SEC Approves Landmark Rule Requiring Some Companies to Report Emissions, Climate Risks

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Oil pump jacks operate at dusk near Barnes City, Texas, Wednesday, Nov. 1, 2023.

WASHINGTON — The U.S. Securities and Exchange Commission on Wednesday approved a rule that will require some public companies to report theirThe rule was one of the most anticipated in recent years from the nation’s top financial regulator, drawing more than 24,000 comments from companies, auditors, legislators and trade groups. It brings the U.S. closer to the European Union and California, which moved ahead earlier with corporate climate disclosure rules.

Commissioner Caroline Crenshaw, a Democrat, voted for passage but called the rule “a bare minimum” that omits important disclosures. She called Scope 3 emissions a “key metric for investors in understanding climate risk” and said investors are already using such information to make decisions.

The public comment period for the rule had been extended several times, and SEC Chairman Gary Gensler acknowledged last year that debate over Scope 3 emissions was delaying the final rule, with many observers predicting swift legal challenges.

 

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