The SEC proposed a landmark climate disclosure rule. Here’s what to know.

At an open meeting, the SEC’s three Democratic commissioners voted to approve the proposal, while the sole Republican commissioner voted against it. SEC Chair Gary Gensler, who was nominated by President Biden, said the rule would provide “consistent, comparable information” to investors.

Environmentalists hailed the rule as a crucial first step in forcing the private sector to confront the economic risks of a warming world, even as some said the SEC should have gone further in requiring all businesses to disclose the emissions generated by their supply chain and customers.