Court halts SEC climate disclosure rule

[BumRushDaShow]

Source: The Hill

03/15/24 7:27 PM ET


A federal court on Friday halted a new federal rule that would require publicly traded companies to reveal climate change-related information. A panel of Fifth Circuit Court of Appeals judges issued an order that pauses the rule as litigation against it plays out.

The order, from Judges Edith Jones, Stephen Higginson, and Cory Wilson — appointed by former Presidents Reagan, Obama and Trump respectively — did not detail the reasons for the pause. It came after fracking companies Liberty Energy and Nomad Proppant Services sued over the rule.

They asked the court to halt the rule in the meantime, arguing that they are likely to ultimately prevail and in the meantime, would face compliance costs. The pause does not necessarily mean that their case will ultimately succeed or that the rule will be overturned — but, it is an indication that the judges are at least somewhat receptive to the arguments of its opponents.

The rule in question, from the Securities and Exchange Commission (SEC), requires companies to disclose what risks, if any, the changing climate poses for their business.

Read more: https://thehill.com/policy/energy-environment/4535659-court-halts-sec-climate-disclosure-rule/

[GB_RN]

1. The 5th...

Not a surprise at all. If I hadn’t read which one it was and been asked to guess which circuit, I’d have said the 5th.

[jimfields33]

2. I'm not sure why a President Obama judge went for this.

[GB_RN]

5. My Guess Is...

That to keep from having a pick filibustered, he went with someone who was more…conservative…than he would have for most other circuits.

But again, just a guess.

[CousinIT]

3. Filthy corprats always get their way. n/t

[Backseat Driver]

4. Where were corporate entities to reveal this information and how often?

SEC report via fudgey numbers on Form No XXxx? Prospectus w/cheery photograph to each prospective investor? By corporate annual meeting compliance video presentation? Updated how often? I understand an objective to disclose efforts to reduce the use of fossil-fuels and needed cost-savings in a volatile fluctuating situation.- well, win some-lose some challenges like testing costs, equipment changes, or employee programs, that might be interpreted as "goals met." Now--about that compliance stamp on every barrel--another cost? Actually, someday they might find this a great marketing tool when parsed in advanced advertising lingo or an annoying jingle that investors could get behind. Even negative attention has value these days. Or not...money, money, money on such a slim profit margin already...yes? Consumers love their gas guzzlers, so they don't care. Can it really be determined if the efforts put forth are successful or a big fail to such a mammoth undertaking as trying to halt a rapidly accelerating deteriorating shift in the planet's environment. I'm not trying to be an apologist because I do believe the scientists' assessment. Deniers are likely to remain deniers, unconcerned with the way populations will need to relocate and/or in the quality of life that will follow adjustments at home or at work, assuming one has work, water, and a location of liveable shelter. It's not a challenge that will necessarily be instantly solved with purchases of carbon credits, a few litigated fines with leniency of necessary new limitations as climate changes tragically continue to play out. So let's try nothing effective at all say corporate personhood sociobusiness sociopathic influencers aka lobbyists. We must be who we are to our stakeholders, no? special and profitable; lesser persons' challenges just aren't our concern but will be just beginning to dawn on them as well when the leisure coastal beaches disappear, there's no potable water to drink or with which to garden or farm, and even less pollinators and more pests. Quick, more Bayer...Not surprised at all but SMH nevertheless...In America's heartland fields, the willfully ignorant make a few extra bucks but just won't believe climate change need have any impact there at all.