U.S. And Canadian Climate-Change Disclosure Update: SEC Final Rules And Proposed CSSB Standards

On March 6, the U.S. Securities and Exchange Commission (SEC) adopted rules (Final Rules)¹ that will require most U.S. reporting companies to report detailed climate-related information. While the Final Rules include changes to some of the most burdensome aspects of the proposed rules the SEC had published for comment in 2022 (Proposed Rules), the Final Rules still represent a significant increase in the disclosure for U.S. reporting companies in their annual reports and registration statements.

On March 13, the Canadian Sustainability Standards Board (CSSB) published its proposed climate-related disclosure standards (CSDS 2) and launched a comment and consultative period closing on June 10, 2024. The CSA has announced its intention to publish revised Canadian climate-related disclosure rules for comment following finalization of, and reflection on, the CSDS 2 standards.