Bill > S1217

This bill amends the Securities Exchange Act of 1934 to require certain publicly-traded companies (referred to as "covered issuers") to disclose information related to climate change risks and impacts. The key provisions of the bill include: 1) Defining key terms related to climate change, greenhouse gas emissions, and risk types (physical, transition, and social cost of carbon). 2) Requiring covered issuers to disclose information on the identification, evaluation, and management of climate-related physical and transition risks in their annual reports. 3) Directing the Securities and Exchange Commission (SEC) to issue rules within 2 years to establish climate-related disclosure requirements, including industry-specific metrics, greenhouse gas emissions reporting, and analysis of fossil fuel asset impacts under different climate scenarios. 4) Providing a backstop that allows covered issuers to initially satisfy the disclosure requirements by following the recommendations of the Task Force on Climate-related Financial Disclosures until the SEC issues its rules. 5) Authorizing appropriations to the SEC to carry out the requirements of the bill. The overall goal is to increase transparency around climate change risks and their potential financial impacts, in order to better inform investors and facilitate a smoother transition to a low-emissions economy.

Housing and Urban Affairs

https://www.congress.gov/bill/117th-congress/senate-bill/1217/all-info