For the first time, companies could be required to disclose greenhouse gas emissions and their exposures to climate change risks to the SEC. The agency is set to vote on the proposed rule today.
about how they need to incorporate climate change into their financial reporting, but it contains gaps that may allow big emitters to obscure their complete carbon footprint.The SEC is expected to vote on the proposed climate disclosure rules later on Monday.In proposing climate risk disclosure rules, the SEC is effectively trying to set a floor for companies to meet or exceed when reporting how prepared they are for the consequences of a warming world.
The information to be disclosed would include how climate-related risks could affect the company's business, strategy and projections. The company's greenhouse gas emissions would need to be audited by an outside party. The rule gives firms wiggle room over emissions embedded within its value chain, such as those caused when customers use its products, which are known as "Scope 3" emissions.
This could allow companies to avoid disclosing Scope 3 emissions, which in many cases are the largest share of their climate footprint. Also, on a call with reporters Monday morning, SEC staff members declined to discuss how the new rules would be enforced.In crafting the new rule, the SEC has had to grapple with the near certainty that it will be challenged in court, which could result in a more cautious approach.
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