This makes climate cultists very upset. They’re gung-ho to force Other People to do things. I bet the uber-left wing climate cultist leaning UK Guardian would pitch a hissy fit if the UK government forced them to pony up all sorts of disclosures that cost them a lot of money
Republicans planning legal assault on climate disclosure rules for public companies
Republican officials and corporate lobby groups are teeing up a multi-pronged legal assault on the Biden administration’s effort to help investors hold public corporations accountable for their carbon emissions and other climate change risks.
The US Securities and Exchange Commission (SEC) proposed new climate disclosure rules in March that would require public companies to report the climate-related impact and risks to their businesses.
The regulator has since received more than 14,500 comments. Submissions from 24 Republican state attorneys general and some of the country’s most powerful industry associations suggest that these groups are preparing a series of legal challenges after the regulation is finalized, which could happen as soon as next month.
“I would expect a litigation challenge to be brought immediately once the final rule is released,” Jill E Fisch, a business law professor at the University of Pennsylvania, told the Guardian. “They probably have their complaints already drafted, and they’re ready to file.”
Are the investor clamoring for these disclosures, or just activists and climate cult politicians?
Some opponents claim that requiring companies to publish climate-related information infringes on their right to free speech. Others (often the same ones) say that the rule exceeds the SEC’s legal authority.
Yes to both, but, mostly to exceeding SEC authority
In West Virginia v EPA, the supreme court endorsed a relatively novel legal notion – the so-called “major questions doctrine” – to halt an EPA effort to regulate greenhouse gas emissions from power plants. As the Bulletin of the Atomic Scientists explained, “Under this doctrine, when a regulation crosses a certain threshold of being ‘major’ – a line which remains poorly defined – the court rejects the regulation unless it has been clearly authorized by Congress.”
This is a massive rule not explicitly authorized by the Legislative Branch, but, the climate cultists do not care, they’ll keep pushing.
Investors are not terribly interested in these things. They buy stock to make money.
ACTIVISTS buy stock to force “social justice”. One might call it a version of fraud…at least, in a sane country.