US regulatory body omits certain emissions disclosure mandates from climate draft
![US regulatory body omits certain emissions disclosure mandates from climate draft](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/02/depositphotos_174125922-stock-photo-montreal-canada-november-2017-sec.webp)
The US Securities and Exchange Commission (SEC) has decided to remove some of the ambitious greenhouse gas emission disclosure rules from its corporate climate risk regulations.
One of these rules required US-listed companies to disclose Scope 3 emissions, but this requirement has been dropped from the original draft published in March 2022.
Removing these rules would hinder President Joe Biden’s efforts to tackle climate change through federal agencies. Biden, a Democrat, faces pressure from fellow party members to accelerate action.
Scope 3 emissions include greenhouse gases like carbon dioxide from a company’s supply chain and customer product consumption.
For many businesses, Scope 3 emissions comprise over 70% of their carbon footprint, reports the Deloitte consulting firm.
Also read: Investors grapple with the Scope 3 emissions in climate finance
If approved, the new draft would benefit numerous corporations and their trade groups that campaigned to weaken the rules.
However, it would differ from European Union regulations, which mandate Scope 3 disclosures for large companies starting this year. This could complicate compliance for some global corporations.
The SEC’s initial draft suggested compulsory disclosure of emissions under Scope 1 and Scope 2, for which companies bear more direct responsibility.
![](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/07/Screenshot-2024-07-05-at-4.33.30 PM-150x150.png)
CalPERS allocates nearly $10 billion to climate action...
-
The California Public Employees’ Retir...
- 05/07/2024
![](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/07/Asset-Management-150x150.png)
Eco-gamers launch online video game to target asset...
-
A team of eco-gamers known as Serious Pe...
- 01/07/2024
![](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/06/Depositphotos_73537517_S-150x150.jpg)
EU regulators push for revisions in landmark ESG...
-
Regulators overseeing the markets, banki...
- 19/06/2024
Related News
ERM, a sustainability consultancy company, announced that it has commenced offshore trials to test the key elements of its Dolphyn Hydrogen process. The trials mark […]
European Energy announced that it had acquired grid connection approvals for nearly 500 megawatts (MW) of solar and wind energy projects across Romania. The approvals […]
In its second-quarter update, Shell announced that it would incur an impairment charge of up to $2 billion following the sale of its Singapore refinery […]
The California Public Employees’ Retirement System (CalPERS) announced a commitment of almost $10 billion to advancing global efforts to transition to a low-carbon economy. This […]
The European Commission announced that it has approved a €10.82 billion French scheme to support offshore wind energy deployment. It aims to help foster a transition […]
ENGIE announced that it signed a 7-year Biotmethane Purchase Agreement (BPA) with BASF. According to the agreement, ENGIE will supply the chemicals company with 2.7 […]