Memorandum for the Petitioners |162 F. The Honorable Commission should recommend that policymakers and legislators to develop and adopt clear and implementable objective standards for corporate reporting of human rights in the context of climate change 9.20. The petitioners submit that, since the risks of climate change are material for shareholders and stakeholders, including communities at risk, reporting should be mandatory in the Philippines. These risks should at least be evaluated based on two scenarios where, at a minimum, warming is kept 1.5°C (as committed to by States under the Paris Agreement), and where warming is kept to 1°C (since current warming is already leading to human rights harms), above pre-industrial levels. 9.21. Any climate risk reporting law should encompass both financial and non-financial risks; ensure that such disclosure is meaningful, substantive and reliable; and comprehensively cover risks posed by listed companies. Importantly, information concerning business relationships with trade associations or other organizations that advocate for or against climate change are material and should be subject to disclosure. Company pledges purporting to reduce GHG emissions are worthless if the companies continue to support groups that undermine climate change advocacy. 9.22. The disclosure to be made by the companies must state their past and present efforts to address the impacts of climate change on vulnerable communities, as well as their investments in new coal, oil, and gas projects and renewable energy. 9.23. Finally, the obligation to disclose these risks should be enforced through a proper agency, such as the Securities and Exchange Commission which generally regulates and monitors companies. Rigorous enforcement of disclosure requirements is necessary in order to allow the financial and other impacts of climate change risks to be fully understood. G. The Honorable Commission should recommend the adoption of one or more accountability mechanisms that provide an effective remedy that can easily be accessed affected by climate change by those 9.24. It is the obligation of the Philippine government to protect peoples’ rights by regulating non-state actors, like companies or business