In a speech delivered on May 6, 2022 to the Annual Conference on Financial Market Regulation, SEC Chairman Gensler again re-affirmed his support for the SEC's recent proposed mandatory climate disclosures.
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The SEC has received two comment letters from members of Congress--one from the House of Representatives and one from the Senate--criticizing its proposal for mandatory climate disclosures....more
The prospect of climate change, and the corresponding elevated risks to various forms of property and investments, are increasingly beginning to be priced in to widening swathes of the economy. While the energy...more
SEC Chairman Gensler delivered a set of prepared remarks at the Ceres Investor Briefing on April 12, 2022, in which he defended the SEC's newly proposed rule concerning climate disclosures.
As expected, Chairman...more
According to Paul Donofrio, the head of sustainability at Bank of America, the SEC's proposal for climate disclosures is "constructive and headed in the right direction." Donofrio voiced further support for the SEC's...more
Senator Joe Manchin (D-WV) has issued a public letter criticizing the SEC's recent proposal for mandatory climate disclosures. Specifically, Manchin questions the need for such a rule based on the fact that a majority of...more
On March 21, 2022, the Securities and Exchange Commission (“SEC”) unveiled its long-anticipated proposed rules on climate disclosures, entitled “The Enhancement and Standardization of Climate-Related Disclosures for...more
3/31/2022
/ Biden Administration ,
Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
GHG Auction ,
Proposed Rules ,
PSLRA ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Task Force on Climate-related Financial Disclosures (TCFD)
The Federal Energy Regulatory Commission ("FERC"), which regulates the transmission and wholesale sale of electricity and natural gas, and also oversees the U.S. pipeline infrastructure, including the review process for...more
On March 21, 2022, the SEC finally issued a proposed rule on mandatory climate disclosures. This proposed rule has been expected for some time--it was widely anticipated to be a centerpiece of the Biden Administration's...more
ClientEarth, an environmental law organization, has filed a shareholder derivative lawsuit in the United Kingdom against Shell's board of directors for an alleged failure to adequately prepare Shell for the impact of climate...more
Yesterday, Sarah Bloom Raskin, who had previously served as a Federal Reserve governor and deputy Treasury secretary during the Obama administration, withdrew her nomination to be the Federal Reserve's vice chair of...more
According to media reports, the SEC has announced that it will "propose rules mandating disclosure from publicly traded companies about climate change and associated risks" on March 21st....more
As indicated by the sample comment letter provided by the SEC in September 2021, the SEC has begun issuing comment letters to companies concerning climate disclosure issues in their filings. To date, there do not appear to...more
A number of conservative-leaning states, particularly those with a significant fossil fuel industry (e.g., Texas, West Virginia), have begun implementing polices and enacting laws that penalize companies which "pull away from...more
The Biden Administration has clearly announced that addressing the issue of climate change is one of its key policy priorities. One of the central aspects of this policy was intended to be an array of new regulations by the...more
Sarah Raskin, the Biden Administration's nominee to be the Federal Reserve's vice chair for supervision, has faced significant questioning by Republican senators based upon her past remarks concerning the role of financial...more
Yesterday, Judge Contreras of the D.C. District Court vacated oil and gas drilling licenses for the Gulf of Mexico issued in connection with a sale by the Department of the Interior. Specifically, the court held that the...more
In his annual letter to CEOs, BlackRock CEO Larry Fink asked that CEOs "issue reports consistent with the Task Force on Climate-related Financial Disclosures." As the head of the biggest asset manager in the world, Fink's...more
Last week, the CEO of State Street Global Advisors--one of the largest investment managers--issued a letter to corporate boards of directors announcing a series of priorities with respect to the companies in which it invests....more
The federal district court in Delaware has remanded the climate change lawsuit filed by the State of Delaware against a variety of fossil fuel companies (including the oil majors) to state court. This lawsuit is one of the...more
John Galloway, the global head of investment stewardship at Vanguard, Inc.--one of the preeminent index fund managers in the United States--recently announced a set of expected climate-focused disclosures that Vanguard...more
Canadian Prime Minister Justin Trudeau recently announced a plan to compel companies to issue climate-related financial disclosures. Specifically, Prime Minister Trudeau sent mandate letters to Deputy Prime Minister and...more
Today, UBS Asset Management announced that it would divest from five energy companies, including ExxonMobil, because these companies are not adequately addressing climate change concerns.
This action by a private sector...more
Last week, SEC Commissioner Crenshaw--one of the Democratic members of the SEC Commission--addressed the Center for American Progress and the Sierra Club, and availed herself of the opportunity to once again vocally express...more
Yesterday, the Singapore Exchange announced that "[a]ll issuers must provide climate reporting on a 'comply or explain' basis in their sustainability reports" stating in FY 2022, and that these "climate-related disclosures"...more