To be clear, mandatory carbon reporting wouldn’t ask firms to cut their emissions. In a series of recent papers, Stanford Graduate School of Business accounting professor emeritus Stefan Reichelstein and a group of colleagues have been arguing that we should require corporations to disclose their CO 2 emissions in their annual reports. However, there is a relatively painless step that could be taken right now, which would not only build momentum but would prepare the way for more aggressive policies in the future. Ultimately, any serious effort to stop climate change will likely involve meaningful carbon pricing and direct emission regulations - policies that are anathema to politicians worried more about short-term costs than long-term benefits. Activist Greta Thunberg dismissed the proceedings as a lot of “blah, blah, blah.” What it lacked were concrete plans to fulfill those commitments. The COP26 climate summit, held in Glasgow, Scotland, in November, was long on stirring pledges and promises.
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