Joint Submission to the U.S. Securities and Exchange Commission’s invitation for comments on climate disclosures

Climate change is a global emergency. To achieve the goal of limiting global average temperature increases to 1.5°C above pre-industrial levels and achieve net-zero carbon emissions by 2050, most countries will need to substantially increase their climate ambitions and investments. This places an unprecedented responsibility onto the shoulders of business decision-makers, including non-executive board directors whose stewardship obligations require them to develop and monitor the corporate strategy that will position their companies for resilience in a zero-carbon world.

In support of corporate boards in the G20 and beyond, the Climate Governance Initiative (“CGI” or “the Initiative”), a global project launched in collaboration with the World Economic Forum, has been established with the aim of mobilising non-executive directors to put climate change at the heart of their companies’ business strategies.

The core mission of the Initiative is to promote the implementation of the World Economic Forum’s Guiding Principles for Climate Change Governance on Corporate Boards, a set of comprehensive and ambitious best practice standards developed to guide board behaviour, by providing a range of engagement opportunities aimed at enhancing their skills in this area.

The Initiative has been expanding internationally by creating local CGI forums or “Chapters” for nonexecutive directors, often known under the name of Chapter Zero. Each national Chapter works within its respective country as well as across borders to share knowledge and promote climate action, both at company-specific and systems level.