October is upon us. And in addition to the fall weather, the business community is also anxiously awaiting the release of the Securities and Exchange Commission’s climate-disclosure rule, whose deadline was pushed back to this fall.
Consistent with that mandate, the SEC already has rules in place that require the disclosure of a wide range of climate information including how companies plan to comply with government requirements and how the physical impact of climate change might impact businesses. Incredibly, SEC Chair Gary Gensler has claimed that the Commission has “no climate agenda whatsoever” as proponents try to downplay the rule ahead of the October deadline. But The Wall Street Journal recently put it best: “Mr. Gensler may not want to risk the wrath of Congress by admitting that a climate disclosure rule amounts to a climate agenda. But the rule’s goal is to give the climate lobby and trial lawyers ammunition to attack business.
Most industry participants, investors, and policymakers understand the intent of this proposal is to deter investment in the oil and gas sector, regardless of whether it is explicitly stated or not. But while the sector’s demise may be cheered by climate advocates, hobbling America’s energy sector will backfire in several ways.
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