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Corporate Backlash over SEC Climate Plan Takes Shape

Attorneys general from Republican-led states claim the SEC lacks statutory authority to require corporate disclosures on climate-related issues.

By Tim Quinson | July 14, 2022 at 01:14 PM
Photo: Gary Gensler SEC chairman Gary Gensler. Photographer: Al Drago/Bloomberg

By November, around the time the U.S. midterm elections are held, investors will likely learn the fate of the Securities and Exchange Commission’s (SEC’s) plan for more comprehensive corporate climate disclosures.

The SEC announced plans in March to require companies to spell out the risks that the climate crisis poses to their operations in annual reports and other documents. It calls for auditors or other experts to review the data and also wants more companies to disclose the emissions produced by businesses in their supply chain, or their so-called “Scope 3” emissions.

 

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