Biden’s Climate Crusade: SEC Mandates Corporate ‘Climate Risk’ Reports
Shared By Peter Boykin – American Political Commentator / Citizen Journalist / Political Candidate
Biden forcing companies to issue ‘climate risk’ reports
Biden’s Climate Crusade: SEC Mandates Corporate ‘Climate Risk’ Reports
In a divisive move, the Biden administration has given the green light to a rule compelling corporations to disclose their climate change risks. The Securities and Exchange Commission (SEC), voting 3-2 along party lines, has ushered in this regulation, which requires medium and large public companies to divulge data concerning the greenhouse gas emissions stemming from their operations.
Under this mandate, companies will be compelled to outline:
– Emissions generated by their business
– Emissions resulting from their energy usage
– Measures taken to mitigate or adapt to climate risks
– Costs incurred from the impacts of severe weather events
Established in 1934 as an independent watchdog against market manipulation, the SEC is now seen by critics as an instrument for advancing the left-wing climate agenda on corporations.
Zooming out, these regulations align with Joe Biden’s overarching climate agenda, drawing inspiration from existing standards in Europe and California. As the saying goes: California serves as the petri dish where liberals test their plans for the country.
From the left’s perspective, however, the rule doesn’t go far enough. A prior iteration of the regulation sought to mandate businesses to report on the environmental impacts of their suppliers and customers using their products.
Facing backlash, opponents, including businesses, Republicans in D.C., and around a dozen red states, argue that this rule imposes an unreasonable burden on companies, leaving them vulnerable to lawsuits from environmental activists. O.H. Skinner, executive director of the Alliance for Consumers, cautioned, “These disclosure rules are designed to open companies up to a wave of trial lawyer lawsuits, each of which will demand companies toe a left-wing line on climate issues.”
The cavalry has arrived, with a coalition of red states announcing their plans to sue the Biden administration over these rules. Representative Steve Scalise summed up the sentiment, declaring on X: “This is just the latest Biden Administration move that’ll hurt retirement savers, job creators, and America’s energy security.”
🚨 Biden’s SEC just made a radical rule change to allow climate activists to hijack America’s capital markets.
This is just the latest Biden Administration move that’ll hurt retirement savers, job creators, and America’s energy security.
The House will take action to block it.
— Steve Scalise (@SteveScalise) March 6, 2024
[Source: Investopedia, Fox News, X, WSJ, The Daily Caller]
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