Biden Admin Rethinks Signature Climate Policy After Major Blowback: REPORT
Story by John Hugh DeMastri • Yesterday 12:55 PM
The U.S. Securities and Exchange Commission (SEC) is planning to scale back proposed rules mandating that companies disclose climate-related data alongside traditional financial reporting, after the agency was surprised by major blowback from affected groups, The Wall Street Journal reported Friday, citing people close to the agency.
The proposed rules, announced in March 2022, would require companies to include data about both the way climate change might harm their business and the affect that their business might have on the environment via greenhouse gas emissions, according to the SEC. However, the plan was criticized by companies, investors and lawmakers for implementing onerous reporting rules, and even the pared down regulations are expected to face legal challenges, the WSJ reported.
WASHINGTON, DC – OCTOBER 03: U.S. Treasury Secretary Janet Yellen speaks with Securities and Exchange Commission (SEC) Chair Gary Gensler (R) during a meeting with the Treasury Department’s Financial Stability Oversight Council at the U.S. Treasury Department on October 03, 2022 in Washington, DC. The council held the meeting to discuss a range of topics including climate-related financial risk and the recent Treasury report on the adoption of cloud services in the financial sector. (Photo by Anna Moneymaker/Getty Images)
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