source   noticeable change   central banks   carbonrelated assets   regulator access   exist framework   material events   direct impacts   conscious consumers   improve aids   vote members   great disclosure   financial data   nonfinancial information   unfavorable information   mismatch incentives   shortterm profits   date information   particular industries   fiscal burden   global initiative   tcfd guide   grave risk   free generation   public policies   firstorder climate   public corporation   financial prospects   corporate director   effective guidelines   flood risk   comparable information   term materiality   sufficient investors   les competition   know event   noaction responses   annual report157   corporate climate   financial experts   red flag   company exposure   relevant expertise   comparable climate   climaterelated changes   new roadblocks   foreseeable threats   modern investors   sudden depression   various issues249   available lack   hvac capacity   praregulated banks   preindustrial era   alter demand   natural capital   conven interagency   widespread acknowledgement   climaterelated basis   investment opportunities   climateconstrained https   require disclosures   material factors   coherent periods   safety concerns   intimate understanding   market risks   own research   nondiversifiable risk   efficient pricing   past years   report companies   financial models262   financial disclosure   new rulemakings   future results   assetlevel data   trade strategy   relative value   necessary characteristics   various horizons   critical need   sudden deflation   voluntary framework   stern volatility   weather patterns   structure securities   widespread problem   light units   important contributions   deci sions   financial nature   annual filings   total hours   appropriate authority   performance data   great deviation   own expertise   low sources   severe events   anticipate magnitude   touchstone example   esg risk   implementation guide   risk disclosure   mandatory disclosures   regulatory approach253   technological market   few years   financial risk   economywide level   financial climate   financial shock   individual companies   primary question   implicit incentives   artificial intelligence   significant risks   identical disclosures   longtermism transparency   dreyer monopoly   shareholder proposals   important changes   financial filings   processoriented recommendations   governmental entities   management disclosure   global stability   report134 sasb   noaction letter   geographic regions   akin bubble   annual ports   global meet   relate data   similar committee   great recession3   similar examination   general risk   economywide goal   substantive questions   market investors   transition risk   new opportunities67   fossil fuel   rulemake recommendation   good knowledge   foreign governments   financial planning   risk assessments   risk exposure   corporate reporting   specific climate   fund markets   foreign investors   unique risks   fossil fuels   idiosyncratic risks   standard setting   little discussion   turkey units   longterm forecasts   advisory committee   detail standards   voluntary climate   low end   massive flooding   competitor c   emerge challenges   financial reports   great investor   proxy statement   much water   press release   corporate opportunities   fast rate   secre tary   change climate   executive compensation   interpretive ambiguities   necessary policies   increase costs   chronic risks   several subcategories   such analysis   public consultation   legal proceedings   national administration   additional disclosure   swan events   proposal responses   fiduciary duties   rise seas   recent statements   financial implications   environmental justice   materelated information   chronic inundation   worry investors   foreign rels   valuable research   accompany challenges   substantial increase   current practices   comparable disclosure   report markets   assessment disclosure   nuclear reactors   outside experts   increase premiums   insufficient reporting   behavioral theory   corporate reports   environmental proceedings   shortterm improvements   internal climate   recent years   warm release   institutional expertise   climate disasters   estate industry   accurate pricing   such results   key feature   incomplete information   necessary information   substantive risks   agricultural supply   cial disclosures   prominent setters   climaterelated disclosure   climate benefits   national climate   indicate probability   potential risk   particular meaning   standardize framework   relate losses   high stress151   propose agreement   damage assets   financial disclosures   great exposure   voluntary organizations   financial institutions   large holdings   independent agency   improve standards   voluntary standards   early disclosure   meatalternative products   equivalent loss   level field   relate disclosures   core elements   green products   coastal estate   restoration costs   standard setters   current rules   new hazards   converter batteries   specific examples   rotate outages   legal corporations   indepth analysis   disclosure aids   negative consequences   standardize requirements   lowincome communities   comment letters   regulatory challenges   flood events   corporation academia   subject discussion   physical impacts   specific disclosures   corporate letters   additional vulnerabilities   account metrics   climaterelated information   distinctive elements   new mechanisms   european securities   important role   superior knowledge   prescriptive approach   principal objectives   reputational transition   long term   climaterelated corporations   clean energy43   investor proposals   decisionuseful information   material effect   unhedgeable risks   potential implications   risk requirements   disclosure requirement   carbon pollution   financial