Overview
On March 6, 2024, the Associated Press quoted partner Coy Garrison in an article "SEC approves rule that requires some companies to publicly report emissions and climate risks." The article discusses the US Securities and Exchange Commission's (SEC) newly approved rule that will require some public companies to report their greenhouse gas emissions and climate risks, after revisions that weakened the rule in the face of strong pushback from companies. The narrowed rule does not include requirements that companies report indirect emissions known as Scope 3.
Garrison said dropping Scope 3 emissions from the rule was unlikely to deter litigation. He called the rule "a vast expansion of disclosure requirements" and said the amount of information required and significant costs "will continue to raise concerns that the SEC is acting beyond its statutory authority in adopting this rule."