Sustainable Finance and Corporate Law: Lessons from the US
Working Paper Author/Authors
Key Finding
The chapter traces the trajectory of two major US sustainability disclosure initiatives and explores their implications
Abstract
This chapter traces the trajectory of two major US sustainability initiatives, the Securities & Exchange Commission’s climate risk disclosure rule and California’s mandates requiring disclosure of climate-related risks and greenhouse gas emissions. The chapter explores the motivation behind both efforts and explains how the backlash against disclosure mandates led to challenges that in both cases have, to date, been successful. The success of the challenges has been due, in part, to distinctive features of the US regulatory structure.
At the same time, these features offer unique possibilities for experimentation, innovation and incremental regulatory reform. As the debate over corporate sustainability continues, we offer cautious optimism about the potential of the US to respond to its demands.
Published in
© Jill Fisch, Amelia Miazad, 2026
All rights reserved. Distributed for discussion purposes only; not to be reproduced without permission.
The views expressed are those of the author(s) and do not necessarily reflect those of ECGI or its members.
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Key figures and timeline from WP 917/2026: Sustainable Finance and Corporate Law
- S&P 500 with ESG report: 99% of largest US companies
- Firms under California SB 253: ~2,600 revised down from 5,400
- Anti-ESG state laws: 21 states enacted legislation
- S&P 500 Scope 1&2 disclosure: 95% as of July 2024
Source: Fisch & Miazad, Sustainable Finance and Corporate Law: Lessons from the US, ECGI Law Working Paper 917/2026 (April 2026). Data points: Governance & Accountability Institute (2025); SEC filings; court records. Access the full paper at ecgi.global