performance   slow adjustment   substantive issues   consistent cost   human capital   various regimes   executive order   task force   concern scientists   relate opportunities   voluntary efforts   extreme precipitation   useful information   material information   fected businesses   designate standard   routine litigation   little reason   comprehensive reporting   relevant releases   different markets   great expertise   comparable opportunities   climaterelated risk   clinical professor   tcfd guidance   respiratory illness   primary purposes   efficiency competition   high temperatures   global standards   good position   resilience retreat   more research   financial value   financial losses   express purpose   many corporations   financial space   foreseeable risks   strong support   know tag   climaterelated issues   financial risks   align standards   regulate entities   clean alternatives   decrease capacity   naturebased systems   market risk   bad climate   relevant risks   significant assets   financial corporations   significant factors   play field   offset programs   fasblike standards   mandatory letter   perfluorinated compounds   policy risk   economic system   exist requirements   primary concerns   black rock   financial wellbeing   billiondollar weather   exist authority   great benefits   international counterpart   different scenarios   corporate managers   climate map   climate data   unique information   limaterelated risk   total value   ordinary litigation   permanent injunction   current regime   common patterns   inconsistent information   climaterelated risks   same types   clean energy   report system   crosscompany comparisons   future filing   policymaking regulators   clear patterns   certain tag   similar conclusion   civil penalty   effective disclosures   global increase   feed reg   risk creditors   mitigation strategies   physical effects   advance technology   climaterelated strategy   regulatory environment   regulatory disclosure   direct damage   global reconstructions   reasonable investor   disclosure requirements   adopt examples   legal bulletin   fundamental reshaping   water scarcity   likely disclosure   physical assets   underlie disclosure   relate risks   former director   organic peroxides   granular information   public messaging   brief remarks   executive powers   global leaders   rise seas9   detail picture   open statement   high value   large companies   separate entities   final layer   analysis order   cumulative impacts   energy transition   financial conditions   same expectations   international council   associate professor   most climate   more quantity   large corporations   goal competition   last part   damage facility   corporation markets   suggest item   necessary materials   financial condition   different futures   material topics   proper ties   frequent flooding   disclosure practices   secdirected research   price tag   material items   mandatory disclosure   materiality standard   investment companies   bias heuristics   climateriskadjusted strategy   risk subcomm   specific requirements   corporation cost   elusive concept   energy industry   propose changes   actual impacts   intense risser   plan expenditures   major probability   first disclosure   electric generation   significant concern   anthropogenic change   human health   disclosure system   substantial likelihood   tropical exceedance   hold belief   assessment strategies   scenarioanalysis requirements   new bailouts223   inform decisions   federal regulators   supplemental information   geospatial data   selfimposed limitation   double standard   exist regime   work groups   unfamiliar ways1   specific disclosure   hold period   similar research   systemic undervaluing   governmental organizations   physical risk   pretax reduction   first years   risk board   sufficient information   catastrophic events   public interest   marginalize communities   annual report172   supply chains   future direction   combine licenses   only disclosures   current requirements   competitive advantages   specific categories   useless information   legal obligations   iterative approach   acute weather   warm planet   serious steps   run goals   public company   financial markets233   alternative strategies   surround circumstances   previous years   original petition   wildfire victims   climate risks   risk committee   total production   financial impacts   advisory recommendations   associate risk   corporate requirements   accurate information   standard forms   actual commitments   disclosure principles   increase popularity   renewable targets   assetlevel information   corporate control   annual reports   technical issues   principlesbased disclosure   david investors   sustainable investments   dissatisfy shareholders   information asymmetries   report requirements   prescriptivebased rules   managerial incentives   climate disclosure   greenwashed competitors   federal provisions   changerelated project   mere codification   reputational risk   sasb state   improve requirements   longterm cost   granular standards   specific portions   systemic shock   climaterelated disclosures   fossilintensive corporations   thermal fink   lose life   accurate valuations   hypothesize scenario   international accords   sudden transition   plantbased products   relevant information   different regions   final report   fiduciary obligation   insufficient research   develop policies   widespread greenwashing   agricultural production   point units   corporate action   competitive position   opposite problem   corporate disclosures   compliant approach   electrical plant   rapid losses   global valuations   supplementary information   material risk   mandatory regulations   broad society   verifiable information   useful regime   multidecadal variability   low world   significant shift   international endeavors   efficient