The Securities and Exchange Commission on Wednesday approved a rule requiring large companies to disclose their planet-warming emissions.
Protesters take part in a “die-in” outside a Chase Bank location in D.C. in March 2023. The protest centered on financing for fossil fuels. Corporations will have to share key details about their role in driving climate change and the threat that warming poses to their operations under a contentious proposal the Securities and Exchange Commission approved 3-2 on Wednesday over intense business opposition.
is an improper attempt by the SEC to force companies to adhere to a liberal climate agenda. Commissioner Mark Uyeda said the rule was driven by climate activists seeking to “hijack and use the securities laws for their climate related goals.”“This is going to impact a lot of different companies,” said Doug Chia, a fellow at the Center for Corporate Law and Governance at Rutgers Law School in New Jersey.
In a notable change from the SEC’s original plan, firms won’t need to report the emissions generated by customers and suppliers, known as “Scope 3” emissions. The provisions were dropped amid a substantial rewrite of the original proposal, as SEC Chair Gary Gensler sought to craft a rule that stands a strong chance of surviving legal challenges.
Even with the scaled-down rule, many business groups say the SEC is overstepping its authority, attempting to use its position as a financial regulator to shame companies into curbing their carbon footprints. The new rule has especially rankled the oil and gas industry, which says the commission is unfairly punishing its industrial sector, a major source of climate-warming emissions.
California’s new law, signed by Gov. Gavin Newsom in October, requires large companies doing business there, including private companies, to report on the carbon footprint from their supply chains. European rules require much the same.Most major U.S. companies are doing business in both California and Europe, and thus will be subject to those rules, if they survive court challenges.
The debate over corporate disclosure is raging even as the economic toll of warming climbs. Last year, the United States saw a record
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