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Wall Street regulator to propose climate risk rule as early as next Wednesday -sources -Breaking

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© Reuters. FILE PHOTO : This is the seal of U.S. Securities and Exchange Commission, seen at Washington D.C. U.S.A on May 12, 2021. REUTERS/Andrew Kelly/File Photograph

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By Katanga Johnson and Jarrett Renshaw

WASHINGTON, (Reuters) – The U.S. Securities and Exchange Commission will propose its historic climate risk rule next Wednesday according to two sources familiar with agency planning.

An anonymous source spoke out about plans for private agencies and said that the Wall Street regulator was “committed” in issuing the proposal before the month ends.

The SEC spokesperson declined to comment.

SEC worked last year to develop a new rule that required U.S. companies listed on the stock exchanges to give investors detailed disclosures about how climate change might affect them.

There were a few delays before the final rule was published. Initially, the SEC stated it would publish a draft by October. However, chair Gary Gensler later pushed this deadline back to January.

It was deciding whether to require firms to reveal not only their greenhouse gases, but also the emissions of other suppliers. Reuters reported that media reports revealed the divisions among commissioners over how far they should go.

However, last month lawmakers including Democratic U.S. Senator Elizabeth Warren criticised the agency and called on Congress to take swift action.

According to corporate groups, they plan to continue pushing for a tighter final rule. This will make it simpler and more cost-effective to collect and report emission data and will prevent them being sued for any potential errors.

The agency will be supported by advocates, however.

The SEC is making this an important step. Investments can be made only when asset managers and investors have comparable data about greenhouse gas emissions of companies,” Todd Phillips, Director of Financial Regulation at the Washington-based Center for American Progress.

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