allocation   such amount   various entities   increase use   future https   financial regulators   specific standards   rela tionship   strategic responses   indirect consequences   substantial benefits   sec actions   aging risk   heat storm   low economy   federal register   realworld reporting   new trends   nonfinancial standards   chief officer   nonfinancial methodology   commercial estate   traditional metrics   detail guidance   customize tools   difficult standard   climaterelated expertise   generic language   significant consequences   cite bulletin   domestic product   financial stability   emerge risks   different damages   sufficient disclosures   report organizations   adjacent corporations   current impediments   systemic risks   effective decision   new administration   level rise   regulatory analyses   such impacts   nonbinding advice   corporate governance   hazard quartz   complementary benefits   new regulations   explicit criteria   grow risk   choose scenarios   scenario analysis   international organization   disadvantage ties   rise estimate   combine memorandum   fair representation   sustainable development   leadership role   bank system   refine measure   underlie information   various sectors   new rule   new legislation   impact map   tcfd recommendations   corporate value   exist statutes   send letters   several weaknesses   material resources   similar requirements   substantial risks   specific information   economic impacts   majority vote   insufficient disclosures   initial ing   general risks   indirect impacts   environmental requirements   redfin report   fossil plants   first country   positive returns   prior sections   core assumptions   market discipline   interest stakeholders   unique analysis   rise pressure   recommend actions   improve system   regulatory actions   electricity generation   outdoor labor   enforcement action   clean revolution   project impacts   climate strategies   vulnerable companies   physical damage   detail requirements   risk disclosures   strand assets   collaborative body   rosy opportunity   procedural steps   entire cycle   several explanations   principlesbased approach   american markets   integrate council   memorial lecture   legal fellow   chain reaction   perceive prevalence   unfulfilled promise   voluntary frameworks   disclosure rulemakings   major role   adjust highestvalue   improve rules   voluntary regimes   carbonfocused industries   agricultural market   second part   unjustifiable costs   report directive   stakeholder input   large managers   holistic approach   trade companies   set proportion   similar approach   report standard   superior results   market structure   harmful effects   responsible investing   insufficient information   overlap subcategories   past decade   account standards   disclosure b   carbonintensive market   voluntary disclosures   short window   massive implications   acute events   consumer market   most regions   occupational pension   advisory committees   update document   implausible estimates   esg disclosure   federal law   nonfinancial directive   potential impacts   unilateral b   finance commitment   issue trends   low communities   compliance costs   climate scenarios   regulatory rules   typical scope   several biases   lead example   sustainability credentials   quarterly earnings   international regulators   major customers   little training   analogous tools   future performance   global advisors   section 14a   sustain engagement   crop seeds   federal policy   senior advisor   ready businesses   public policy   devastate effect   specific horizon   significant action   select data   disclosure regimes   significant damage   twentyfirst century   changerelated risks   global use   stormrelated impacts   due set   industrybased standardization   share prices   coal plant   finance emissions   direct costs   useful office   financial assessment   compel investors   develop preferences   wide array   broad recommendations   climatesensitive areas   reasonable investors   active role   specific section   inform strategies   broad support   thorough discussion   exec order   action problem   grow calls   financial markets   net emissions   extreme facilities   presidential orders   biological diversity   climaterelated proposals   american economy   economic damage   increase rates   southwest productivity   erage yields   disclosure decisions   legal mandate   such proceeding   capital formation   moral rectitude   boilerplate disclosure   recommend disclosure   authenticity meter   berman risk   same item   likely performance   rise costs   regulatory contexts   court approval   first align   nypsc force   environmental responsibility   high dis   regulatory authority   prong test   coastal bubble   competitive lengthen   sustainability accounting   exec officer   relate risk   improve reporting   friendly goods   expect damages   new crisis   conceptual framework   change risk   vulnerability study   encompass disclosures   social harms   institutional investor   firmspecific risks   settlement agreement   capitalrelated information   systemic issues   climaterelated scarcity   municipal bond   improve climate   reasonable shareholder   foreseeable future   disclosure guidance   uptodate information   disclosure rules   oneyear period   bind assets   social requirements   such disclosure   agricultural stocks   substantial costs   hard rule   interest parties   weak link   sufficient data204   improve disclosure   rational weighting   philosophical shift   corporate standards   current value   financial sector221   relevant decisions   new rulemaking   low temperatures36   longterm value   mandatory blackouts   bank companies   general agreement   indicative risks   major economies   esg disclosures   atmospheric https   modern society   structural issues   corporate assets   companytailored disclosures   brutish