The U.S. SEC unveiled its long-anticipated draft rule under which companies would disclose their own direct and indirect greenhouse gas emissions, known as Scope 1 and Scope 2 emissions
The U.S. securities regulator on Monday proposed requiring U.S.-listed companies to disclose a range of climate-related risks and greenhouse gas emissions, part of President Joe Biden’s push to join global efforts to avert climate-related catastrophes.
The draft proposal, subject to public feedback and likely to be finalized later this year, should help investors get the information they are seeking while also increasing the reporting burden for Corporate America. Senator Patrick Toomey, the Senate Banking Committee’s top Republican, blasted the rule, saying it “extends far beyond the SEC’s mission and expertise.”
The SEC said the Scope 3 requirement would include carve-outs based on a company’s size, and that all the emissions disclosures would be phased in between 2023 and 2026. The SEC spent the past week shoring up the draft against potential legal challenges, six sources told Reuters.
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