WASHINGTON, March 22 — The US securities regulator on Monday proposed requiring US-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. Progressives and activist investors have pushed for the SEC to require Scope 3 emissions disclosure to hold companies accountable for all the carbon dioxide and methane they help generate. Corporations have been pushing for a narrower rule that will not boost compliance costs too sharply.
It was not immediately clear how many companies would have to make Scope 3 disclosures, given they would have largely have the discretion to decide what counts as ‘material.’ Corporate groups have argued there is no agreed methodology for calculating Scope 3 emissions, saying it can lead to double-counting, and that providing so much detail would be burdensome and would expose companies to litigation if third-party data ends up being wrong.
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