effort   new rules   careful analyses   regulatory state   first letter   climate disclosures   voluntary regimes71   fulltime jobs   comprehensive disclosure   warm periods   grow demands   alter patterns   most crops   necessary fact   economic challenges   investor markets   disclosure concept   costly disasters   due diligence   humaninduced changes   available avenues   special briefing   special attention   sound analysis   federal government   climaterelated emphasis   regulatory regimes252   competitive conditions   speculative registrants   concept releases   new economy   new item   sufficient disclosure   international fora   new investment64   liquid peroxides   statutory mandate   american public   corporate disclosure   contingent information   strategic approach   climate risk   full disclosure   improve regime   unacceptable risk   reputational risk39   complete view   independent expertise   climateinduced climate   public companies   pacific gas   standardize language   evidencebased decisions   expect transition   global system   mandatory hearing   traditional cycles   strategic investment   significant implications   regulatory requirements   nonfinancial companies   environmental defense   different industries   joint comments   financial accounting   current state   major investors   large mix   natural gas   allocative efficiency   independent member   longterm interests   relevant fora   financial services   adverse consequences   significant infrastructure   structure approaches   concept release   baseline conditions   increase disclosure   climate change   corporate executives   common owner   define factor   financial system   modern finance   regulatory guidance   own work   sustainability mainstream   climatic events   average economy   imperfect heuristics   nuclear facilities   requirement letter   large markets233   environmental assessment   financial trends   structure disclosure   prices178 managers   capital market   climateresilient utilities   mutual fund   significant effects   rare elements   expansive disclosures   general climate   mislead investors   greenhouse gas   corporate activities   regulatory enforcement   fiscal years   rise temperatures   grow consensus   climate impacts   global food   many damages   new opportunities   regulatory group   first advantage   new tool   adopt efforts   investor portfolios   physical climate   financial information141   little incentive   coordinate attempt   financial health   chemical plants   qualitative disclosure   longterm returns   information office   such policies   investor confidence   brightline quantitative   sustainability standards   significant differences   employment income   many benefits   significant opportunities   economic costs   ideal market   specific language   serious effort   climaterelated scenarios   fossil assets   slow decay   general development   good practices   standard guide   grow number   standardize regime   possible violations   widespread defaults   relevant statement   more information   droughtprone areas   near term   opportuni ties   legal risk   chronic floods   fellow citizens   untrue statement   increase prevalence   corporate community   hard time   material climate   own tools   significant scholarship   significant mispricing   roger air   novel products   mandatory regime   common era   pervasive risks   modern infrastructure   sustainable financing   alphabet soup   advisory risk   broad assessment   pretax earnings50   extreme events   ideal substance   serious concerns   atmospheric administration   sufficient level   physical scenario   significant losses   possible impacts   financial information   extreme rainfall   corporation disclosures   earnings targets   voluntary programs   sectoral patterns   change precipitation   textual disclosure   true risks   http permacc7ywu9zg3   financial stakeholders   new ways   climateinduced disasters   usc 77bb   lowprobability events   material fact   individual corporation   executive agencies   diversify portfolios   economic research   environmental governance   vulnerable communities   tcfd framework   own uncertainty   key markets   improve sharing   severe effects   comparable time   improve disclosures   petrochemical climate   firmbyfirm basis   climate information   direct effects   standard estimate   key principles   uncertain horizon   sustainable growth   granular data   systemic risk   program policies   individual corporations   consistent variability   investor statement   smart investing   strict codes   few sectors   increase prices   individual agencies   international actors   parisaligned commitment   additional burden   perfect storm   raw material   green transparency   future condition   agreement rules   relevant risk   accountingrelated practices   analytic tools   assurance requirements   southern florida30   many investors   expose homes   disclosure regulations   potential merger   fiscal wellbeing   far damage   global action   standardize principle   persistent failures   risk information   comprehensive summary   materiality threshold   come century   real estate   hazardous facilities   unify approach253   systematic risks   detail examples   billiondollar disasters   systematic mispricing   nonexistent disclosures   compatible detail   nonfinancial supplement   renewable energy   new risk   kering climate   regulatory director   regulatory issues   account standards138   historical data   specific circumstances   relate disasters   sustainable bus   increase drought   firmspecific information   structural adaptation   resilience force   financial report   annual report   industryspecific standards   monetary sanctions   expect returns   general information   long run   mandatory rules   relevant emissions   reasonable person   accept test   collective problem   costeffective report   boilerplate language   predictable elements   