Climate Change (generally)
The Reasonable Investor and Climate-Related Information: Changing Expectations for Financial Disclosures
Author
Hana V. Vizcarra
Author Bios (long)

Hana V. Vizcarra is a staff attorney at Harvard Law School’s Environmental & Energy Law Program.

Date
February 2020
Volume
50
Issue
2
Page
10106
Type
Comment(s)
Summary

In recent years, the drumbeat for more expansive climate-related corporate disclosures has grown louder and more consistent within a broader swath of the financial community. This intensifying call argues for considering more climate-related information legally material under existing U.S. securities disclosure law. A key component of materiality as defined in U.S. securities law—who is a “reasonable investor”—is evolving when it comes to climate-related information. This evolution may soon impact what climate-related information courts consider material. Uunderstanding how courts may treat such information under the existing securities law framework is crucial to achieving more expansive disclosures. This Comment attempts to contribute to that conversation by surveying current trends that may influence courts’ analyses of the materiality of climate-related topics.

H.R. 5625
Update Type
Committee Name
Committees on Foreign Affairs, the Judiciary, Financial Services, Oversight and Reform, and Ways and Means
Sponsor Name
Escobar
Sponsor Party Affiliation
D-Tex.
Issue
3
Volume
50
Update Issue
3
Update Volume
50
Congress Number
116
Congressional Record Number
166 Cong. Rec. H324

would authorize the imposition of sanctions with respect to significant actions that exacerbate climate change and reinforce comprehensive efforts to limit global average temperature rise.

S. 3204
Update Type
Committee Name
Committee on Homeland Security and Governmental Affairs
Sponsor Name
Markey
Sponsor Party Affiliation
D-Mass.
Issue
3
Volume
50
Update Issue
3
Update Volume
50
Congress Number
116
Congressional Record Number
166 Cong. Rec. S276

would direct the Administrator of FEMA to revise agency policy to address the threats of climate change and include considerations of climate change in the agency's strategic plan.

H.R. 4737
Update Type
Committee Name
Committee on Homeland Security
Committee Report
H. Rep. No. 116-375
Issue
3
Volume
50
Update Issue
3
Update Volume
50
Congress Number
116
Congressional Record Number
166 Cong. Rec. H179

would amend the Homeland Security Act of 2002 to require the Under Secretary for Science and Technology of the Department of Homeland Security to research and evaluate existing federal research regarding approaches to mitigate climate change on homeland security to identify areas for further research within the Department, and research and develop approaches to mitigate the consequences of climate change on homeland security.

H.R. 5519
Update Type
Committee Name
Committee on Science, Space, and Technology
Sponsor Name
McNerney
Sponsor Party Affiliation
D-Cal.
Issue
2
Volume
50
Update Issue
1
Update Volume
50
Congress Number
116
Congressional Record Number
165 Cong. Rec. H12290

would amend the America COMPETES Act to improve measurement and assessment capabilities for understanding proposed atmospheric interventions in Earth's climate, including the effects of proposed interventions in the stratosphere and in cloud-aerosol processes.

H.R. 5450
Update Type
Committee Name
Committee on Science, Space, and Technology
Sponsor Name
Beyer
Sponsor Party Affiliation
D-Va.
Issue
2
Volume
50
Update Issue
1
Update Volume
50
Congress Number
116
Congressional Record Number
165 Cong. Rec. H10608

would amend Title 51, U.S. Code, to require a NASA initiative on reduction of greenhouse gas emissions and noise emissions from aircraft.

H.R. 5435
Update Type
Committee Name
Committees on Natural Resources, Agriculture, and Education and Labor
Sponsor Name
Grijalva
Sponsor Party Affiliation
D-Ariz.
Issue
2
Volume
50
Update Issue
1
Update Volume
50
Congress Number
116
Congressional Record Number
165 Cong. Rec. H10305

would require the Secretary of the Interior and the Chief of the U.S. Forest Service to meet certain targets for the reduction of the emission of greenhouse gases.

H. Res. 762
Update Type
Committee Name
Committee on Foreign Affairs and the Committee on Energy and Commerce
Sponsor Name
Lowenthal
Sponsor Party Affiliation
D-Cal.
Issue
2
Volume
50
Update Issue
1
Update Volume
50
Congress Number
116
Congressional Record Number
165 Cong. Rec. H10258

would recognize the 4th anniversary of the adoption of the international Paris Agreement on climate change.

H.R. 5416
Update Type
Committee Name
Committees on Energy and Commerce, Financial Services, Ways and Means, Agriculture, and Transportation and Infrastructure
Sponsor Name
Dingell
Sponsor Party Affiliation
D-Mich.
Issue
2
Volume
50
Update Issue
1
Update Volume
50
Congress Number
116
Congressional Record Number
165 Cong. Rec. H10257

would establish a National Climate Bank.

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