A coalition of state financial officers praised the Securities and Exchange Commission for rescinding its 2024 climate disclosure rules, which is expected to save public businesses over $7.9 billion.
In March 2024, the SEC approved rules requiring public companies to disclose greenhouse gas emissions, climate risk management, and financial data on severe weather events.
The financial officers stated the SEC is not a climate regulator and that mandatory climate disclosures exceed its statutory responsibilities.
They emphasized that climate policy should be decided by Congress and authorized agencies, not through the SEC's disclosure authority, and urged the SEC to finalize the rescission fully.