11:54:47 EDT Sat 27 Apr 2024
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Globe/AP say SEC approves less stringent GHG reporting

2024-03-07 08:05 ET - In the News

See In the News (C-*SEC) U S Securities and Exchange Commission

The Globe and Mail reports in its Thursday edition that the U.S. Securities and Exchange Commission has approved a rule that will require public companies to report their greenhouse-gas emissions and climate risks, after last-minute revisions that weakened the rule in the face of strong pushback from companies. An Associated Press dispatch to The Globe says the rule drew more than 24,000 comments from companies, auditors, legislators and trade groups over two years. It brings the U.S. closer to the European Union and California, which moved ahead earlier with corporate climate disclosure rules. Canadian regulators, public companies and environmental activists have watched the SEC process closely, especially as provincial securities commissions work toward their own climate disclosure rules, aiming to align with major trading partners. U.S. publicly traded companies will be required to say more in their financial statements about the risks climate change pose to their operations and their own contributions to the problem. The narrowed rule does not include requirements that companies report some indirect emissions known as Scope 3. Those do not come from a company or its operations, but happen along its supply chain.

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