Climate and weather
115 of 521 companies dropped a paragraph in Risk Factors that uses one of these words:
climate change, greenhouse gas, carbon emissions, extreme weather, hurricane, wildfire.
The paragraph was in the earlier 10-K and nothing like it is in the latest.
It counts text; it does not say how serious a risk is. Words in capitals only (such as AI) must be in capitals.
By sector
Sector is the SEC's industry description of the company. Each count opens that sector's quotes below.
| Sector | Companies | Compared |
|---|---|---|
| Aircraft Parts & Auxiliary Equipment, NEC | 1 | 1 |
| Apparel & Other Finishd Prods of Fabrics & Similar Matl | 1 | 1 |
| Canned, Frozen & Preservd Fruit, Veg & Food Specialties | 1 | 1 |
| Electrical Industrial Apparatus | 1 | 1 |
| Farm Machinery & Equipment | 1 | 1 |
| Food and Kindred Products | 1 | 1 |
| Meat Packing Plants | 1 | 1 |
| Metal Mining | 1 | 1 |
| Misc Industrial & Commercial Machinery & Equipment | 1 | 1 |
| Miscellaneous Fabricated Metal Products | 1 | 1 |
| Natural Gas Transmisison & Distribution | 1 | 1 |
| Oil & Gas Field Machinery & Equipment | 1 | 1 |
| Oil Royalty Traders | 1 | 1 |
| Paper Mills | 1 | 1 |
| Retail-Drug Stores and Proprietary Stores | 1 | 1 |
| Retail-Eating & Drinking Places | 1 | 1 |
| Retail-Radio, Tv & Consumer Electronics Stores | 1 | 1 |
| Services-Misc Health & Allied Services, NEC | 1 | 1 |
| Telephone & Telegraph Apparatus | 1 | 1 |
| Computer Communications Equipment | 2 | 3 |
| Natural Gas Transmission | 2 | 3 |
| Plastic Materials, Synth Resins & Nonvulcan Elastomers | 2 | 3 |
| Crude Petroleum & Natural Gas | 4 | 7 |
| Electric & Other Services Combined | 6 | 12 |
| Search, Detection, Navigation, Guidance, Aeronautical Sys | 2 | 4 |
| Accident & Health Insurance | 1 | 2 |
| Cigarettes | 1 | 2 |
| Converted Paper & Paperboard Prods (No Contaners/Boxes) | 1 | 2 |
| Cutlery, Handtools & General Hardware | 1 | 2 |
| Fats & Oils | 1 | 2 |
| Industrial Organic Chemicals | 1 | 2 |
| Instruments For Meas & Testing of Electricity & Elec Signals | 1 | 2 |
| Mining & Quarrying of Nonmetallic Minerals (No Fuels) | 1 | 2 |
| Printed Circuit Boards | 1 | 2 |
| Pumps & Pumping Equipment | 1 | 2 |
| Radio & Tv Broadcasting & Communications Equipment | 1 | 2 |
| Refuse Systems | 1 | 2 |
| Rubber & Plastics Footwear | 1 | 2 |
| Services-General Medical & Surgical Hospitals, NEC | 1 | 2 |
| Ship & Boat Building & Repairing | 1 | 2 |
| Telephone Communications (No Radiotelephone) | 1 | 2 |
| National Commercial Banks | 5 | 11 |
| Hospital & Medical Service Plans | 2 | 5 |
| Investment Advice | 3 | 8 |
| Electric Services | 5 | 15 |
| Petroleum Refining | 2 | 6 |
| Air Transportation, Scheduled | 1 | 3 |
| Electronic Computers | 1 | 3 |
| Measuring & Controlling Devices, NEC | 1 | 3 |
| Railroads, Line-Haul Operating | 1 | 3 |
| Services-Consumer Credit Reporting, Collection Agencies | 1 | 3 |
| Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics | 1 | 3 |
| Water Transportation | 1 | 3 |
| Wholesale-Drugs, Proprietaries & Druggists' Sundries | 1 | 3 |
| Real Estate Investment Trusts | 8 | 27 |
| Finance Services | 8 | 28 |
| Electronic & Other Electrical Equipment (No Computer Equip) | 1 | 4 |
| Retail-Eating Places | 1 | 4 |
| Security & Commodity Brokers, Dealers, Exchanges & Services | 1 | 4 |
| Semiconductors & Related Devices | 3 | 15 |
| Surgical & Medical Instruments & Apparatus | 2 | 10 |
| Beverages | 1 | 5 |
| Biological Products, (No Diagnostic Substances) | 1 | 5 |
| Retail-Variety Stores | 1 | 5 |
| Services-Business Services, NEC | 3 | 16 |
| Fire, Marine & Casualty Insurance | 2 | 12 |
| Insurance Agents, Brokers & Service | 1 | 6 |
| State Commercial Banks | 1 | 6 |
| Security Brokers, Dealers & Flotation Companies | 1 | 7 |
| Pharmaceutical Preparations | 1 | 11 |
| Services-Prepackaged Software | 1 | 19 |
268 paragraphs · Natural Gas Transmission show all sectors
Our and our customers’ access to capital could be affected by financial institutions’ evolving policies concerning businesses linked to fossil fuels. Concerns about the potential effects of climate change have caused some to direct their attention towards sources of funding for fossil-fuel energy companies, which has resulted in certain financial institutions, funds and other sources of capital restricting or eliminating their investment in such companies. Ultimately, this could make it more difficult for our customers to secure funding for exploration and production activities or for us to secure funding for growth projects, and consequently could both indirectly affect demand for our services and directly affect our ability to fund construction or other capital projects.
Read in the 10-K filed Feb 13, 2025 ↗
Various states and groups of states have also adopted or are considering adopting legislation, regulations or other regulatory initiatives that are focused on areas of coverage similar to what the federal government has or may consider, including GHG cap and trade programs, carbon taxes, reporting and tracking programs, and restriction of emissions. At the international level, there exists the United Nations-sponsored “Paris Agreement,” which is an agreement for nations to submit non-binding targets to limit their GHG emissions through individually-determined reduction goals every five years after 2020. President Biden announced in April 2021 a new, more rigorous nationally determined emissions reduction level of 50-52% reduction from 2005 levels in economy-wide net GHG emissions by 2030. However, in January 2025, an executive order withdrew the United States from the Paris Agreement and from any commitments made under the United Nations Framework Convention on Climate Change. Additionally, the executive order revokes any purported financial commitment made by the United States pursuant to the same. It is unclear what participation, if any, the United States will have in future United Nations climate-related efforts, and the full impact of these developments is uncertain at this time.
Read in the 10-K filed Feb 20, 2025 ↗
Governmental, scientific, and public concern from sources in the United States and across the world over the threat of climate change arising from GHG emissions has resulted in political risks that may limit hydraulic fracturing of oil and natural gas wells, restrict flaring and venting during natural gas production on government-owned properties, and ban or restrict new or existing leases for production of minerals on government-owned properties. For instance, in the United States, the prior Presidential administration issued several
Read in the 10-K filed Feb 20, 2025 ↗