This spring, Democratic members of both houses of Congress reintroduced the Climate Risk Disclosure Act, or CRDA, a bill that would require every public company to issue climate-related financial disclosures. While prior versions of the bill lacked any reasonable chance of succeeding, the House Financial Services Committee finally reported the act out of committee last month, albeit by a narrow margin, and on a party-line vote.

Consistent with recently stated priorities of the U.S. Securities and Exchange Commission, the CRDA aims to accelerate the promulgation of rules to require public companies to disclose climate risk information and their strategies to mitigate and build resilience to those risks.