Its Market Risk Advisory Committee issued a report on September 9, 2020, that heavily references the Task Force on Climate-related Financial Disclosures (TCFD). The report concludes that current disclosure by U.S. companies is inadequate—in no small part because of what might be a cramped interpretation of the concept of “materiality.” It recommends that the U.S. Securities & Exchange Commission (SEC) update its 2010 guidance on climate risk disclosure and impose specific climate change-related disclosure requirements on public companies.

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