In 2010, the Securities and Exchange Commission issued interpretive guidance on climate change disclosure, but so far it seems to have had limited effects: 59% of Standard & Poor’s 500 companies do report on climate but, according to some, their disclosures have been disappointing (Ceres, 2014). This reporting requirement has not been changed in spite of the July 2014 repeal of the 2011 Climate Tax. In March 2014, the NDRC announced a new regulation requiring all firms emitting more than 13 000 tonnes (C02-eq) to begin reporting their annual GHG emissions. It is expected to be enforced from 2015 (Reuters, 2014).