first time   infectious disease   climaterelated sasb   financial statement   raw materials   new limits   essential reading   resilient economy   government efforts   applicable requirements   carbonintensive industries   increase temperatures   significant discretion   boilerplate disclosures   weather events   regulatory process   materiality determinations   total mix   next section   legal authority   formal recommendation   high heat   natural disasters   non organizations   disclosure benefits   propose rule   global rise   economic benefits   efficient enforcement   sustainability topics   financial reporting   social cost   relevant horizons   financial crisis   major risk   current disclosures   entire economy   mandatory climate   nondiversifiable risks   proper valuation   physical risks   severe disruption   broad economy   recent actions   various time   marketrelated explanations   european board   more weight   selfrealigning function   initial matter   omit fact   rigorous disclosures   low options   effective oversight   shortterm incentives   public filings   cash flow   cool response   different organizations   new role   canadian securities   financial sector   rigorous analytics   core principles   global investor   financial research   observe precipitation   gross product   kavya scarcity   wildfire threats   public structures   economic stability   institutional knowledge   sustainable products   broad categories   investor committee   clear authority   global investors   actual significance   economic development   financial performance209   outstanding products   exist standard   comprehensive disclo   mandatory standards   systemic board   insure disasters   electric utilities   propose rulemakings   overall management   entire markets   nongovernmental organizations   future climate   work group   standardize disclosure   new mexico33   financial materiality   give period   major steps   reputational risks   green claims   orderly transition   corporate officers   hereinafter statement   industryspecific requirements   comparable section   worker concerns   recommend disclosures   different standards   longterm benefits   potential options   broad corporations   new reactors   new battleground   relate strategies   strong incentives   municipal bonds   much flexibility   trade funds   advance notice   principal products   benchmark tool   technological innovation   value corporations   electric utility   recent survey   prudent investment   comparable disclosures   issue guidance   investor prospective   worstcase scenarios   climaterelated policies   longterm wellbeing   corporate investors   total emissions   barge traffic   good use   exist law   large public   single standard   narrow mandate   disclosure regime   good strategies   quantitative metrics   market efficiency   catalytic batteries   reduce emissions   public perception   commitment event   full accounting   rare minerals   carbon price   level estimate   plantbased alternatives   hasemyer investors   improve ability   carbonintensive sectors   public shaming   human history   general lack   unique metrics   recyclable language   international counterparts   different meanings   legal technology   operational metrics   les attention   specific risk   structure data   insolvent banks   social governance   great flexibility   federal agencies   sufficient specificity   diversify investors   financial security   shareholder proposal   new requirements   ready companies   factoryfarmed meats   individual strategies   federal level   federal agency   economic risks   ga emissions   global warming   productive capacity   time horizons   next years   economic implications   similar evidence   new standards   such disclosures   climaterelated guidance   systemic errors   short term   waterrelated disruptions   follow steps   regulatory frameworks   new set   new policies   various projections   labcultured meat   standard statement   democratic colleagues
Actions:   intervene power   prompt corporations   highlight action   note 71   enable stakeholders   set options   provide standards   facilitate fasb   cite langevoort   analyze value   face issues   climate disclosure   benchmark performance   generate 25   cause reaction   pay promise   block proposals   mitigate impacts   attract attention   include 7   prioritize rulemakings   encompass exposure   enhance compliance   destabilize system   anticipate https   act lee   acknowledge severity   draw 37   overlook information   greenwashing c   manage threats   issue releases   solicit input   craft regulations   expose it   http permacc8sv55k2e   encounter array   report guid   structure regimes   monitor risk   asses susceptibility   elicit summary   lack assurances   disclose risks   give flag   draw 36   reach feet   trigger disclosure   set standards   regulate companies   reserve condon   provide proportion   promote compliance   amend criteria   discuss use   leverage expertise   add inc   exceed f   principlesbased disclosure   show states   limit warming   consider impacts   reflect views   cause billion   http permaccz288yejl   design approaches   mean what   satisfy them   jeopardize stability   affect ability   thank andy   mitigate risk   reflect note   further transition   highlight disclosure   support policies   say more165   put way   seek input   identify biases   share concerns   assume significance   make tions   overlap groups   obstruct progress   votingrelated 71   reduce prevalence   contain information   support allocation   avoid result   discuss impacts   conduct survey   understate risks   instruct agencies   broaden basis   describe material   resolve ambiguities   use language   involve actors   involve sanctions   relate disclo   sacrifice profits   replace regime   manufacture array   face hurdles   elicit information   urge reuters   take term   govern companies   authorize loans   