cipal framework to stabilize greenhouse gas con-
centrations at a level that would prevent dangerous 
human-induced interference with the climate system. 
(2) On December 12, 2015, parties of the 
UNFCCC adopted the Paris Agreement, the first 
comprehensive agreement among all nations to keep 
global warming below 2 degrees Celsius. 
(3) The Paris Agreement aims to strengthen 
the global response to the threat of climate change 
by holding the increase in the global average tem-
perature to well below 2 degrees Celsius above pre- 
industrial levels and to pursue efforts to limit the 
temperature increase to 1.5 degrees Celsius above 
pre-industrial levels, recognizing that this would sig-
nificantly reduce the risks and impacts of climate 
change. 
(4) The ‘‘Special Report on Global Warming of 
1.5 °C’’ by the Intergovernmental Panel on Climate 
Change found that at 1.5 degrees Celsius warming, 
climate-related risks to human health, livelihoods, 
food security, human security, water supply, and 
economic growth will all increase, and will increase 
even more at 2 degrees Celsius warming. 
(5) In 2017, the World Economic Forum issued 
the Compact for Responsive and Responsible Lead-
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ership with 140 CEOs pledging to align their cor-
porate values and strategies with the United Na-
tion’s Sustainable Development Goals. 
(6) In September 2020, the World Economic 
Forum and its International Business Council re-
leased Stakeholder Capitalism Metrics—a set of en-
vironmental, social and governance metrics and dis-
closures which measure the long-term enterprise 
value creation for all stakeholders. 
(7) The September 2020 World Economic 
Forum report recognizes that there is an emerging 
consensus among companies that long-term value is 
most effectively created by serving the interests of 
all stakeholders. 
(8) On January 26, 2021, 61 CEOs of some of 
the world’s largest companies publicly endorsed the 
Stakeholder Capitalism Metrics. 
(9) One of the core metrics and disclosures de-
fined in the Stakeholder Capitalism Metrics is for 
companies to disclose whether they have set, or have 
committed to set, greenhouse gas emissions targets 
that are in line with the goals of the Paris Agree-
ment. 
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SEC. 3. DISCLOSURES RELATED TO GREENHOUSE GAS 
EMISSIONS. 
(a) IN GENERAL.—Section 13 of the Securities Ex-
change Act of 1934 (15 U.S.C. 78m) is amended by add-
ing at the end the following: 
‘‘(s) DISCLOSURES RELATED TO THE PARIS CLI-
MATE AGREEMENT.— 
‘‘(1) IN GENERAL.—Each issuer required to file 
an annual report under subsection (a) shall include 
in such report the following: 
‘‘(A) Whether the issuer has set, or has 
committed to achieve, targets that are a balance 
between greenhouse gas emissions and remov-
als, at a pace consistent with limiting global 
warming to well below 2 degrees Celsius and 
pursuing efforts to limit it to 1.5 degrees Cel-
sius. 
‘‘(B) If the issuer is committed to setting 
such greenhouse gas emission targets in the fu-
ture, but not at the present— 
‘‘(i) by which year the issuer plans to 
commit to such greenhouse gas emission 
targets; and 
‘‘(ii) a detailed explanation for such 
position. 
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‘‘(C) Actions and steps the issuer has 
taken over the preceding year to achieve such 
greenhouse gas emission targets. 
‘‘(D) Actions and steps the issuer plans to 
pursue in the forthcoming year to achieve such 
greenhouse gas emission targets. 
‘‘(E) If the issuer has not set, and does 
not plan on committing to set, such greenhouse 
gas emission targets— 
‘‘(i) a statement to that effect; and 
‘‘(ii) a detailed explanation of— 
‘‘(I) why the issuer is not plan-
ning on pursuing such greenhouse gas 
emission targets; and 
‘‘(II) whether the issuer supports 
the temperature goals outlined in sub-
paragraph (A) of this section. 
‘‘(2) DEFINITIONS.—In this subsection: 
‘‘(A) 
GREENHOUSE
GAS.—The 
term 
‘greenhouse 
gas’ 
means 
carbon 
dioxide, 
hydrofluorocarbons, methane, nitrous oxide, 
perfluorocarbons, sulfur hexafluoride, nitrogen, 
triflouride, and chlorofluorocarbons. 
‘‘(B) GREENHOUSE GAS EMISSIONS.—The 
term ‘greenhouse gas emissions’ means the 
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emissions of greenhouse gases expressed in 
terms of metric tons of carbon dioxide equiva-
lent. 
‘‘(C) PARIS
CLIMATE
AGREEMENT.—The 
term ‘Paris Climate Agreement’ means the 
international agreement adopted by 196 parties, 
including the United States, at the 21st Con-
ference of Parties to the United Nations 
Framework Convention on Climate Change in 
Paris, France on December 12, 2015. 
‘‘(D) TEMPERATURE GOALS OF THE PARIS 
CLIMATE AGREEMENT.—The term ‘temperature 
goals of the Paris Climate Agreement’ means— 
‘‘(i) a collective, long-term objective to 
hold the greenhouse gas emissions-induced 
increase in temperature to well below 2 de-
gree Celsius; 
‘‘(ii) a goal to pursue efforts to limit 
the temperature increase to 1.5 degrees 
Celsius above the pre-industrial level; 
‘‘(iii) a goal to achieve net-zero emis-
sions before 2050. 
‘‘(E) REMOVALS.—The term ‘removals’ 
means anthropogenic removals from the atmos-
phere by any process, activity or mechanism of 
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