At the recent GreenFin conference in NYC, ESG investors, corporate leaders, ESG ratings professionals, & activists weighed in on the SEC's proposed rules and suggest that companies start preparing now. The final rules will be different, but they will happen. Here's what they said will happen.
The Securities and Exchange Commission received about 14,000 comments to its proposed climate disclosure rules over the past few months. With the comment period now closed, the SEC is feeling the pressure to review and analyze all the comments – which they are statutorily required to do, according to experts – and release the final rules as soon as possible. Some experts expect them before the midterm elections in November.
TBR’s letter says in part, “While Business Roundtable supports efforts to enhance climate-related disclosure, we believe a number of key provisions in the Proposal, as drafted, are unworkable…..Among other concerns, the Proposal would require registrants to produce overwhelming amounts of information that would not be comparable, reliable or meaningful, much less material, for investors.
Regardless of what the final SEC climate disclosure rules end up requiring, they will happen. “So what I would encourage companies to do,” Wyatt explained at GreenFin, “is to start to get ready by preparing your green gas inventory, using the greenhouse gas protocol and preparing to report, and to manage your related financial risks and opportunities, building your governance structures, evaluating your risks, looking at your opportunities, building your strategies.
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