recognize risk   bubble retreat   create risk   improve structure   totaling potential   establish practices   support traffic   integrate information   differentiate companies   remove useful   add 77bb   inform amendments   find returns   affect sectors   evaluate risk   note 239   http g   meet needs   establish committees   asses measure   generate opportunities   examine dimensions   increase capacity   keep prices   use dera   face liabilities   promote disclosure   provide principles   alter mix   state fact   use programs   fulfill mandate   affect value   diversify portfolios220   address risk   know what   purchase sions   suggest rise   promote value   elicit fund   issue regulations   describe processes   risk corporations   report estimates   convene iwg   climate organizations   take advantage   discount them   focus level   leave reserves   impair capacity   highlight need   sign statement   cite disclosure   protect investors   totaling trillion63   demand information   lead investors   standardize scenarios   unveil meter   rajgopal implications   develop standards   opportunity disclosure   mean that   guide agency   find ways   risk disclosure   take step   describe permaccp77lxfh6   improve integration   involve imports   address hazards   provide office   involve amount   underwater floods   acknowledge reality   create counterpart   report metrics   require https   improve benefits   enforce compliance   produce disclosure   disclose data204   incentivize mitigation   provide input   quantify risk   provide kinds   determine policies   challenge sector   address questions   craft regime   identify guide   encourage development   remand set   determine standards   pursue strategies   face outgrowth   share principlesbased   omit fact   explore benefits   unsurprise report   use improvements   organize illusions   include proposals   reassess assumptions   standardize disclosure   use permacc9ngmdf6e   seek documents   facilitate transition   add 2b   set requirements   identify portions   discuss concept   publish series   review division   provide ie   note item   implement 14a   overweight costs   move all   find report   add 14   improve confidence   make disclosures   incorporate information   see report   elicit disclosure   compete corporations200   hire advisors   compile data   recommendation 1   create group   report econ   leaf specifics   ask leaders   reflect price   consider requirements   mandate disclosures   bolster force   see sunstein   create groups   provide stakeholders   understand exposures   change permacc7ywu9zg3   price assets   demystify soup   see perspectives   work impact   mandate reporting   cost industry   balance frameworks   risk third   deem material   provide analysis   cost billion26   create system   cite harvey   complaint club   use approach   recommend adoption   enact requirements   see depression   guide disclosures   fight change   designate source   change policy   take measures   contrast statements   detect office   see allisonhope   reduce uncertainty   change ctr   finalize amendments   evaluate consequences   identify problem   recognize shift   require case   calculate costs   cite scarcity   give trib   build foundation   transition nation   bankruptcy post   visit jan   correct mispricing   include damage   target metrics   yield information   describe development   establish policies   provide investors   supplement sasb   incur costs   fink reshaping   involve language   manufacture monopoly   drive inst   surround rules   describe this   add i   make available82   benefit markets   limit itself   secure disclosures   adopt commitment   seek information   make disclosure   make rainfall   align survey   produce minerals   underlie scenarios   affect operations   make commitments   address disclosures   anticipate trends   reap profit   adopt framework   build requirements   add characteristic   distribute capital   organize theory   join calls   garner vote   coordinate action   decisionmake disclosure   detail need   make investment   totaling billion12   address dis   obstruct accounting   arise 240   craft metrics   write investors   express concerns   make use   incorporate framework131   receive information   facilitate formation   identify assess   provide audience   develop initiatives   create shift   move retailers   mandate statement   reconceive 203   discuss requirement   consider losses   impact company   recommend sec   change risk   disclose types   utilize quantitative   find agreement   characterize test   designate stress151   enforce regulations   landfalling nature   find paper   achieve returns   reduce change   mitigate risks   offer picture   plan fts3edur   promulgate note   integrate findings   improve quality   allow report   integrate risk   place plants   discuss guidance   suggest pathways   use metrics   reduce disclosure   increase cost   impede drive   leave decision   cite analysis   necessitate investor   affect institutions   lessen burden   visit mufson   solicit feedback   threaten stability   modele assumptions   affect markets   carry seeds   implicate wellbeing   encounter damage   achieve lee   asses exposure   offer note   decrease precipitation   assume role   leverage research   strengthen foundation   further efficiency   demystify permacc   limit release   include board   resolve paradox   establish dates   disclose fact   give discretion   make sense   add 91   define metrics   http m   discuss requirements   exceed temperatures   reveal difference   use authority   assess risks   do little   share similarities   change study   ascertain likelihood   require approach   examine benefits   draft revision   enable entities   have reiners   underwater seas   use powers   employ releases   raise concern   build regime   conven iwg   remedy mispricing   issue guidance   acknowledge risk   quantify impacts   s quartz   make