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.
Oil prices fell sharply Tuesday after President Donald Trump said China can keep buying oil from Iran, a sign that the U.S. is easing its maximum pressure campaign on the Islamic Republic in the wake of a ceasefire with Israel.
Global benchmark Brent fell $3.33, or 4.66%, to $68.15 per barrel by 10:18 a.m. ET. U.S. crude oil was last down $3.18, or 4.64%, to $65.33 a barrel. Prices closed 7% lower on Monday as the oil market bet that the conflict in the Middle East was winding down.
“China can now continue to purchase Oil from Iran,” Trump said in a post on his social media platform Truth Social. “Hopefully, they will be purchasing plenty from the U.S., also. It was my Great Honor to make this happen!”
Trump threatened in May to bar any country buying Iranian oil from doing business with the U.S. China purchases the vast majority of the 1.7 million barrels per day that Iran typically exports, according to data from Kpler.
Oil prices have tumbled to levels last seen before Israel started bombing Iran on June 13, as investors now believe the risk is low that a major supply disruption will occur the Middle East.
The U.S. decision to join Israel’s campaign and bomb three key nuclear sites in Iran over the weekend initially triggered fears that Tehran might try to choke off oil exports from the Persian Gulf in retaliation.
Instead, Tehran launched a missile attack on a U.S. airbase in Qatar that left no casualties, providing an offramp from further escalation. Trump announced a ceasefire agreement between Israel and Iran shortly afterward.
The ceasefire teetered on the brink of collapse early Tuesday as Trump accused both Iran and Israel of violating the agreement shortly after it went into effect. The president demanded that Jerusalem and Tehran adhere to the ceasefire, reserving unusually harsh words for Israel.
“I’m not happy with Israel,” Trump told reporters en route to a NATO summit in the Netherlands. “I’m not happy with Iran either but I’m really unhappy if Israel” continues its bombing campaign Tuesday.
Throughout the conflict, traders feared that Israel might target the 3.3 million bpd of crude oil that Iran produces, or that the Islamic Republic might lash out by targeting energy infrastructure in the Gulf nations, including Iraq.
Investors also watched if Iran would try to close the Strait of Hormuz linking the Persian Gulf and the Gulf of Oman. The strait, used to transport 20% of the world’s crude, is a key route for Iranian and other Middle Eastern shipments, including Saudi Arabia, the world’s largest oil exporter, the United Arab Emirates, Iraq, Kuwait and Bahrain.
Toyota is still planning to build a three-row electric SUV in the US, but it won’t be in Indiana as planned. In a sudden shift of plans, Toyota will build it alongside a second electric three-row SUV as it consolidates EV production in the US.
Toyota to build two new three-row EV SUVs in the US
It has been over two years now since Toyota first unveiled the three-row electric SUV, which was expected to be a key part of its comeback efforts in the US EV market.
After funneling another $1.4 billion into its Princeton, Indiana, manufacturing plant last April, Toyota said it was preparing to assemble the larger SUV at the facility. The investment was also expected to go toward an assembly line for lithium-ion batteries, supplied from its new EV battery plant in North Carolina.
As part of its efforts to streamline production in the US, Toyota now plans to build the new EV in Kentucky, alongside a new Subaru three-row electric SUV.
According to AutoNews, Toyota said the move is designed to “improve manufacturing efficiencies and better serve customers based on market demand.”
“As previously announced, Toyota plans to produce two all-new, three-row battery electric SUVs in the US. Toyota will now assemble both vehicles at Toyota Kentucky,” the company explained in a statement.
Toyota plans to ramp up Grand Highlander production in Indiana with a new assembly line dedicated to the larger SUV.
Last year, Grand Highlander sales increased by nearly 50% in the US, as demand for the smaller Highlander fell by 47%. The trend has continued this year, with Grand Highlander sales up 2% through March, while Highlander sales have declined 62.5%.
Despite consolidating production, Toyota still has several new EVs set to launch in the US soon. Its updated bZ electric SUV (previously named the bZ4X) is arriving at US dealerships later this year.
Toyota upgraded it with an increased driving range, a much better style, and an added NACS port, allowing you to recharge at Tesla Superchargers.
Next year, the smaller Toyota C-HR and off-road bZ Woodland electric SUVs will arrive. By mid-2027, Toyota plans to have seven EVs at US dealerships, including under the Lexus brand. Subaru is set to introduce three new EVs by 2026, including the new Trailseeker SUV.
Toyota also announced plans to raise vehicle prices in the US this week. The price hikes will impact Toyota and Lexus brand models built after July 1.
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A new electric hub motor just dropped at Eurobike 2025, and it’s a big deal – mainly because it’s so small. Developed through a partnership between Moving Magnet Technologies (MMT), Swiss mechatronics firm Sonceboz, and French e-bike software company eBikeLabs, the new motor aims to set a new benchmark for premium urban e-bikes.
And based on the specs alone, it just might.
The motor delivers up to 70 Nm of torque, allows for regenerative braking, and has an impressive 22:1 gear ratio. It also includes a built-in torque sensor, allowing e-bikes employing the motor to take advantage of a more natural, responsive pedaling response.
Despite the high torque rating and built-in tech, the motor weighs under 2.5 kg (5.5 lbs), which is incredibly light for a high-torque hub motor, especially one designed for urban performance and connected tech features.
Designed for single-speed e-bikes and fully integrated with eBikeLabs’ eBikeOS software platform, this is the kind of system that manufacturers building the next wave of sleek, minimalist city e-bikes are likey to seek. And with regenerative braking, anti-theft immobilization, and smart ride customization all built in, it’s a feature-rich package in a surprisingly compact form factor.
Sonceboz, known for zero-defect manufacturing in the automotive world, is leading the industrialization process at its automated Swiss production facilities. According to the team, the motor is currently in B-sample testing with a yet-unnamed premium urban bike brand, with commercial availability targeted for early 2027.
“With this hub motor, Sonceboz, MMT, and eBikeLabs aim to set a new benchmark for premium urban bikes,” said Damien Wittwer, Division Director at Sonceboz. “Our mechatronics expertise ensures high-quality, reliable production ready for the most demanding brands. We don’t just build motors—we empower you to stand out in a market that demands smarter, quieter, more integrated urban mobility.”
The collaboration makes sense. MMT brings the motor design and electromagnetic magic, Sonceboz brings the industrial firepower, and eBikeLabs provides the software layer, eBikeOS, which adds real-time diagnostics, theft alerts, ride tracking, and personalized performance tuning. The system also includes a modular SP Connect mount for phones, allowing full app integration during rides.
On a personal note, I previously tested eBikeOS from eBikeLabs on a sample bike at Micromobility Europe and came away quite impressed with the performance.
This isn’t the first time eBikeLabs has pushed into the high-end e-bike space. Their software already powers the Virvolt 2000 motor used by Shwette’s cargo e-bikes, and their partnership network includes brands like Cowboy and Vefaa. But the new motor signals a tighter integration of motor hardware and software, engineered together from day one, a rarity in the increasingly fragmented e-bike market.
If the specs hold up and the industrial ramp goes smoothly, this could be one of the most important new components in the premium city e-bike world over the next few years. With anti-theft tech baked in, seamless app integration, and impressive torque in a tiny package, it’s exactly the kind of invisible innovation that makes a good e-bike feel like magic.
And if you’re at Eurobike this week, it’s on display in two locations, both in Hall 8, Booth I21 (with Sonceboz) and Hall 12.1, Booth A21 (with eBikeLabs). Definitely worth a closer look.
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