The Securities and Exchange Commission issued a proposal Friday to undo Biden-era requirements that publicly traded companies provide a yearly accounting of their climate risks and mitigation strategies.
The SEC in a statement called the 2024 climate disclosure rule “overly burdensome and costly” and said it was inconsistent with the commission’s commitment to focus on “its core mandate.”
“SEC disclosure obligations should comply with the Commission’s statutory authority, be guided by materiality as the North Star, avoid the practical effect of dictating corporate behavior, and be imposed only when the expected benefits justify the likely costs and burdens,” said SEC Chair Paul Atkins in a statement on the draft rule’s release.
The SEC will take public comment on its proposal for 60 days after it is published in the Federal Register.
