PricewaterhouseCoopers Issues Statement on SEC Guidance on Corporate Climate Change Disclosure

NEW YORK, Jan. 29 /PRNewswire/ -- On Wednesday, the SEC voted to encourage companies to disclose the effects of climate change on their businesses.  In response, PricewaterhouseCoopers (PwC) U.S. Sustainability and Climate Change Partner, Kathy Nieland, issued the following statement for the benefit of companies seeking to address this question:

The growing movement around investors' need for more climate change related disclosure is at the core of this week's SEC announcement that it will release interpretive guidance for these types of disclosures. SEC interpretive releases provide clarity and enhance consistency for public companies and their investors, and do not create new, or modify existing legal requirements.  While many organizations have begun to disclose information through voluntary programs, the stakes become higher whenever information is included in public regulatory filings. Companies need to evaluate their enterprise wide systems and ensure that processes are in place to maintain and report upon significant climate change related risks, challenges and information.  

PwC serves as global advisor and report writer to the Carbon Disclosure Project, an independent not-for-profit organization holding the largest database of primary corporate climate change information in the world.  Companies submit data directly to CDP which, in turn, sends it to PwC for analysis and production of a flagship report on Global 500 companies, together with the reports on the U.S. S&P 500, the UK FTSE 350.  PwC also works with CDP as a strategic adviser, offering support and expertise on areas such as carbon emissions and climate risk reporting, carbon accounting systems and data verification.

In a recent report entitled, "10Minutes on Monetizing Carbon," PwC has also offered a set of best practices for larger companies required to explain their position and performance in emissions and climate change.  The report looks at what companies can do to prepare for a broader trend toward putting a price on greenhouse gas emissions, and is available here:

PwC 10Minutes on Carbon Monetization

PwC has also published a paper on managing carbon as an asset, which considers the fact that Cap-and-Trade systems already impact US companies, but many financial questions remain unanswered.  PwC Carbon Asset Management

About PricewaterhouseCoopers

PricewaterhouseCoopers (www.pwc.com) provides industry-focused assurance, tax and advisory services to build public trust and enhance value for our clients and their stakeholders.  More than 163,000 people in 151 countries across our network share their thinking, experience and solutions to develop fresh perspectives and practical advice.

"PricewaterhouseCoopers" and "PwC" refer to the network of member firms of PricewaterhouseCoopers International Limited (PwCIL). Each member firm is a separate legal entity and does not act as agent of PwCIL or any other member firm.  PwCIL does not provide any services to clients. PwCIL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professional judgment or bind them in any way. No member firm is responsible or liable for the acts or omissions of any other member firm nor can it control the exercise of another member firm's professional judgment or bind another member firm or PwCIL in any way.

© 2009 PricewaterhouseCoopers LLP. All rights reserved

SOURCE PricewaterhouseCoopers

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