The Securities and Exchange Commission (SEC) took a significant step last month toward expanding the scope and quality of corporate disclosures as they pertain to the environment. On Jan. 27, the SEC voted to provide guidance "clarify[ing] what publicly-traded companies need to disclose to investors in terms of climate-related 'material' effects on business operations, whether from new emissions management policies, the physical impacts of changing weather or business opportunities associated with the growing clean energy economy."