Abstract:
The traditional materiality standard, rooted in the securities law framework, exhibits structural misalignment between its core assumption of "current financial impact" and the long-term, systemic, and uncertain characteristics of climate risks, confronting five judicial application dilemmas: temporal misalignment, causal rupture, scalar dislocation, boundary constraints, and methodological obsolescence. To address this problem, global judicial practices have developed dynamic materiality standards through "judicial law-making". This standard transcends the traditional framework of linear causality and individual attribution, achieving a paradigm shift in legal cognition from deterministic governance to uncertainty governance through temporal reconstruction in risk society and network-based liability identification in complex systems. The dynamic materiality standard is legally grounded in risk society theory, rooted in the precautionary principle, public trust doctrine, and the expansion of fiduciary duties. Its connotation does not negate double materiality but rather introduces a temporal dimension, forming a three-dimensional information disclosure framework with double materiality as the static horizontal dimension and dynamic materiality as the dynamic vertical dimension. The effective application of the dynamic materiality standard necessitates framework legislation with dynamic authorization as the legislative model, procedural innovations in the admission of scientific evidence and burden of proof allocation, and capacity building through specialized climate judiciary, thereby generating multi-dimensional interactions among legislative refinement, judicial activism, regulatory coordination, and upgraded corporate governance to construct a systematic rule-of-law guarantee system.
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