attempts   provide prospective   prevent results   benefit corporations   include two   build infrastructure   outline risks   allocate capital   make statement   reflect pricing   magnify guidance   prepare academia   support fasb   dealmaking l   improve investors   provide advice   climate risk242   shift product   raise concerns   improve system   impact change   speak regulations   explicate risks   asses resilience   set cost   cite transparency   issue report   announce mitment   decrease cost   generate income   detect instances   incorporate holdings   face liability   compare risks   articulate concept   leaf actors   take variety   set estimate   perceive disclosures   face risks   describe oversight   yield disclosures   solve problem   launch tool   force corporations   reduce revenues   greenwashing reporting   send shockwaves   mandate disclosure   reap benefits   create approach   undermine ability   favour inclusion   reduce demand   produce information   sell allowances   include horizon   fold ability   include cdp   require trillion   address pge   cite survey   enhance ability   consider issues   identify requirements   promote competition   encompass impacts   disclose opportunities   make esg   convey benefits   underpin investments   sow phillips   include desirability   encompass effects   provide discussion   promulgate rules   use 503   reflect circumstances   understand concentrations   use iwg   inform corporations   release guidance   disclose risk   publish paper   report risks   exceed f35   carry s   undertake research   identify principles   note williams   include explanations   amend directive   manage 119   enact portions   facilitate communication   trade aids   take position   update regulations   express confusion   implement policies   create products   note 190   revise disclosure   see herren   require standardization   sow shareholders   cause burden   accelerate plans   carbon generation   institute proceedings   inform responses   mitigate trading   play role   publish guidance   provide examples   instigate citizens   discuss shortcomings   drive disclosure   limit evaluation   identify consequences   facilitate enforcement   rule materiality   cite kahneman   advise investors   weaken demand   translate impacts   lay principles   disrupt insights   increase costs   greening system   include activity   prevent cooling   discuss two   make recommendation   conduct analyses   pose risk   offer advice   find solutions   promote efficiency   change expectations   take mainstream   develop recommendations   promulgate regulations   develop tools   use item   make decisions   require disclosure   disclose risks45   craft them   create map   disincentivize officers   prevent corporations   see statement   create risks   note letter   boost earnings   understand exposure   report concerns   make comparisons   reach examination   discuss process   favor letter   climate noaa   promote discipline   accompany text   increase risk   support submission   make recommendations   affect regions   improve transparency   consider rulemaking   enable investors   notify parties   publish report   address problem   propose permacc   require approach253   recommend steps   represent trillion   greenwashing phenomenon   see gilson   exercise oversight   staff climate   convene body   facilitate disclosure   intervene units   describe targets   include identifying   focus time   confront companies   provide sectors   offer engagement   asses firms   establish gas   manage risk   issue letters   control majority   establish regime   eliminate requirement   improve disclosures   use estimate   face incentives   include metrics   impact regions   identify facilities   supplement framework   visit disclosure   involve risk   erase worth   include processes   follow strategies   collect structure   exclude proposal   mandate risk   require corporation   tell investors   manage discussion   incorporate impacts   decrease costs   limit consumption   perceive that   focus research   disclose information   develop expertise   expose more   see events   balance probability   interpret materiality   approve agreement   visit exposure   require data   assume function   undermine disclosure   see modernization   prioritize demand   address gamesmanship   reduce spread   advance 3   adopt approach   develop channels   change conditions   address future   disclose data   affect companies   require companies   agriculturerelated stocks   experience damages   face billion   analyze trends   disadvantage firms   totaling billion   strengthen system   use oversight   require registrants   reduce pollution   use data   see air   adopt standards   mitigate change   provide flexibility   assess response   represent interpretations   win approval   sustain economy   prevent them   foresee risks   highlight reporting   ignore scenarios   trigger crisis   impede ability   find evidence   take that   face risk   balance need   disclose organizations   see inst   join creation   wipe trillion   avoid disclosures   understand risk   bring value   evaluate need   meet challenge   provide disclosures   create standards   see risk   lose loss   standardize it   get analysis   stabilize economy   see jessopp   shift disclosure   make determination   manage trillion   affect assets   survey risks   provide context   inform efforts   gather information   greenwashing mgmt   spearhead projects   integrate change   conduct research   use findings   erode market   reduce yields   shape expectations   ask corporations   accomplish objectives   stagger estimates   issue language   reduce storm   reduce cost   take steps   consider that   require note   impose penalty   garner support   report rev   balance lineitem   conclude study   reduce emissions   protect them   http blackrock   disclose climate   consider adoption   coordinate efforts   see company   suffer