기후변화 리스크 공시시스템의 도입에 관한 연구

This paper discusses the theme of climate change risk disclosure focusing U.S. systems in general. The idea that a mandatory disclosure system of climate change risk voluntary disclosure would undermine voluntary reporting through other outlets, such as GRI and the CDP, is well worth considering. Also, there is some reason in the opinion that a mandatory climate change risk disclosure will be prohibitively expensive. But, as mentioned earlier, mandatory climate change risk disclosure despite the cost factor, climate change risk disclosure could prevent the confusion of investors by a single unitary of disclosure standards. Despite the cost factor, mandatory climate change risk disclosure could cut cost by taking advantage of the existing system of Financial Investment Services and Capital Market Act of Korea. There are no disclosure systems which have zero cost. The contrary is rather to be supposed. More important thing is the protection of investors by solving the problem of information asymmetry and guarantee of capital finance. It is simply too easy to argue that mandatory climate change risk disclosure will be prohibitively expensive. Companies which have comprehensive disclosure opportunely will be establish trust in comparison new competitor. Transparency is an intense power behind the Green Wave, and its expectations rise daily. Moreover, not only does environmental reporting build trust with investors and other stakeholders, the failure to provide the disclosure introduces a shame factor that may be even more powerful. Is the problem of climate change risk disclosure surely necessary? The fact that investors strongly require definite disclosure systems will be an adequate answer. We must do our best to solve the problems that we are facing. It is not necessary that a mandatory disclosure suggest way to reduce global warming and solve practical problem. The only thing that we need is an assistance with their investments by disclosure systems. To conclude, Financial Services Commission is able to introduce climate change risk disclosure system to Korea under the authoritative interpretation for §119(3) of Financial Investment Services and Capital Market Act.