Regulation and oversight of climate disclosure and related carbon measurement is coming to the U.S. On April 9, 2021, the United States Securities and Exchange Commission (SEC) issued a risk alert cautioning firms that their Environmental, Social, and Governance (ESG) statements will be more heavily scrutinized. Deborah Cloutier, CRE, outlines how evolving ESG strategies may impact commercial real estate globally.1 In the U.S., following the SEC risk statement, President Joe Biden issued an Executive Order requiring federal regulatory and mitigation plans for climate-related financial risk.2 These actions follow the March 10, 2021 implementation of required ESG reporting in the European Union on the Sustainable Finance Disclosure Regulation (SFDR).