SEC backs away from climate disclosure rule

Energy & Environment

The Big Story

SEC backs away from climate disclosure rule

The Securities and Exchange Commission (SEC) announced Tuesday that it will not defend a Biden-era rule requiring publicly held companies to disclose climate-related risks and in some cases the details of their emissions.

“The Rule is deeply flawed and could inflict significant harm on the capital markets and our economy,” said a statement from Mark Uyeda, who was named the SEC's acting chair by President Trump in January.

The rule requires all publicly traded companies to publicly detail the risks that climate change poses to their business.

It also forces large companies to tell the public about greenhouse gas emissions directly caused by their business if that information would be likely to influence someone’s decision on whether to invest.

The commission's refusal to defend the rule from court challenges makes it more likely to be overturned.

When the rule was finalized last year, it was approved by the commission in a 3-2 party line vote.

Since that time, two Democratic commissioners have parted from the agency and it now has a 2-1 Republican majority.

Read more at TheHill.com.

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