The SEC Climate Rule Is Responding To Investors — And Good Business

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SEC News

Paul Hastings,Tara Giunta,Joan Michelson

Joan Michelson is an ESG consultant, host of the acclaimed Electric Ladies Podcast, dynamic public speaker and career advisor. energy, climate and sustainability, ESG (environment-social-governance). @joanmichelson or electricladiespodcast.com

In 2023, NOAA, the National Oceanic and Atmospheric Administration, reported that the U.S. had the highest number of weather and climate disasters over a billion dollars in damages. 28, costing a total of over. Over the last 30 years, that total is about $3 trillion.

Even though the SEC climate risk disclosure rules are being challenged in court, we know that some version of them will survive because of these demands by investors. In addition, most of the companies that are required to comply with these rules are global and have to comply with the European Union’s climate-related rules too. California also recently passed its own climate laws that may apply to any company over $500 million in revenue doing business in California.

The SEC rule is also about the process, she said, “They want the registrants also to describe the process by which they identify, assess, manage, material, climate related risks,” clarifying that, “You have to tell investors and the market how you have approached assessing your climate related risks and addressing them.” And, if you put in climate-related targets, you need to explain the costs and potential financial losses to achieve them.

 

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