US SEC votes to end defence of climate disclosure rules
US SEC votes to end defence of climate disclosure rules
The Unites States Securities and Exchange Commission has voted to end its defence of the rules requiring disclosure of climate-related risks and greenhouse gas emissions.
The SEC had adopted these rules in March 2024. The rules create a detailed and extensive special disclosure regime about climate risks for issuing and reporting companies. States and private parties had challenged the rules and the litigation was ongoing. The SEC had previously stayed effectiveness of the rules pending completion of the litigation.
Now, the SEC has voted to end its defence of the rules. The SEC staff has sent a letter to court stating that the SEC has withdrawn its defence.
The press release by the SEC is available here.
The SEC had adopted these rules in March 2024. The rules create a detailed and extensive special disclosure regime about climate risks for issuing and reporting companies. States and private parties had challenged the rules and the litigation was ongoing. The SEC had previously stayed effectiveness of the rules pending completion of the litigation.
Now, the SEC has voted to end its defence of the rules. The SEC staff has sent a letter to court stating that the SEC has withdrawn its defence.
The press release by the SEC is available here.