When SEC chair Gary Gensler testified before the Senate Committee on Banking, Housing, and Urban Affairs recently, he was clear, if not detailed, that disclosures about climate risk, as well as human capital and cybersecurity, were on the short list.

"I've asked staff to develop proposals for the Commission's consideration on these potential disclosures," he said. "These proposals will be informed by economic analysis and will be put out to public comment, so that we can have robust public discussion as to what information matters most to investors in these areas."

The concern isn't new. In late July, during a webinar, Gensler said, "Today, investors increasingly want to understand the climate risks of the companies whose stock they own or might buy. Large and small investors, representing literally tens of trillions of dollars, are looking for this information to determine whether to invest, sell, or make a voting decision one way or another. Investors are looking for consistent, comparable, and decision-useful disclosures so they can put their money in companies that fit their needs."