The US Securities and Exchange Commission (SEC) proposed a landmark climate-related disclosure rule on Monday that would require publicly-traded companies to detail climate-related risks to their operations and provide standardized emission metrics.

In mandate letters sent last week, Prime Minister Trudeau directed Finance Minister Chrystia Freeland and Environment Minister Steven Guilbeault to “work with provinces and territories to move toward mandatory climate-related financial disclosures based on the Task Force on Climate-related Financial Disclosures [TCFD] framework.”

The fact that Texas, a state famous for its oil industry, felt it necessary to pass a law of this sort signals the industry’s growing consternation with an increasingly climate-conscious and oil un-friendly investing environment.