Opinion: Shoe industry not alone in pushing back against SEC climate rules

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Shoe industry not alone in pushing back against SEC climate rules

The U.S. securities industry watchdog aims to impose stringent rules for companies to report climate-related risks, and one need only to look at the shoe industry’s response to understand the political can of worms it’s become.

Requirements to disclose data on emissions from numerous suppliers in numerous countries would be onerous and costly, and that’s if importers are able to get the data in the first place, the Footwear Distributors & Retailers of America said in its submission to the SEC. In some quarters, ESG is portrayed as pitting the business world against leftist do-gooders seeking to inhibit profits. But if the debate over climate disclosure rules is any indication, it’s more of a fight between emitters seeking a break and institutional investors demanding comparable data. A similar debate is taking place in Canada as investors push regulators to align climate-reporting requirements to international standards that are looking tougher.

It also complains divulging details of its low-carbon transition plans and analysis of its prospects in different policy scenarios could result in it spilling confidential information, which would have “an unintended chilling effect” on decisions to adopt best practices.

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