G7 & SEC: Mandatory Climate Risk Disclosure Needed Now
Originally published on NRDC Expert Blog.
By Sarah Dougherty, Tom Zimpleman, & Gabriel Daly
G7 leaders met in the UK last week, and climate was high on the agenda, as it must be. One of the areas of agreement among the leaders of the world’s largest economies might seem new but has been in the works for years: mandatory climate disclosures from companies.
The US has broad disclosure laws, which allow the Securities and Exchange Commission (SEC), as a regulator of stock exchanges and stock sales, to require companies to provide the public with information that can help us make decisions, like about a company’s finances, operations, how it compensates executives, and how it is run. Climate change is an issue on which the SEC needs to require more disclosure — and the Chair of the SEC has indicated he and the Commission intend to require companies to disclose how climate change affects the risks and opportunities they face. The SEC is expected to issue a rule later this year. We think it is about time: NRDC has been pushing for more disclosure on environmental issues since 1971. And, it matters to investors with a recent CFA Institute survey finding 40 percent of investment professionals already incorporating climate risk to inform their investment decisions.
As part of our advocacy for mandatory climate disclosure, NRDC submitted comments to the SEC’s recent request for information. Only mandatory disclosures will allow the SEC to meet its mandate: “to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation.” If investors do not know the climate risks — and opportunities — that the companies they are invested in may face, it’s hard to see how investors can be protected and markets can function efficiently.
As we explained in our comments, new rules need to require each company to disclose:
- the full scope of its greenhouse gas (GHG) emissions. This includes GHG emissions from assets that it owns, like factories, buildings, or transportation fleets; GHG emissions from the power is uses to run its factories and buildings; and GHG emissions from using the products it makes (in the case of manufacturers) or the investments it makes (in the case of banks or investment companies).
- the company’s projections about how realistic climate change scenarios will affect the company. Climate change is likely to result in more widespread flooding, wildfires, and more powerful hurricanes. Those events can damage property, disrupt supply chains, and hurt employees. But climate change may also lead to a shift to more sustainable products, alternative energy sources, and new business opportunities. Investors need to know how companies are planning for these possibilities.
- how the company’s operations affect communities vulnerable to climate change.
These disclosures would give investors information that’s useful for their decisions, allowing investors to identify companies (and industries) taking the risks of climate change seriously and planning accordingly. Investors would be better able to allocate capital efficiently to companies that are responsibly planning for the physical risks climate change is already creating — like wildfires and sea-level rise — as well as the transitions risks — changes in policy, consumer preferences, prices, and the like — that our collective response to climate change is likely to impose. And as we know, the costs of climate change will be — and are already — borne disproportionately by low-income communities and communities of color. Disclosures could provide information and insights into how different stakeholders may be impacted by climate change, including vulnerable communities. Additionally, shifting financial incentives away from climate-harming investments is one step towards alleviating those burdens on vulnerable communities.
A voluntary system, which has been in effect for about 15 years, was a good start. But voluntary disclosure has not generated important information nor made it easy to compare between companies. Requiring that companies disclose the risks their businesses face from, and contribute to, climate change will produce information comparable across companies and industries, allowing investors and the public to make better-informed decisions.
In their communique summarizing the G7 meeting, the G7 leaders highlighted their agreement on the importance of climate disclosures:
“We emphasise the need to green the global financial system so that financial decisions take climate considerations into account. We support moving towards mandatory climate-related financial disclosures that provide consistent and decision-useful information for market participants and that are based on the Task Force on Climate-related Financial Disclosures (TCFD) framework, in line with domestic regulatory frameworks.”
Ensuring that investors know the climate risks of the companies they own or may consider purchasing is an obvious first step to greening the global financial system. We are glad the G7 leaders agree and are working to make it happen in the world’s largest economies.
Polaris Ranger EV supports security operations at G7 Summit: “The G7 Summit was the largest operation in Devon and Cornwall Police history, with a total of 6,500 officers and staff on duty from all over the UK. We worked extremely hard to minimise the impact on the community around Cornwall, and as part of those efforts, we enlisted a fleet of electric Polaris Ranger vehicles to patrol and monitor the beaches and other hard to reach areas. Being completely electric off-road vehicles, they were the perfect choice for use on sand and provided our officers with the ideal solution for maintaining security without noise, pollution or disruption to the local community.” Image courtesy of Polaris.
Turning cheap daytime solar into electricity you can actually use at night just got a lot cheaper. A new analysis from energy think tank Ember shows that utility-scale battery storage costs have fallen to $65 per megawatt-hour (MWh) as of October 2025 in markets outside China and the US. At that level, pairing solar with batteries to deliver power when it’s needed is now economically viable.
Battery storage costs have fallen dramatically over the past two years, and the decline continues. Following a steep decline in 2024, Ember’s analysis indicates that prices continued to fall sharply again in 2025.
The findings are based on real-world data from recent battery and solar-plus-storage auctions in Italy, Saudi Arabia, and India, as well as interviews with active developers across global markets.
