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The US Securities and Exchange Commission (SEC) is making changes to its corporate climate risk rules, removing some of the most stringent greenhouse gas emission disclosure requirements. These changes include dropping the mandate for US-listed companies to disclose Scope 3 emissions, which account for greenhouse gases released from a company's supply chain and the consumption of its products by customers. This move is seen as a setback for President Joe Biden's climate change agenda, as it deviates from European Union rules that make Scope 3 disclosures mandatory for large companies.
The SEC's original draft proposed mandatory disclosure of Scope 1 and Scope 2 emissions, for which companies are more directly responsible. However, some lobbyists pushed for these disclosures to be required only if they are material to a company's business. It is unclear if the latest draft has changed the threshold for Scope 1 and 2 disclosures. Once a final draft is settled, it will be put to a vote among the SEC's five commissioners.
The SEC's March 2022 proposal aimed to require publicly listed companies to disclose various climate-related risks that could impact their business. The agency argued that such disclosures are important for investors' due diligence. However, companies have pushed back, citing difficulties in producing the required data and legal concerns.
There are concerns within the SEC that mandating disclosures could make the rule more susceptible to legal challenges, especially after a US Supreme Court decision in 2022 limited the Environmental Protection Agency's ability to regulate greenhouse gas emissions. Some corporate groups and Republican lawmakers argue that addressing climate change exceeds the SEC's authority and that the rules would be overly burdensome for companies while potentially obscuring truly material information for investors.
The SEC is modifying its corporate climate risk rules, removing some strict greenhouse gas emission disclosure requirements. These changes could impact how companies report their environmental impacts and how investors assess climate-related risks.
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