ACC Puts Spotlight on Misuse of Climate Disclosure Mandates
Sept. 27, 2023
American Chemistry Council highlights concerns with Biden administration’s misuse of climate disclosure mandates ahead of SEC hearing.
By Amanda Joshi
The American Chemistry Council (ACC) issued a statement urging the Biden administration to scale back its proposed use of corporate climate disclosure mandates that interfere with and distort corporate governance and investor decision-making. A related Securities and Exchange Commission (SEC) rulemaking is to be discussed at a House Financial Services Committee hearing on Sept. 27.
In its statement, ACC Senior Director for Energy, Climate, and Environment Charles Franklin notes ACC and its members are committed to supporting the nation’s path to a lower-emissions economy; however, the SEC “lacks the expertise and legal authority to drive climate information policy.”
“The SEC’s proposal fails the ‘materiality’ test that has long defined SEC’s mission and authority with respect to corporate disclosure mandates. It applies a ‘one size fits all’ standard rather than a flexible approach to climate risk reporting. These flaws undermine the SEC’s core function of helping investors make balanced and informed decisions based on material facts. Meanwhile, they make it more difficult for U.S. manufacturers to innovate and compete globally,” stressed Franklin.
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