The Securities and Exchange Commission is considering adding climate impact as a mandated disclosure. Some large investors require disclosure. The United Kingdom plans to require climate disclosure starting in April 2022, and the European Union has reporting rules in place. A study of one type of climate disclosure — emissions labels on consumer products — found mixed evidence as to whether consumers altered their behavior in response. A prior oil and gas extraction disclosure rule was invalidated by a court in 2013 as arbitrary and capricious.

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