SEC Unveils Higher Threshold for Reporting on Climate Costs (2)

Public companies for the first time will have to disclose in US securities filings the financial impact to their revenues and balance sheets from events like wildfires and hurricanes as part of a pared-down climate rules package the SEC finalized on Wednesday.

The Securities and Exchange Commission voted 3-2 to approve a climate reporting plan that sets a higher bar than a two-year-old draft for when companies would have to report costs from severe weather events as a footnote in their financial statements. The plan also requires companies to tally significant costs associated with transitioning to greener product lines and ...