Author of California Climate Disclosure Laws Applauds SEC Rule; Shortcomings Raise Stakes for CA

FOR IMMEDIATE RELEASE

March 6, 2024

Author of California Climate Disclosure Laws Applauds SEC Rule

“In the face of an aggressive campaign by the fossil fuel industry to blindfold the US economy to climate risk, the SEC’s action is welcome, though the impact will be modest and incremental.

I appreciate the SEC’s recognition of California’s authority to impose its own disclosure requirements.   Our state is mentioned no less than 63 times in the rule.  Our role is indispensable and central in the broader national pushback against those who want to cast climate disclosure as woke capitalism or compelled political speech.   

As noted in the final rule, our state is constitutionally-afforded the power to ensure the “health and safety” of our citizens in this uniquely vulnerable state.  Any “overlap” between our rules will be resolvable, especially because our laws, in alignment with the European Union and other international standards, require more rigorous Scope 3 disclosures related to supply chain risks. *

Unsurprisingly, the fossil fuel industry’s lawyers have once again manipulated the voice of the Chamber and nine other states to try to force a blindfold on our economy via lawsuit,” Senator Henry Stern (CA-SD27) 

*Background: (Final Rule, pp 50-4 https://www.sec.gov/files/rules/final/2024/33-11275.pdf)