Post-election pressures intensify SEC’s struggling climate agenda in New Year
![Post-election pressures intensify SEC's struggling climate agenda in New Year](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/01/230112-Securities-and-Exchange-Commission-ew-542p-7b2efb-1-1.webp)
Environmental activists are anxious as the Securities and Exchange Commission (SEC) faces challenges in fulfilling its ambitious climate-related agenda in 2023.
With less than a year remaining before a pivotal US presidential election, the SEC has not completed a crucial mandate requiring public companies to disclose their environmental footprints.
Furthermore, the agency’s ESG (Environmental, Social, and Governance) enforcement task force, established in 2021, has seen limited activity in pursuing climate-related cases.
These setbacks raise concerns about the SEC’s environmental, social, and governance efforts, particularly in the face of potential disruptions from the upcoming election.
Throughout the Biden administration, the SEC has been at the forefront, advocating for increased financial regulation and disclosures related to ESG issues.
However, Chair Gary Gensler is facing mounting pressure, with the agency’s initiatives becoming a source of political contention.
Advocates with progressive views contend that the SEC should employ securities regulations to address various social and climate issues, asserting their significance for investors.
Conversely, conservatives and business groups view these actions as overreach and have signaled potential legal challenges to counter them.
“There’s still a lot of unfinished business to get over the finish line as quickly as possible,” said Ben Cushing, director of the Sierra Club’s Fossil-Free Finance Campaign.
The most contentious aspect of the SEC’s agenda involves a proposal from March 2022, which aims to compel businesses to outline the risks posed to their operations by a warming planet in various documents such as registration statements and annual reports.
Additionally, the plan requires certain large companies to disclose emissions originating from other firms within their supply chain.
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