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The U.S. Securities and Exchange Commission (SEC) announced it will cease defending regulations that require major corporations to disclose the potential impacts of climate change on their businesses. This decision marks a significant shift from the agency's previous stance under the Biden administration, which had fought for months to uphold these rules. The SEC's vote to end its legal defense of the climate risk disclosure rule has been met with mixed reactions, with some viewing it as a retreat from investor protection towards management protection. Critics argue that this move undermines transparency and could have adverse effects on the economy. The decision aligns with a broader effort by the current administration to roll back climate-related regulations, reflecting a change in policy priorities.
For the past 4 years, the Biden Administration put politics ahead of the safety of our financial markets and investors. I applaud @SECGov's decision to end its legal defense of costly and unnecessary climate and greenhouse gas rules. https://t.co/nkyc21Iion
NEW: Chairman @RepFrenchHill, @RepAnnWagner, and @RepHuizenga applauded the @SECGov's decision to abandon its defense of the March 2024 climate disclosure rules. "The SEC’s decision to abandon its defense of the climate disclosure rule is a welcome and long-overdue recognition
The @SECGov has officially ended its defense in court of rules mandating public companies to disclose climate-related risks and carbon emissions. The decision aligns with the agency’s broader effort under @MarkUyedaUS to reverse what Republicans view as politically motivated https://t.co/1StMmnIjjD