The SEC is months away from finalizing expansive new climate disclosure requirements as the agency juggles investor demands for more transparency, tech glitches and a tough Republican legal threat.
The Securities and Exchange Commission will miss a self-imposed October deadline for final rules as it continues to sift through thousands of public comments and factors in a June Supreme Court ruling that endangers the agency’s normally broad authority to regulate Wall Street.
The commission was forced to reopen its comment file earlier this month after a technical glitch may have prevented some feedback on the March climate proposal and other rules from reaching the agency. That has only added to the challenges in completing requirements for companies to disclose their carbon footprint, including greenhouse gas emissions from their supply chains.
“I can’t see how that process leads to the commission producing a final rule before the end of the year,” Evan Williams, senior director at the the US Chamber of Commerce’s Center for Capital Markets Competitiveness, said last week.
Glitches aside, the SEC also must factor in the Supreme Court’s decision in West Virginia v. Environmental Protection Agency, which SEC Chair Gary Gensler said this month was “significant and meaningful.” Agencies need clear permission from Congress to create regulations that have major economic or political...
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