Waylon (Visitante)
| | By Ross Kerber
March 6 (Reuters) - Wall Street's top regulatory body on Wednesday voted 3-2 to adopt rules requiring public companies to disclose certain climate-related risks, in first-of-its-kind regulation that was watered down after an earlier draft sparked two years of debate.
STORY:
COMMENTS: JENNIFER SCHULP, DIRECTOR OF FINANCIAL REGULATION STUDIES, CATO INSTITUTE
"The SECŽs scaled back climate risk disclosure rule is better than the proposal, but only by a matter of degree. Unfortunately for the SEC, degree doesnŽt count when it comes to whether the agency has the authority to promulgate a rule or whether the benefits of a proposal outweigh its costs. This rule goes beyond disclosure of material information about a companyŽs financial risks, adding a host of prescriptive requirements to a companyŽs assessments of its own risks. The agency lacks the authority to regulate company conduct vis-à-vis the environment, but this rule inappropriately seeks to place climate risk front and center in a companyŽs decision-making."
JON TESTER, U.S. SENATOR FROM MONTANA, DEMOCRAT
"Montanans sent me to the Senate to stand up for rural America and to push back against burdensome regulations from Washington, D.C. that donŽt work for our state. I know first-hand that there is more than enough work to go around on a family farm like mine, from fixing up my combine to dealing with a lack of moisture, so the last thing family farmers need is for big corporations or the federal government to force them to fill out piles of unnecessary paperwork. IŽm proud to have declared this requirement dead on arrival and to have fought every step of the way to stop it in its tracks so that our farmers can continue to focus on whatŽs important: feeding the world."
WILLIAM THEISEN, CEO OF ECOACT NORTH AMERICA
"The SEC's groundbreaking ruling is a historic step towards corporate transparency, mandating U.S.-listed companies to disclose climate-related risks, emissions, and environmental strategies. While this marks a significant milestone, the omission of mandatory Scope 3 emissions reporting is a disappointment, as this critical component in the climate puzzle remains voluntary. Scope 3 emissions, which covers upstream and downstream emissions in a companyŽs value chain, is a pivotal aspect of understanding a companyŽs environmental impact."
IVAN FRISHBERG, CHIEF SUSTAINABILITY OFFICER, AMALGAMATED BANK
"The rule is a step forward for informing markets about climate risk, but excluding material emissions from disclosure requirements will deliver partial and therefore inadequate information to the market."
"The approach of the disclosure rule puts the United States behind the curve on investor expectations and regulatory action globally. As an investor, we will continue to push for full disclosure from issuers and as a bank, we will continue to disclose our full scope of material emissions, including Scope 3, and will work with policymakers as further rules and guidance are developed." ALLISON HERREN LEE, FORMER SEC COMMISSIONER AND ATTORNEY WITH KOHN, KOHN & COLAPINTO
"The rule is finally out and while it hopefully will end up producing some useful information for investors... there is unfortunately a glaring problem with some of what I think are some of the political compromises that appear to have been made here."
"That problem arises from the failure to adequately provide for the single most important data point that investors use and have been very clear they need, which is greenhouse gas emissions data."
"ThatŽs the origin and the source of the risk that companies and our economies face. ThatŽs where the risk resides. And only a sliver of that risk, unfortunately, will be revealed under this new rule. To me its like asking for a description of the portion of the iceberg thatŽs visible above the water when we all know that the real danger is what lurks below." (Reporting by Ross Kerber in Boston and by Simon Jessop in London)
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