This weekend, SEC Chair Gary Gensler appeared on CNBC and talked about the status of the climate disclosure final rule, confirming rumors making the rounds recently that changes to the proposal are in the works. An article published by CNBC after the interview quoted Gensler:
“’We got nearly 15,000 public comments on that proposal,’ Chairman Gary Gensler said in an interview Friday on CNBC’s ‘Squawk Box.’ He said it was customary for the agency to ‘review all that, think through the economics, think through the legal authorities that commenters have raised. It’s quite customary to make adjustments… It’s about bringing consistency and comparability to disclosures that are already being made about climate risks, and investors seem to be today making decisions about this information, these disclosures.’”
He didn’t allude to timing for issuing the final release of the March 2022 proposal.
If you haven’t begun working on a draft disclosure based on the proposal, you might be behind the curve. Take advantage of our webcast “The New SEC Climate Disclosures: Key Action Items Now” and exclusive 58-page annotated Sample Disclosure based on the proposed release. These resources will offer a refresher of what the proposal contained and should prepare you well for the final release.
Just a reminder from our own experience in drafting the Sample Disclosure – it was far more work than we anticipated, and we didn’t have to gather, aggregate and analyze actual emissions data – or develop other substantive documentation referred to in the rule and proposed release.