SEC Releases Final Rule on Climate-Related Disclosures

The SEC has released a final rule that requires registrants to provide comprehensive climate-related disclosures in their annual reports and registration statements, including those for IPOs, beginning with annual reports for the year ending December 31, 2025, for calendar-year-end large-accelerated filers.

Registrants must disclose climate-related financial metrics and impacts on their financial estimates and assumptions in a footnote to the audited financial statements. The disclosures will also need to be addressed as part of management’s internal control over financial reporting (ICFR) and will be subject to the financial statement and ICFR audit (if applicable) of an independent registered public accounting firm.

For more information, see the press release and fact sheet — as well as the statements by SEC Chair Gary Gensler and Commissioners Caroline Crenshaw, Jaime Lizárraga, Hester Peirce, and Mark Uyeda — on the SEC’s Web site. See also Deloitte's Heads Up on the final rule.