By MdBaki @Adobe Stock

Scott Patterson of The Wall Street Journal reports that U.S. securities regulators are deep-sixing Scope 3 on emissions reporting requirements after years of intense lobbying from some of the world’s biggest industries and influential climate groups. Patterson writes:

The Securities and Exchange Commission approved new requirements that public companies disclose their greenhouse-gas emissions, but dropped a key provision that was fiercely opposed by business groups.

The 3-2 vote in favor of the rule comes after a two-year process involving intense lobbying from some of the world’s biggest industries and influential climate groups. It has faced relentless criticism from corporations and Republican lawmakers who say the agency is reaching beyond its authority.

“These rules will enhance the disclosures that investors have been relying on to make their investment decisions,” SEC Chair Gary Gensler said Wednesday. He said they would give investors consistent and reliable disclosures about climate risks. […]

Many public companies already report emissions and potential risks from climate-related disasters. But the disclosures vary and can be difficult for investors to understand, said Asaf Bernstein, associate professor of finance at the University of Colorado at Boulder, who consulted with the SEC on the rules. “Voluntary reporting is all over the map,” he said. “Standardization is something you can use as a decision tool as an investor.”

Read more here.