SEC expected to scale back landmark climate disclosure rule

The U.S. Securities and Exchange Commission is expected to pare back a long-awaited climate-risk disclosure rule that has sparked a furious backlash from business lobbyists and GOP lawmakers, a person familiar with the matter said.

If finalized, the scaled-back rule could represent a major victory for groups like the U.S. Chamber of Commerce and the American Farm Bureau Federation that have questioned the legality of the proposal and the agency’s authority to compel such disclosures. The Wall Street regulator is also likely to ease proposed reporting requirements related to emissions generated directly from a company’s operations as well as its energy usage, known as Scopes 1 and 2, the person said. The person added that the agency has hinted that the disclosures could be tied to how important, or material, the information would be to the company’s investors.

Since the proposal was issued in March 2022, major business groups and conservative state attorneys general have repeatedly threatened to litigate. One of their biggest complaints was over the Scope 3 requirement, which would have forced certain companies to report emissions data across their vast value chains.

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