Specific companies could be helped or hurt by macro climate changes, but it seems more likely that all will be facing more disclosure over time. The SEC has offered guidance to help companies determine when and how they need to disclose the effect of climate changes to shareholders. The effect could be myriad: Legislation, treaties, lawsuits, opportunities, production costs and the like.

The agency made clear that it was not embracing a point of view on climate change--something that had some activists claiming victory--but merely reinforcing the notion that material financial effects should be disclosed. There will be lots of grey areas still, but the agency seems to be suggesting that firms should err on the side of caution and disclosure.

That had proponents of more disclosure cheering as well. This is completely logical. Frankly, shareholders--more than a dozen institutional investors managing over $1 trillion in assets--have asked loudly for something like this. This is not earth shattering for forward thinking companies. We've suggested that there are a whole host of climate-related compliance issues for them to work through. 

For more:
- here's the SEC press release