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U.S. securities regulator lists April for climate rule action

U.S. securities regulator lists April for climate rule action
© Reuters. FILE PHOTO: Downtown Los Angeles is seen behind a tree burned by wildfire before expected heavy rains, as the coronavirus disease (COVID-19) continues, in Los Angeles, California, U.S., January 28, 2021. REUTERS/Lucy Nicholson/File Photo

By Ross Kerber

(Reuters) – The top U.S. securities regulator has cited April as the release date for a long-anticipated rule on companies’ climate-related disclosures, according to a recent federal notice.

In a draft proposal last March the U.S. Securities and Exchange Commission said it would require public companies to spell out their own direct and indirect greenhouse gas emissions, known as “Scope 1” and “Scope 2” emissions, plus certain types of “Scope 3” emissions from suppliers and customers.

The proposal drew support from many investors but business groups have pushed back and sought more discretion about the details they provide, with top business lobbying group the U.S. Chamber of Commerce calling the requirements too complex and rigid.

The SEC’s notice was released on Jan. 4 as part of a broader list of federal agenda items, with the caveat that the agency “may consider or act on any matter earlier or later than the estimated date provided on the agenda.”

Other SEC items listed for final action in April would govern special-purpose acquisition companies (“SPACs”) and disclosures related to cybersecurity risks.

Source: Investing.com

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