This piece was originally published in InsideSources on June 1, 2026
By Elizabeth S. Underwood, Ph.D.
Director, Environmental Paper Network North America
A simple regulatory change at the Securities and Exchange Commission could eliminate hundreds of millions of pages of paper waste each year while improving how investors receive important information.
Smart environmental policies can be simple, common-sense solutions that don’t require massive investment or new infrastructure. Often, meaningful progress comes from fixing inefficiencies in everyday systems, especially when the solution aligns with people’s preferences and expectations.
One such inefficiency is embedded in financial regulation. Today, investment firms are required to mail paper disclosures to millions of investors — such as prospectuses, account statements and trade confirmations — unless investors affirmatively opt in to electronic delivery. In practice, opting in can be unnecessarily difficult or confusing, leaving investors inundated with paperwork that is often not opened, let alone read.
The environmental consequences are significant. A 2022 study found that at least 830 million pages of paper are used each year just to print and mail prospectuses and shareholder reports required under SEC rules. Much of this paper ends up in landfills, where it contributes to greenhouse gas emissions, including methane. Paper products already account for the largest share of the 292 million tons of municipal solid waste generated annually in the United States, and only about one-third is recycled or composted.
Using the Environmental Paper Network’s Paper Calculator, we estimate that producing and distributing those 830 million pages annually requires significant natural resources and generates substantial pollution, including:
- 16,800 tons of wood — equivalent to harvesting 101,000 trees
- 75.5 million pounds of carbon dioxide — equivalent to emissions from 6,850 cars
- 107,000 million BTUs of energy — enough to power 127,000 refrigerators for a year
- 89.8 million gallons of water — equivalent to 64,800 washing machines
- 4.95 million pounds of solid waste
- 6,710 pounds of hazardous air pollutants
Fortunately, the SEC is now considering a commonsense reform. The agency is preparing a proposal to make electronic delivery the default, while preserving the option for investors to receive paper copies if they prefer. This approach would significantly reduce waste and emissions while maintaining strong investor protections.
Other federal agencies have already moved in this direction. The Social Security Administration, Department of Labor, Internal Revenue Service, and Thrift Savings Plan have all adopted digital-first approaches. The federal government has also prioritized modernization efforts through initiatives at the General Services Administration.
Beyond environmental benefits, electronic delivery is often more secure and more convenient. Sensitive financial information can be delivered instantly and accessed behind secure systems, rather than sent through the mail, which may be delayed, lost, or stolen. It also reflects clear investor preferences. Surveys show that 87 percent of fund investors 65 or older support electronic delivery as the default, and only a small minority prefer to receive all documents in paper form.
At a time when policymaking often feels divided, this proposal stands out as a practical, bipartisan solution. By modernizing outdated rules, the SEC can reduce unnecessary waste, improve the investor experience, and better align financial regulation with how people live and work today.
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