The U.S. Securities and Exchange Commission recently proposed a new federal rule requiring all publicly traded companies to disclose climate risks and carbon emissions. It’s meant to provide greater transparency to guide investor decisions. The proposed regulation is not a surprise in itself — it was broadly signaled and much anticipated. But whether the rulemaking is finalized into regulation or not, there’s a transformative impact that few realize. By covering U.S. publicly traded banks, this rule would, in one giant step, cover climate emissions across a major swath of the global economy.