The letter is the latest sign of mounting anxiety among Democrats and investor advocates about the fate of the SEC’s proposed rule.
The agency’s climate risk proposal, offered a year and a half ago, is one of the most contentious efforts underway at the Wall Street regulator to crank up supervision of public companies. When it’s finalized, the rule would help usher in a new age of corporate transparency on climate risk — an issue that investors have grown increasingly concerned about in recent years. But the rule is expected to face a barrage of lawsuits questioning whether the agency is overstepping its authority.
“When Gary Gensler came before our committee as a nominee to head the SEC, he said — quite forthrightly — that American investors have a right to know about the climate risks facing companies they might invest in,” said Warren, a member of the Senate Banking Committee. “We’re two and a half years later, and still, no [rule is] on the table.”
Scope 3 emissions, which track those generated by suppliers and customers, have become a focal point in the debate over the SEC’s rule. Some like Warren have urged the agency to stick with the proposed requirements, pointing to the significance of those emissions in companies’ total carbon footprint.
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