The Environmental Risk Disclosure Regime: Navigating Complexity in Global Financial Markets - CIGI Papers No. 47

This paper will address this gap by first describing environmental risk disclosure as a regime complex that is defined by characteristics, including multiple actors and governance levels, fragmented decision making, rule inconsistency and redundancy, and institutional evolution. Second, based on emerging research on regime complexity, this paper will assess different perspectives about its effectiveness in the context of environmental risk disclosure. This analysis will reveal that despite evidence of policy convergence within the regime complex, insufficient enforcement is leading to uncertainty within the financial sector that justifies an expanded role for international financial regulators in establishing a harmonized mandatory disclosure standard.

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