Still Not the ‘Securities and Environment Commission’
Jamila Piracci
Founder, Roos Innovations
jpiracci@roosinnovations.com
Last year, a CCRO post (“Now We’re Talking”) described the climate disclosure rules adopted by the U.S. Securities and Exchange Commission (“SEC”) and the litigation that ensued immediately after their adoption. A subsequent post (“Who’s on First?”) outlined administrative law developments, including the overturning of the “Chevron deference” in parallel with the SEC’s litigation defense of its climate disclosure rules.
On March 27 of this year, the SEC voted to end its defense of the climate disclosure rules in that ongoing litigation. It seems that, indeed, as Commissioner Hester Peirce said when the rules were first proposed in 2022, the SEC still is not the “Securities and Environment Commission.”
The legal implications will be analyzed by many but, in the meantime, what can risk officers do as the U.S. regulatory landscape around climate disclosures continues to shift?
As always, connect now and regularly with management, finance, regulatory and other teams as the landscape evolves even as commercial, community and finance drivers remain in play.
Continue to calibrate risk measurement tools to accommodate state and local, federal, and non-U.S. pieces on the corporate chess board - i.e., put into practice the skills highlighted at the recent CCRO scenario analysis workshop!