Benefits abound for companies that decide to “go green.” Environmentally friendly initiatives can save a business money in the long run, generate a fair amount of positive publicity and, of course, help the environment.

But should there be consequences for companies that don’t jump on the green bandwagon?

A coalition of investors, environmental groups and state governments thinks so. It is urging the SEC to get tough with companies whose financial statements don’t fully disclose activities that could hurt the environment.

“The groups,” writes Maria Leone in this CFO.com article, “make their case in a 116-page legal action that petitions the SEC to issue a guidance to clarify existing disclosure and accounting rules so that companies are forced to report any material effect that global climate change – and attendant rules and lawsuits – have on their businesses.”

This National Public Radio report provides further details about the issue.

Read and listen to the reports, then tell us what you think: Do these arguments have morally sound merits, or would they amount to more unneeded regulation?