Certain business groups, including those representing oil and gas companies and retailers, are warning the Securities and Exchange Commission that climate disclosure requirements could subject them to high costs, especially disadvantaging smaller companies and deterring their growth.

Their concerns come as the SEC is taking steps toward setting requirements for public companies to report their greenhouse gas emissions and the physical risks they face from climate change. The SEC recently finished accepting public input on the issue, and it could propose a disclosure framework before the end of the year.