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4w ago

SEC Ends Defense of Climate Disclosure Rules in Major Policy Reversal

The Republican-led SEC, under acting chairman Mark Uyeda, halts legal efforts to enforce climate disclosure regulations, citing economic and regulatory concerns.

Mark Uyeda, commissioner at U.S. Securities and Exchange Commission, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2023. REUTERS/Mike Blake/File Photo
The U.S. Securities and Exchange Commission (SEC) headquarters in Washington, DC, U.S., November 25, 2024. REUTERS/Benoit Tessier/File Photo
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Overview

  • The SEC voted to cease defending its climate disclosure rules, which required companies to report emissions and climate risks.
  • This decision aligns with the Republican-majority SEC's broader shift away from climate-related regulations under acting chairman Mark Uyeda.
  • The rules, finalized in 2024, faced significant legal challenges from lobby groups and Republican state attorneys general, who argued they overstepped the SEC's authority.
  • Environmental advocates, including Ceres, criticized the move, emphasizing the importance of transparency for investors seeking climate-related information.
  • The rollback reflects the Trump administration's broader efforts to dismantle climate policies implemented by the previous administration.