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The SEC said this week it will stay the implementation of its new climate disclosure rule while it fights in court over the measure’s legality, as the agency pushes to consolidate the legal challenges that already have been filed attempting to overturn it.
More than 20 Republican-led states and various business groups have filed lawsuits seeking to overturn the rule, arguing the disclosure requirements reach beyond the SEC’s legal authority.
The SEC said it still believes the rule is lawful and within its power to order, but it wants to focus on defending the rule’s merits against legal challenges.
The agency recently weakened the rule, including requirements for some companies to report Scope 3 emissions from their supply chains and customers using their products.
“We agree with the SEC’s decision to stay this flawed rule and not burden companies with significant compliance costs before courts can adjudicate its legality,” American Petroleum Institute legal counsel Ryan Meyers said.
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