明确不对范围三排放量的作披露要求，来看看SEC的新规传递了什么？

美国时间2024年3月6日（上周三），美国证券交易委员会（SEC）正式发布了气候相关信息披露规则（The Enhancement and Standardization of Climate-Related Disclosures: Final Rules）。

该披露规则的发布历经了两年的波折，从SEC在2022年3月发布规则草案（The Enhancement and Standardization of Climate-Related Disclosures for Investors）并公开征求市场意见以来，由于企业界的反对和美国在ESG上的争议而多次延长公众意见征询期，到当地时间3月6日正式出台历经了整整两年。

这是继2024年2月8日A股三大交易所发布《可持续发展报告指引（征求意见稿）》、2月28日新加坡发布气候相关报告（climate-related reporting，CRD）新规之后的又一重要里程碑。在美上市的中国企业以及与美国上市企业合作的广大中国企业必将受到影响，而让中国市场的ESG发展更上层楼。

虽然SEC最终在披露内容中弱化了草案原有的部分，更没有雄心勃勃的目标措辞，但撇开争议，纵观全文可以发现SEC对实质性、重要性的强调是显而易见的，单在12条披露内容中material(ly)就出现了15次。

• Climate-related risks that have had or are reasonably likely to have a material impact on the registrant’s business strategy, results of operations, or financial condition; 

  对上市企业的业务战略、运营结果或财务状况已经产生或可能产生重大影响的气候相关风险；

• The actual and potential material impacts of any identified climate-related risks on the registrant’s strategy, business model, and outlook;

  会对上市企业的战略、商业模式和发展前景的实际和潜在重大影响的任何确定的气候相关风险；

• If, as part of its strategy, a registrant has undertaken activities to mitigate or adapt to a material climate-related risk, a quantitative and qualitative description of material expenditures incurred and material impacts on financial estimates and assumptions that directly result from such mitigation or adaptation activities;

  如果已开展的减轻或适应与气候相关的重大风险相关活动是作为上市企业战略的一部分，则应定量和定性地说明因此产生的重大支出，以及因进行这些减轻或适应活动的直接作用，对财务估计和假设产生的重大影响；

• Specified disclosures regarding a registrant’s activities, if any, to mitigate or adapt to a material climate-related risk including the use, if any, of transition plans, scenario analysis, or internal carbon prices;

  关于上市企业减轻或适应重大气候相关风险活动的具体披露（如有），包括过渡计划、情景分析或内部碳价格的使用（如有）；

• Any oversight by the board of directors of climate-related risks and any role by management in assessing and managing the registrant’s material climate-related risks;

  所有董事会对气候相关风险的监督，以及所有管理层在评估和管理上市企业重大气候相关风险方面发挥的作用；

• Any processes the registrant has for identifying, assessing, and managing material climate-related risks and, if the registrant is managing those risks, whether and how any such processes are integrated into the registrant’s overall risk management system or processes;

  上市企业用于识别、评估和管理与气候相关的重大风险的任何流程，如果上市企业正在管理这些风险，是否以及如何将任何此类流程纳入上市企业的整体风险管理系统或流程；

• Information about a registrant’s climate-related targets or goals, if any, that have materially affected or are reasonably likely to materially affect the registrant’s business, results of operations, or financial condition. Disclosures would include material expenditures and material impacts on financial estimates and assumptions as a direct result of the target or goal or actions taken to make progress toward meeting such target or goal;

  有关上市企业气候相关目标的信息（如果有），这些目标已对上市企业的业务、运营结果或财务状况产生重大影响，或者可能产生重大影响。披露内容将包括因目标或目的或为实现目标或目的而采取的行动所直接导致的重大支出以及对财务估计和假设的重大影响；

• For large accelerated filers (LAFs) and accelerated filers (AFs) that are not otherwise exempted, information about material Scope 1 emissions and/or Scope 2 emissions; 

  对于大型加速申报者 (LAFs) 和未获豁免的加速申报者(AFs)，提供有关重要的范围 1 排放量和/或范围 2 排放量的信息；

• For those required to disclose Scope 1 and/or Scope 2 emissions, an assurance report at the limited assurance level, which, for an LAF, following an additional transition period, will be at the reasonable assurance level;

  对于需要披露范围 1 和/或范围 2 排放的申报人，提供有限保证级别的保证报告，对于 LAF，在额外的过渡期后，将提供合理保证级别的保证报告；

• The capitalized costs, expenditures expensed, charges, and losses incurred as a result of severe weather events and other natural conditions, such as hurricanes, tornadoes, flooding, drought, wildfires, extreme temperatures, and sea level rise, subject to applicable one percent and de minimis disclosure thresholds, disclosed in a note to the financial statements; 

  因恶劣天气事件和其他自然条件，如飓风、龙卷风、洪水、干旱、野火、极端气温和海平面上升而产生的资本化成本、支出、费用和损失，以适用的百分之一和最小披露阈值为限，在财务报表附注中披露；

• The capitalized costs, expenditures expensed, and losses related to carbon offsets and renewable energy credits or certificates (RECs) if used as a material component of a registrant’s plans to achieve its disclosed climate-related targets or goals, disclosed in a note to the financial statements; and

  与碳抵消和可再生能源信用额度或证书（RECs）相关的资本化成本、支出和损失，如果它们被用作上市企业实现其披露的气候相关指标或目标的计划的重要组成部分，则在财务报表附注中披露；以及

• If the estimates and assumptions a registrant uses to produce the financial statements were materially impacted by risks and uncertainties associated with severe weather events and other natural conditions or any disclosed climate-related targets or transition plans, a qualitative description of how the development of such estimates and assumptions was impacted, disclosed in a note to the financial statements.

  如果上市企业用于编制财务报表的估计和假设受到与恶劣天气事件和其他自然条件或任何已披露的气候相关目标或过渡计划有关的风险和不确定性的重大影响，则应在财务报表附注中披露定性描述，说明这些估计和假设的制定是如何受到影响的。

简单来说，最终规则的内容主要传递了披露前提、披露对象、披露时间、披露内容、审查保证等信息。弱化了全球反复重申的雄心勃勃的目标，但也跟着TCFD框架务实地跨出了规范的一步，为未来的继续发展奠定基础。