The US is currently a global laggard on climate reporting regulations, according to the Taskforce on Climate-related Disclosures (TCFD) secretariat chief Mary Schapiro – the only person to have chaired both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission, two of the most powerful financial regulators in the US.
The comments were made at the launch of revised guidance for TCFD-aligned reporting and an annual status report on the growth of TCFD disclosures by firms. Schapiro said: “The US is behind the rest of the world at this stage but I think the SEC is working very hard to catch up.
“It is my fervent hope that the SEC will follow the lead of the rest of the world in utilising the TCFD as the foundation for its climate risk disclosure rules … as this will allow for a lot of comparability from jurisdiction to jurisdiction, which is what investors want.”
The TCFD framework – specifically its four pi…