WASHINGTON (dpa-AFX) - The U.S. Securities and Exchange Commission announced that it has decided to end its defense of the rules that mandate companies to disclose climate-related risks and greenhouse gas emissions.
SEC Acting Chairman Mark Uyeda said, 'The goal of today's Commission action and notification to the court is to cease the Commission's involvement in the defense of the costly and unnecessarily intrusive climate change disclosure rules.'
The rules, adopted by the Commission on March 6, 2024, create a detailed and extensive special disclosure regime about climate risks for issuing and reporting companies.
Since assuming office, President Donald Trump has moved to dismantle nearly all of the previous administration's initiatives aimed at combating climate change.
Following Commission vote, SEC staff sent a letter to the court stating that the Commission withdraws its defense of the rules and that Commission counsel are no longer authorized to advance the arguments in the brief the Commission had filed.
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