The U.S. Securities and Exchange Commission’s (SEC’s) climate disclosure rule for businesses is deeply flawed and could pose a broader risk to the U.S. economy, SEC Acting Chairman Mark T. Uyeda said in a Feb. 11 statement.
In March 2024, the SEC finalized a rule requiring publicly traded companies to disclose any climate-related risks affecting their business. Companies were required to report the expected impact of these risks on their financial condition and the strategies implemented to mitigate them. They also had to disclose their climate targets and any losses incurred due to severe weather incidents.
A flurry of legal challenges followed, including from Republican states. The lawsuits were consolidated into a single case, with the U.S. Court of Appeals for the Eighth Circuit chosen to oversee the litigation.
In April 2024, the SEC paused the implementation of the rule as litigation was pending. On Tuesday, Uyeda said he directed commission staff to request the court to “not schedule the case for argument to provide time for the Commission to deliberate and determine the appropriate next steps in these cases.”
“The rule is deeply flawed and could inflict significant harm on the capital markets and our economy. During the comment period, many submissions likewise urged that the Rule not be adopted,” he said. […]
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