million   approve sale   announce hiring   set elements   demand disclosure   put sec   release statement   overstate credentials   lead experts   report information   select securities   interpret authority   improve ability   improve rules   average increase   use analysis   landfalling hurricanes   achieve goals   detect risks   create field   find study   structure governance   manage risks   compare 108   repair facility   see change   provide disclosure   include disclosure   protect b   feature spike   see jeanfranscois   promote competitiveness   climaterelated opportunities   face increase   strengthen enforcement   esg monitor   invest growth   use test   explain focus   improve expertise   develop policies   lack information   go risk   determine 1   help times   consider significant   promulgate requirements   think impact   consider what   leave neighborhoods   http bd   detect omissions   may 15   disclose emissions   remedy vulnerabilities   meet goals   face that   provide guidance   adopt strategy   require bailouts223   affect returns   detect violations   counteract biases   create committee   amend nfrd   acknowledge that   provide metrics   grant letter   note 193   use release   advance planning   put weight   hold shares   retain holdings   bear belief   monitor compliance   secure sections   drive b   solicit views   understate magnitude   average approval   affect demand   price risk   mean disclosure   identify number   include risk   cite investors   pose that   conduct state   require understanding   specify substance   establish framework   release exchange   make offering   prevent extraction   meet criteria   include those   pas threshold   plan for176   prevent officers   seek corporations   constitute violation   decrease likelihood   exit investments   express interest   advance guidance   impose costs   present risk   spur development   bring action   bring quality   support incentives   improve value   cause harms   take biases   facilitate issue   see note   require corporations   mitigate threats   filter information   avoid those   centralize sec   change costs   fill detail   bring opportunities   attract capital   broaden definition   increase expertise   discuss report   complement standards138   share assessments   experience it   keep pace   adopt guidance   manage creditors   set actions   plan times   mitigate approach   experience billion   create value   attract consumers   reflect principles   acquire data   oppose petitions   reach deal   provide discretion   further goal   provide explanations   conflict incentives   face competition   favor auth   maximize corporations   reduce severity   take lead   see responses   exclude proposals   navigate tradeoffs   know https   see feldman   clarify elements   coordinate actions   recommend disclosures   identify risk   propose changes   identify categories   fly blind   facilitate promulgation   shift patterns   increase frequency   direct tary   include information   provide authority   align tools   pose challenge   criticize many   achieve energy   obtain financing   read securities   set horizons   cite change   rescue banks   dard permacc536tdjjj   leave reg   announce intent   care pol   reach emissions   review disclosures   opportunity information   restart cbes   enforce guidance   set priorities   competitiveness costs   establish center   price risks   see order   esg permaccr7gskzch   address call   mislead investors   take action   encompass resources   raise alarm   yield results   stabilize portfolios   provide horizon   carry industry   develop strategies   undergird society   approve settlement   push disclosures   add event   see increase   conduct analysis   help companies   understand interplay   provide overview   disclose disclosure   provide benefits   put assets   draw practices   explain each   board members   report materiality   codify framework   discuss framework   describe consequences   reward improvements   experience disruptions   provide market   propose shift   estimate damage   present challenge   prompt disclosure   ing users   accomplish task   provide information   meet targets   past events   impact supply   consider disclosure   leverage authority   see transcript   incorporate disclosures   select topics   anticipate repercussions   take scenarios   decrease spending   totaling 95   accompany bursting   reveal differences   see knight   express support   conflict recommendation   experience days   join network   perceive which   ask role   use disclosure   rule us   surround information   establish requirements   submit comments   experience effects   provide opportunities67   create information   leave corporations   mobilize sources   limit access   address issues   elicit disclosures   make infrastructure   affect health   understand activities   asses magnitude   require disclosures   place chains   close plant   invest much   note 175   relay risk   report codification   sacrifice standardization   share information   draw overview   address climate   carry work   quantify impact   asses risk   experience consequences   view risk   craft requirements   make determinations   describe tionship   make valuations   use information   bluelining practice   collect information   take use   devalue homes   lead economy   face variety   provide detail   file reports   monitor decisions   provide view   integrate s   characterize accounting   asses risks   seek adoption   promote decisions   improve order   examine issues   provide access   discuss disclosures   file securities   implement recommendations   balance comparability   make contributions   reconceive state   publish reports   disclose metrics   pose concern   improve drawing   foreclose avenues   prioritize risks   engage stakeholders   improve disclosure   revisit interpretive   avoid penalties
This section lists the details about pathway-specific attributes.