A Quantitative Analysis Of Comment Letters Issued By The SEC Concerning Climate Change Disclosures

I. Introduction

Under the Biden administration, the U.S. Securities and Exchange Commission ("SEC") has advanced a robust agenda concerning climate change issues. This has included several policy proposals, including mandatory climate disclosures and the establishment of the Climate and ESG Task Force within the SEC's Enforcement Division. Both of these initiatives have been widely reported on by the press and analyzed by relevant legal or industry thought leaders.

Another aspect of the SEC's regulatory agenda on climate change has been the issuance of comment letters to individual reporting entities focusing on their purported flaws with respect to their climate change disclosures. In September 2021, the SEC published a "Sample Letter to Companies Regarding Climate Change Disclosures" ("Sample Letter"), which stated that "information related to climate-change risks and opportunities may be required in disclosures related to a company's description of business,