Just hours after the Securities and Exchange Commission (SEC) gave the bill the green light, a coalition of red states announced Wednesday that it is challenging the Biden administration over new corporate emissions and climate change disclosure rules. did.
The SEC moved Wednesday to finalize new rules that would legally require certain publicly traded companies to report climate-related risks to their operations and disclose data on greenhouse gas emissions directly generated by their operations. Ta. A group of 10 Republican state attorneys general file a lawsuit The Biden administration has argued that the rule is an unconstitutional attempt to impose climate change regulations through the back door by using an agency that has little connection to climate rulemaking. (Related: Green company that advised SEC on proposed emissions regulations sells carbon credits from region of China known for slave labor)
The challenge was filed in the U.S. Court of Appeals for the Eleventh Circuit and is co-led by Georgia Attorney General Christopher Carr and West Virginia Attorney General Patrick Morrissey. The attorneys general of Alabama, Alaska, Indiana, Oklahoma, South Carolina, Wyoming and Virginia are also involved in the lawsuit.
WV AG today briefed the media on developments involving the U.S. Securities and Exchange Commission. The AG is co-leading a coalition of 10 states to petition the U.S. Court of Appeals for the Eleventh Circuit for review.
Show play: https://t.co/MF8Hwrk0aq
1/2 pic.twitter.com/r09DyeIh9u— West Virginia Attorney General (@WestVirginiaAG) March 6, 2024
“Although the administration and the SEC have made several changes to the proposed rule, what they announced today remains deeply flawed, illegal and unconstitutional. That is why we are not taking the steps we are taking today. “We’re working hard,” Morrissey said. Said Speaking to announce the lawsuit. “We believe we will proceed and prevail in court. Today, the Biden administration has again launched an attack on the American energy industry. In fact, this may be one of their most egregious efforts yet. This time they [Environmental Protection Agency] as their tool of choice. ”
The final rule approved Wednesday is a weakened version of the SEC’s March 2022 proposal. Nevertheless, many Opponent Although some argue that it is still illegal or unnecessarily burdensome, or both. critic Leftists criticized the SEC for removing some of the most aggressive provisions in the proposal.
The final rule requires medium-sized and large businesses to report emissions attributable to the electricity they use to operate their businesses, starting in fiscal 2026 and 2028, respectively. The regulations will also require all public companies to disclose climate-related risks to their operations, along with other material risk disclosures.
The rules also require affiliated companies to report their organizations’ climate goals, including plans to phase out fossil fuels. The agency chose to make these requirements legally binding, meaning companies could be exposed to legal liability if they misreport their emissions.
The agency removed a provision in its original proposal that would have required certain public companies to disclose indirect emissions from their operations, such as those generated by their supply chains or the use of finished products.
The SEC did not immediately respond to a request for comment.
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