United States: G7 Communiqué Focuses on Climate-Related Financial Disclosures
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Following the G7 leaders’ meeting in Cornwall, a joint communiqué was issued on June 13, 2021 regarding many issues of mutual concern, including climate change.
Significantly, the leaders of the G7 – a group of advanced economies including the US, UK, Canada, France, Germany, Italy and Japan – all agreed that “ mandatory climate-related financial disclosures ”should be implemented. This statement and policy gives additional impetus to the SEC’s current efforts to promulgate new regulatory information regarding climate change. Additionally, this release highlighted the regulatory framework proposed by the Climate-Related Financial Reporting Task Force, which may indicate that new regulatory disclosures being considered by the SEC and other government agencies may echo these. guidelines.
Perhaps more importantly, the United States has now made a global commitment to implementing climate-related financial disclosures, and not just to national constituencies.
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