According to Ember, the cost of a whole, grid-connected utility-scale battery storage system for long-duration projects (four hours or more) is now about $125 per kilowatt-hour (kWh) as of October 2025. That figure applies to projects outside China and the US. Core battery equipment delivered from China costs around $75/kWh, while installation and grid connection typically add another $50/kWh.
Those lower upfront costs have pushed down the levelized cost of storage (LCOS) to just $65/MWh. Ember’s calculation reflects real-world assumptions around financing costs, system lifetime, efficiency, and battery degradation.
Cheaper hardware isn’t the only reason storage costs are falling. Longer battery lifetimes, higher efficiencies, and lower financing costs, helped by clearer revenue models such as auctions, have all contributed to the sharp drop in LCOS. Ember has published a live calculator alongside the report, allowing users to estimate LCOS using their own assumptions.
Why this matters comes down to how solar is actually used. Most solar power is generated during the day, so only a portion needs to be stored to make it dispatchable. Ember estimates that if half of daytime solar generation is shifted to nighttime, the $65/MWh storage cost adds about $33/MWh to the cost of solar electricity.
With the global average price of solar at $43/MWh in 2024, adding storage would bring the total cost to about $76/MWh, delivering power in a way that better matches real demand.
As Ember global electricity analyst Kostantsa Rangelova put it, after a 40% drop in battery equipment costs in 2024, the industry is now on track for another major fall in 2025. The economics of battery storage, she said, are “unrecognizable,” and the industry is still adjusting to this new reality.
“Solar is no longer just cheap daytime electricity; now it’s anytime dispatchable electricity. This is a game-changer for countries with fast-growing demand and strong solar resources,” Rangelova added.
Together, solar and battery storage are increasingly emerging as a scalable, secure, and affordable foundation for future power systems.
Read more: EIA: Solar + storage soar as fossil fuels stall through September 2025
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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss a very telling Tesla Optimus fail, Rivian’s AI/Autonomy day, Mercedes GLB EV, and more.
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Nissan is reviving the Xterra, the rugged SUV that once attracted a cult-like following, but this time it will be “electrified.”
The Nissan Xterra will be electrified, but by how much?
Earlier this year, Nissan offered a sneak peek of its upcoming lineup in a shadowy image previewing several new vehicles.
Alongside the new 2026 LEAF, a plug-in hybrid Rogue, updated Pathfinder, and Sentra, Nissan teased a new electric “adventure-focused SUV,” which we later learned will be badged the Xterra.
The rugged electric SUV appeared to have a more upright, boxy stance than the original model. The previous Xterra attracted a cult-like following as a cheaper off-road alternative to the Toyota 4Runner, Ford Bronco, and Jeep Wrangler.
However, Nissan discontinued it after the 2015 model year as buyers opted for more efficient options like the Honda CR-V and Toyota RAV4.
The new Xterra, but this time “it will have to have electrification,” according to Nissan Americas chief planning officer, Ponz Pandikuthira.
Pandikuthira told MotorTrend that the next-gen Xterra “cannot be ICE only,” but just how electrified it will be remains up in the air. “Is that an EREV? Is that a parallel hybrid system? Is that a plug-in system? That’s not defined yet. That’s all being actively studied right now,” he explained.
Nissan plans to launch a series of new extended-range hybrid (EREV) vehicles based on its e-Power system. The e-Power system uses a gas-powered engine connected to a generator.
The generator feeds energy to the inverter, which charges the battery and electric motor. Since the ICE only charges the battery and does not drive the wheels, it benefits from the instant torque and smooth drive of an EV.
However, it’s still powered by a gas engine at the end of the day. The 2027 Nissan Rogue will be the first e-Power vehicle in the US.
The Xterra could also arrive as a plug-in hybrid (PHEV) similar to the 2026 Nissan Rogue. The 2026 Rogue will be Nissan’s first PHEV for the US and is expected to be a key part of its comeback plans.
It will go on sale in early 2026 with an EPA-estimated 36 miles of electric driving range. Combined with the gas engine, the hybrid powertrain provides up to 420 miles of EPA-estimated driving range.
The electrified Xterra will share a body-on-frame platform with the Pathfinder and Frontier, with a V-6 engine, all-wheel drive (AWD), and space for bigger batteries.
According to Pandikuthira, the V-6 will give it an edge over the competition, while the hybrid powertrain will improve efficiency.
The “electrified” Xterra will be built at Nissan’s Canton, Mississippi, plant, starting in 2028. The following year, a luxury Infiniti electric SUV, based on the Vision QXe concept, will join it.
Electrek’s Take
While Nissan is launching new PHEVs, hybrids, and EREVs, it has already pulled one electric SUV, the Ariya, from its US lineup.
For now, the only fully electric vehicle Nissan offers in the US is the 2026 LEAF. Although it was once viewed as a leader in the shift to EVs with the initial LEAF launching in 2010, Nissan has quickly fallen behind and is now scrambling to catch up.
Nissan hopes to plug the gap with a series of gas-power hybrids over the next few years until new all-electric vehicles begin rolling out in 2028.
Even with less efficient hybrid tech, Nissan is still late to the game and will need to keep pace with Toyota, Honda, Ford, Stellantis, and others betting on hybrids in the US.
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